Newsletter: 6 Partnership Insights for Nonprofits Under $1M 🔬; 5 Secrets of Pricing Partnerships 🏷 ; Is Social Media Even Worth It Anymore? 🤷♂️
I'm at Georgetown University this week teaching in the New Strategies Program in the business school.
Teaching at Georgetown is a regular gig, but this session is slightly different.
It's called the New Strategies "Rising" Program, focused on small nonprofits with budgets under one million, and many operate on much less.
My goal is to show them how to recruit event sponsors and cause marketing partners. It's not an easy task as they are small and have limited staff, time, and likely little experience working with companies beyond grants.
Here's what I'll recommend.
1. Set realistic expectations. Partnerships can take a long time to cultivate and close. Larger nonprofits with corporate partnership teams have multiple people working on partnerships in business development, marketing, and account management. In a small nonprofit, it might just be little ole you. Act accordingly and be super-focused on the warmest leads.
2. Know your scale. You're not Children's Miracle Network, United Way, or City Year. These organizations excel at corporate partnerships and raise tens of millions from corporate partnerships. My take is that most nonprofits raise a modest amount from corporate partnerships. Most money comes from individuals, and they should be the priority. Corporate partnerships are like the cherry on top of a sundae. It's optional, but when included, it improves everything! 😋
3. Target low-lying fruit. To identify potential partners, focus on two key audiences: donors and board members. Who do they work for? Do they own a business? What kind? You'll have an edge because they already know, trust, and probably love your work. Plus, they'll be more forgiving when you inevitably make mistakes as you learn.😬
4. Identify "good fit companies." These companies align with your mission in a meaningful, natural way. For example, if you run a small food bank, approaching supermarkets and restaurants makes sense because they can relate to food insecurity and know how to help.
Another angle on "good fit" is targeting CEOs who can personally relate to your cause. At the hospital I worked at in Boston, we called these people "bootstrappers." These executives grew up poor and knew firsthand the importance of having a reputable safety-net hospital in the community.
5. Don't be afraid of cause marketing. With the right business - usually a B2C - it can be more lucrative than sponsorship because the money raised comes from the customer instead of the company.
Yes, friends, companies are cheap and like what I call OPM = Other People's Money.
It's critical to tailor your fundraising approach to each company, as they have unique assets. Identifying the best fundraising option, and don't forget the potential of cause marketing. You could be leaving money on the table (or, more likely, at the register).
6. Build on your success. After you execute a successful sponsorship or cause marketing campaign, document your win in a compelling case study and ask for referrals from your current partner. Armed with strong social proof and a promising introduction, you'll already be well on your way to securing your next partnership.
Good luck! 🍀🍀🍀
✍️ Partnership Notes
1. A great story on how one Albuquerque, New Mexico car dealership is jumping in with all four paws into pet adoption events. Good partnerships are focused, passionate, and omnipresent.
"With all that Fiesta Subaru is doing to advance pet adoption and care in its community, it’s no wonder the retailer has become a local beacon for pets and their owners."
2. Five secrets to pricing partnerships.
3. Ten businesses that are supporting No Kid Hungry this holiday season and how they plan to raise money. Did someone say Wicked Good 🧁?
4. Casey's General Stores and PepsiCo are teaming up to raise millions for two veterans charities I've never heard of.
🤑 Marketing Your Cause
1. Is social media even worth it anymore? Good question. Maybe with the right audience. However, first, you need robust owned platforms (e.g., your blog, website, or email newsletters) and a budget to invest in ads.
2. How much you should be spending on partnership marketing? Let's look at three credible benchmarks for B2B marketing budgets. Ummm, yeah, you're not spending enough.
😎 Cool Jobs in Cause
1. Bonneville Environmental Foundation, Environmental Partnerships Specialist, Remote ($90k - $100k)
🧠🍌 Brain Food
1. Charities are discovering the hard way how Facebook changed its donation process. If you build your house on rented land, you'll be at the mercy of your landlord. Move Facebook fans to an email list today!
2. The nonprofit that is working to save mobile home parks.
3. Like GoFundMe, but for nonprofits.
