Partnerships can be a powerful way to boost your fundraising efforts, whether you are a start-up, a nonprofit, or a social enterprise. By collaborating with other organizations that share your vision, values, and goals, you can increase your reach, credibility, and impact. But how do you find and leverage the right partners for your cause? Here are some tips to help you:
The first step is to research and identify potential partners that align with your mission, audience, and objectives. You can look for partners within your sector, such as industry associations, networks, or media outlets, or across sectors, such as corporations, foundations, or universities. You can also use online platforms, such as LinkedIn, AngelList, or GlobalGiving, to find and connect with relevant organizations. The key is to look for partners that can complement your strengths, fill your gaps, and amplify your message.
Who shares your cause's DNA? Industry friends, networks, maybe even media stars! Look within your sector or branch out – corporations, foundations, universities, the possibilities are endless! Remember, you want partners who complement your skills, plug your gaps, & shout your message from the rooftops. Online platforms are like your personal matchmaking app for partnerships. LinkedIn, AngelList, Kagaar – they're all bustling with potential duos waiting to be formed. So, browse those profiles, send some flirty messages (okay, maybe emails), & see who sparks that fundraising connection. Finding the right partner isn't just about adding another name to the flyer. It's about creating a synergy that takes your impact to the next level.
It's essential to determine what value you can bring to potential partners. Relationships should be built on mutual benefit rather than merely transactional exchanges. Consider ways in which your agency can uplift and enhance their position through collaboration.
We recommend you focus on a small number of five-star prospects. Use the following criteria to identify your target prospect: 1. Do you have a contact at the company? 2. Do you have a shared purpose? 3. Do they have problems you can help solve? 4. Do they have resources to help solve your problems? 5. Are they a realistic prospect?
The next step is to build trust and value with your potential partners. You can do this by reaching out to them with a personalized and compelling pitch, highlighting how your partnership can benefit both parties. You can also offer to share your expertise, resources, or contacts, or to co-create content, events, or campaigns. The goal is to establish a mutual and long-term relationship that is based on respect, transparency, and accountability.
Fundraising is essentially a relationship business. The element of time is often critical when it comes to building trust and value with potential partners (it’s hard to gain trust overnight). Set yourself up for future successes ahead by building relationships early and consistently with potential partners.
In my experience, before you pitch any proposal, have a conversation with your prospect about their history of philanthropic engagement. Rather than assuming what they want to see, lets know for sure. Ask them "Has there been a partnership/sponsorship that you loved? Why?", "What benefits are most important to you/your business?". Partnership = two way street. When your prospect realizes you want to help lift them up just as much as you want to help your nonprofit, you've earned a long-term partner.
In my experience, putting your sincere time and effort into understanding the needs and expectations of your potential partners goes a long way. You are better placed to give them a filtered deal that will save them time and effort. Taking care of your potential partners' convenience goes a long way in building trust and reliability.
Focus on the value you can deliver for the company. How will a partnership with your charity help them: - Increase sales? - Grow their profile? - Help them retain and attract talent?
The third step is to define roles and expectations with your partners. You can do this by setting clear and realistic goals, timelines, and metrics for your partnership. You can also create a written agreement or contract that outlines the responsibilities, contributions, and expectations of each partner. This will help you avoid misunderstandings, conflicts, and disappointments, and ensure that both parties are on the same page.
Hold a co-creation workshop to: - Build your partnership vision - what will be the newspaper headline in 3 years time? - Identify your partnership objectives - Brainstorm and agree partnership activity
The fourth step is to communicate and coordinate with your partners. You can do this by maintaining regular and open communication, using tools such as email, phone, or video calls, or online platforms such as Slack, Trello, or Google Docs. You can also assign a point person or a team to manage the partnership, and provide feedback, updates, and reports on your progress and results. This will help you foster collaboration, trust, and accountability, and overcome any challenges or issues that may arise.
A brilliant way to kickstart your corporate partnership is for the company's senior management team (SMT) to lead by example. What ambitious fundraising activity can SMT do to inspire more of their colleagues to get involved?
The final step is to showcase and celebrate your partnership. You can do this by promoting and acknowledging your partner's support and involvement in your fundraising activities, such as newsletters, social media, blogs, or press releases. You can also share your success stories, testimonials, and impact data with your partner and your audience. This will help you strengthen your relationship, increase your visibility and credibility, and attract more supporters and donors.
By following these steps, you can leverage partnerships for fundraising in a strategic and effective way. Partnerships can help you reach new markets, access new resources, and create new value for your cause. But remember, partnerships are not a one-time deal, but a continuous process that requires commitment, communication, and collaboration.
Communicate the double impact of your partnership: 1. How has the partnership changed people's lives? 2. How has the partnership delivered commercial benefits for the company. Many partnerships do not measure the commercial benefits for the company, but it is vital to make the business case to extend and grow your relationship.
Again, ask. You may have a partner who could care less about their logo on a social media post. You may have a partner that is specifically motivated by the opportunity to engage with your donors at live events. You may have a partner that isn't comfortable with a lot of public recognition. Don't assume a table of benefits will satisfy everyone. Actually, don't use a table of benefits at all. Tables are transactional. Let's aim for personal. If you only have to focus on specific benefits. Great! We're all busy with important missions to support, so lets use our time wisely and give our partners what will truly make them feel showered with love.
Cause marketing involves a collaboration between a for-profit business and a nonprofit organization for a common benefit. A brand’s association with a nonprofit will boost their corporate social responsibility. The nonprofit, in exchange for their ethical contributions to the collaboration, creates more awareness for their organization. We collaborated with a local coffee bean company called Warm Hearts. For every sale they made, we received 10%, and they promoted their coffee beans with a heartfelt message. Their marketing emphasized the warmth one feels, knowing that their purchase contributes to providing shelter for someone in need.
"In my fundraising journey, connecting with partners who share our cause is crucial. Collaborate with businesses passionate about positive impact. Team up with media partners for water supply and outbreak prevention. Transparency persuaded a pharmaceutical company to support a health campaign. Customize partnerships through co-branding and co-marketing. Leverage online platforms like crowdfunding for funds and supporters. Recognition is vital for engagement. Nurture long-term relationships; track successes for sustained support. Connect with caring partners, cultivate impactful collaborations, and uphold transparent communication for success."??