‘Why You Should Slash Your Sponsorship Budget (And What to Focus on Instead)’ – HubSpot

Lee Frederiksen says, “Professional services firms rely upon a variety of marketing channels to gather leads, attract new clients, and encourage other professionals to refer their firm. Many see event sponsorships and the networking functions associated with them as effective ways to build visibility for their firms, score face time with key individuals who influence prospects, and win referrals.

They couldn’t be more wrong.

The Hinge Research Institute recently conducted a survey of almost 1,200 managers and c-suite professionals in a wide range of industries — the individuals most likely to influence business referrals — and the results published in our Referral Marketing Study may surprise you.

The survey revealed that sponsorships and the networking events associated with them were the least effective ways to influence referrals. In fact, less than one percent of respondents learned about the agencies they referred through sponsorships, and only 3.4% found networking events effective for finding and recommending potential service providers”.

Why You Should Slash Your Sponsorship Budget (And What to Focus on Instead)

HubSpot