Hole in One Insurance

Golf Tournament Hole in One Insurance – What is It?  

By far the biggest question that I get asked regularly by new golf tournament directors is “What is Hole in One Insurance and how does it work?” Well, I am here to take the mystery out of it and explain to you the ABC’s of Hole in One prize packages.

 

Very simply, it is an insurance premium that covers the odds of someone in your event hitting a perfect shot on a par 3 hole.  In other words, when you go to an event and see a $30,000 car on a hole for a Hole in One prize, the charity is not going to personally give away the car if you hit the Hole in One.  Instead, prior to the tournament, they pay a small percentage of this amount based upon:

 

• The value of the prize
• The number of golfers (amateur, club pro or touring pro)
• The distance in yards from tee to flag

 

At Golf Tournament HIO we have been covering Hole in One Insurance for years and know the odds of your event hitting a Hole in One.  With that said, we cover the cost of the prize if there is a winner.

 

Hole in One contests make a golf tournament much more fun for the golfers coming out that day to play for your cause and many golfers that would never have expected to win a new car have done just that.  More importantly, you can create memories at your event for years to come…

Using Hole in One Insurance to Raise Sponsor Dollars

 

When considering how to spend budgets for upcoming golf tournaments, many golf tournament directors question whether to provide Hole in One Prizes for their event.  

 

I think that it is first important to accept the fact that having the opportunity to win a new car or $25,000 cash will liven up your tournament.  It is a competitive market for getting golfers to come and play in your event, so as the tournament director it is important to make each players experience the best that it can be.  I know that you’re saying to yourself “no one ever hits these things” but from experience let me tell you that they do.  More importantly, this is about creating memories, and all of a sudden people will remember for years to come, just like fish stories, about the hole in one that got away.

 

But how can you justify spending the money? Let your sponsors help you to be a better tournament.  There are typically four par three holes on most golf courses.  If your cost for hole in one insurance is $600, then sell each Hole in One sponsorship opportunity for $250 each or all four for $800. Just as importantly keep recognizing your sponsor before, during and after so that they feel good about being involved. Provide them with nice signage that emphasizes their names or logos, recognize them during the award ceremony and perhaps in the newsletter. 

 

Now you have made your event more fun as well as raised a few extra dollars for your cause.  And if someone wins a new car, you will have made them very happy as well.  Remember, your sponsors are there because they believe in what you are doing, help them to be involved.

 

 

Golf Tournament Sponsors – Why are they Involved

 

At Golf Tournament HIO, we are often asked how to find sponsors to help pay and contribute to the success of your event.  At a golf tournament you can have people sponsor just about anything from:

 

• Hole in One Insurance

• Putting Contests

• Hole Sponsors

• The Driving Range

• The Putting Green

• The Drink Carts

• The Awards Reception

 

You name it, sponsors can donate to it. But Why?

 

There are three reasons why sponsors will get involved with your golf tournament.

 

They believe in your cause. Whether your event supports a worthy charity, your school or an upcoming event, there are people that believe in the cause that you are involved with. It is important to them that your event succeeds so that you can contribute valuable funds to this cause. Search these people out. In business they are called Angels.

 

They believe in you. You have strong influence on a particular group of people that want to see you personally succeed. Never underestimate your friend’s, peer’s or family member’s desire to see you create something great.

 

They have a business reason to support your event. Golf tournaments have an exceptional demographic of people who spend money. Businesses want to meet these people. Whether you are supporting a company based charity event such as a United Way drive or a local association, companies need to meet these potential customers and will pay to do so.  One of the best places to start is with is to look at who your company buys from on a regular basis and ask them to now support you.

 

Determine which group your prospects falls within and pursue you sponsors from the appropriate approach to raise your sponsor contributions. 

 

 

 

Golf Tournament Committees – Extending your circle of Influence

 

I am often asked by Golf Tournament directors “how can I do all of this by myself”? The answer is simple You Shouln’t!

Quite honestly Golf Tournament Committees can make your life easier or more difficult, but they can extend your ability to get the word out exponentially. At your first committee meeting, you will have 20 new people sitting around the room with 21 opinions of how it needs to be done. However, in a few weeks you will be hard pressed to find anywhere near this many people still involved.  It’s like the old joke in a ham and egg breakfast the chicken is involved but the pig is committed. Try to find people who are committed to the cause.

 

When setting up your committee, it is truly important to realize that you can’t be everything to everyone. With that said the ideal committee structure looks something like this:

 

Golf Tournament Director

Sponsor Director

Golfer Director

Golf Course and Food Director

Gift and Prize Director

Registration and Logistics Director

 

By having each director having 2 volunteers underneath them, you now have 3 people per committee or a total of 18 people involved. Only directors come to decision making meetings. It is much easier to control decisions this way. More importantly with 36 people involved, if each person finds 2 foursomes you now have 36 foursomes (144 golfers) and a sold out event.  You now also have 36 people helping you to find sponsors. If each person finds 2 hole sponsors at $250 each you have now raised an additional $9,000. Just think of the spheres of influence you now have for finding Gold, Silver and Bronze Sponsors. 

 

By managing your committees well, you have unlimited abilities to meet new people that you would never be able to encounter all by yourself. And, by all means, when your event is through, remember to reward your committee members so that they come back again next year.