By D’Arcy Rahming
About 15 years ago I was the Chief Financial Officer of a major Bahamian retailer and wholesaler business. I would receive dozens of fundraising requests each week. One day, I received a frantic call from a person who was asking for sponsorship for a large benefit concert. If memory serves me correctly, the amount was $50,000. He began the call with, “I haven’t heard from you, didn’t you get my letter?” I did indeed remember his letter, because I thought the amount asked for was preposterous.
“What are you going to do for us? “ I responded. He explained that we would be in their booklet and that they would have banners up during the time of the event. When I explained that we were not interested, he became upset. He even accused me of being prejudiced against the group he was raising funds for. I politely got off the phone the quickest way I could.
What this caller did not understand was that corporations are not going to sponsor you because you write them a letter, or call their phone numbers. There needs to be a benefit for the company you are asking money from. “What’s in it for me” (WIIFM), is the best way you can approach corporate fundraisers, unless you have a personal connection with them. By having a personal connection with the sponsor, you will have an easier time getting funds from them. However, knowing owners of corporations that are willing to sponsor you and your event without them being benefited is highly unlikely.
That’s why understanding WIIFM is so crucial to getting sponsors. One of the key points to fund raising is to approach it by first understanding what a corporation wants and how you can help them. For example, if your business is trying to raise funds and you find out that one of the potential sponsors is trying to increase sales of a certain product, you can appeal to that corporation saying that you are able to make their product more known, that corporation would be more inclined to sponsor you. Persons in your group can distribute coupons and flyers, which normally the sponsor would have to pay for, but instead that money goes to sponsoring your event. If these coupons are measurable then you can show your impact. If you can show the sponsor that you can save them $10,000 by doing something for $8,000 instead of $18,000, you are likely to get their attention.
Make sure you are realistic in what you promise to the sponsor because he will expect results. People are in business to make money, not to give away their hard earned dollars to me or you. So, be prepared to think first of what they want before asking for what you want.
D’Arcy Rahming holds a Masters of Management from the prestigious Kellogg School of Management at Northwestern University. A lecturer at the College of the Bahamas, Rahming has clients in general insurance, retail, health and medical fields, sports federations and financial services. To receive his marketing newsletter FREE go to http://darcyrahming.com http://DArcyRahming.com or contact him directly at mailto:darcyrahmingsr@gmail.com darcyrahmingsr@gmail.com
Comments
JohnBrown 11 years, 8 months ago
This time I do agree with you concerning WIIFM. And such an approach is correct in all types of fundraising. As a Bahamian I should not have been involved in US campaign fundraising efforts in 1981, but I was. This was when the Republican party and Ronald Reagan took office. I was able to raise three million dollars in little more three month over the phone lines in a supposed effort to repay campaign cost while using the cover of "Your President needs your help to defray heavy campaign expenses." Don't you want to help the President of our United States and be recognized for it? Now comes the WIIFM.
Mr or Ms Jones, wouldn't you like to have real access to the President. Yes, by making this one time contribution of $20, 000.- and being awarded the Golden Eagle status Sir/Madame, you will have that type of access.
Mr/Ms Jones reply, "Well, I want to help him, but I just broke my leg four weeks and I can hardly take care of my self right now."
"I can certainly understand that Ms/Mr. Jones and for your pain and suffering I do apologize and hope that the healing of your leg is getting on quite well."
" Well, yes. You see, I am 69 years of ago and my spouse died five years ago, so it's been hard on me by myself. Sometimes I don't know where to turn to"
"I am so sorry to hear that Sir/Madame. I say turn to our President. Let me just say that four years ago you gave the Republican Party's Campaign Repayment Fund $10,000.-. Can I put you down for just $15,000.- this time? And just think of the direct access you will have to the President, where you can air your real need, Sir/Madame."
Silence. You have asked for the order so shut up. (because the first one to speak after that looses; It might take two or three minutes, but then you will here something like this)
"Ok. Well. What was the lowest figure that you mentioned?
"$15,000.-.Sir/Madame."
"Ok, I'll do that one."
"Please let me take this opportunity to thank you for your firm commitment to the President and our party in our time of need, Sir/Madame. I will let the President know of your kind pledge as all of us here join in wishing you a speedy recovery. Now, you will receive a mailing from us in no more that three days in which you should promptly enclose your check for the $15,000- and return it. I want to again thank you for your support Sir/Madame and do have a great day!"
But in whatever business or market you may seek support from do your research so as to clearly state HOW you will be able to satisfy a specific need BEST, for them.
JohnBrown 11 years, 8 months ago
The Five Keys of Selling:
Get an agreement on anything with the potential buyer (the weather, a colour scheme, wonderful type and style of windows, furniture, carpet etc.
Stress that mine is a reputable organization (never say that yours is the most reputable organization)
My product (suggestion, idea) meets your need best
My price (support required/requested) is right/fair or worthwhile.
Now is the time to buy (to give me your support as I satisfy your need).
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