Unlocking the Potential of Nonprofit-Corporate Partnerships

Nonprofit-corporate partnerships can be incredibly impactful when done right. However, building a successful partnership between a nonprofit and a corporation is about more than just securing a donation.

Carol Cone , a visionary who saw the immense potential in linking business and social issues way back in the early 80s, shared this with us on episode 63 of the Lead with Heart podcast.

If you want to check that out, I’ll add the episode player below so you can tune into the full episode where we discuss creating a campaign that resonates across different cultures and using technology for good.

In this article, we’re going to explore how you can unlock the full potential of a corporate partnership.

1. The Key to a Successful Nonprofit-Corporate Partnership?
2. How Nonprofits Can Set Themselves Up to Partner with Corporations
3. How to Track the Outcomes of a Successful Corporate Partnership

1. The Key to a Successful Nonprofit-Corporate Partnership

Carol explains that you have to ask what a company stands for beyond the bottom line that's based in humanity.

For example, Aflac stands for children’s healthcare and Avon supports breast cancer causes.

Once you have found a for-profit that aligns with your nonprofit, Carol explains that you need to find a shared goal.

“What are my goals for the not-for-profit? What are the for-profits goals? And then you look at where the shared goals are. And that's the magic of the partnership.” - Carol Cone

2. How Nonprofits Can Set Themselves Up to Partner with Corporations

When you look at the giving pie from Giving USA , corporations only make up 4%, however, there are unique opportunities to partner with them.

Nonprofits have to be educated on how to do it well. Carol shared some advice on this topic.

1. Understand the Company

“Understand the company's business. So read their social impact report, look at the CEO's letter, understand the products and the services and their distribution channels, because again, you want to create a win.” - Carol Cone?

2. Understand Your Positioning

Carol explains that there are many nonprofits in every area, for example, there are many nonprofits that help children with autism. You need to understand what sets you apart.

“What are the assets that you can bring to the table to the corporation or the brand?” - Carol Cone

Carol emphasizes that you need to understand the company's goals, your goals, and where you have shared goals.

3. Create a Relationship

“You want to create a relationship and demonstrate that you can support an initiative if you get together.” - Carol Cone

Another point that Carol makes is that by investing in a relationship, you can help set your partnership up for longevity.?

“When you invest in the relationship and you really understand what does success look like for the brand or the company, the better you will be perceived as sophisticated and that you can deliver.” - Carol Cone?

You can set yourself up for a relationship that is more transformational rather than purely transactional.

Carol shared an example of when she worked with Macy’s two years ago.

“Macy's developed a new social purpose called Mission Every One, and they really wanted to support underrepresented designers and youth with school and education, and also underrepresented suppliers.” - Carol Cone

Carol found three different nonprofits that could potentially partner with them.?

“Each one of those organizations, they really put very thoughtful proposals together, again, understanding what Macy's needs were, what they could do in their local markets, what they could deliver.” - Carol Cone

Carol explains that these proposals were so successful because they were approached through a business lens.

“It was approached in a business lens. Not the please give me a grant for a million dollars lens. Here's my hand, fill my hands with money. That's the deep change that has happened.” - Carol Cone

3. How to Track the Outcomes of a Successful Corporate Partnership

To track the outcomes of a corporate partnership, Carol recommends setting up the metrics as you’re setting up the relationship.

“Don't do it at the end. You will not have the information you need.” - Carol Cone

Carol explains that nonprofits should have a contract that outlines:

• The deliverables
• The time these deliverables are going to be delivered
• The amount of funds or donations needed
• The amount of volunteers needed
• How these deliverables are going to be measured

“Measurement is really critical. And the more that you can measure now, you can build into your relationship with your for-profits.” - Carol Cone

Not only will measuring help you to have a successful partnership, but it will also help you to land a corporate partnership to begin with.

“When you start talking measurement to your corporate partner, your brand, they're going to say, here's a savvy not-for-profit. They understand that I need to measure. [...] That's the way you want to get the best partners.” - Carol Cone

In conclusion, building a successful partnership between a nonprofit and a corporation requires more than just asking for support. It’s about aligning goals, demonstrating value, building relationships, approaching partnerships with a business mindset, and measuring key metrics for success. These partnerships have the power to drive real change.

Nonprofit teams often work in silos, which can lead to staff burnout and donor attrition, ultimately, hurts the people we serve. I help nonprofits raise more money through fundraising training, “done for you” fund development strategy, and campaign implementation.?

?? If you want to learn more about ways we can collaborate and work together, please visit my website, https://thesavvyfundraiser.com/ .

As the fundraising engine of choice for over 80,000 organizations in 90+ countries, Donorbox’s easy-to-use fundraising tools help you raise more money in more ways. Seamlessly embed a customizable donation form into your website that reduces donor drop-off with a 4x faster checkout, launch a crowdfunding or peer-to-peer campaign, sell event tickets, raise funds on the go with Donorbox Live? Kiosk, and much more.

?? Visit donorbox.org to learn more.

LEAD WITH HEART PODCAST:?

Subscribe and join me and my guests as we share strategies and practices they have used to heal from burnout, drive their missions forward, raise more revenue, and make a greater impact.?

?? Available on Apple and Spotify !