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Income prediction & price setting for special events
Annual events build community and raise critical,Â unrestricted income. But how can an organization effectively set sponsorship levels, predict revenue and plan for income?
If this is a new event, start with a little research into organizations of a similar size and geography. What types of sponsorships do they offer for their events? Youâ€™d be surprised how much information is available online. While itâ€™s hard to determine if their event fundraising goals were actually met, it can still be a good indication of what your specific market will bear.
Katherine DeFoyd, Founding Partner of Growth for Good, a nonprofit consulting firm advises that 80% of your income will likely come from 20% of the top prospects. DeFoyd recommends creating a chart, such as below, to calculate how many gifts are required at each level to meet your organizationâ€™s goal.
DeFoyd advises, â€śIt is critical to identify at least three prospects for every gift needed at every level.â€ť Each identified prospect must possess either a previous history of giving at the desired level or a close personal relationship with one of the event honorees, chairs, or board members.
When establishing sponsor levels, itâ€™s okay to have one or two levels that are truly a reach, says Karen Perry, President of Event Journal. She has observed that large donors often gravitate toward the second highest level, so she recommends bumping up the value of the second level. Perry says, â€śIf you donâ€™t ask, you donâ€™t get!â€ť
Be very clear and specific in the way you establish your sponsor levels. The highest levels with the most benefits should be promoted first. Try to offer some kind of unique, value-added benefits for top-level sponsors – something that will tie in with their business objective. At every level, benefits should be clearly spelled out. You may also wish to offer advertising alone, for those who wish to support your organization, but cannot attend the event. There should also be a level available for young professionals — a great way to cultivate young donors.
Remember to reach out to all past attendees, even if they attended to support a specific honoree. Your organizationâ€™s mission may have resonated with them and they may wish to stay involved. So donâ€™t assume otherwise and pass them over.
Be empowered. Be a â€śSamantha.â€ť
When it comes to fundraising, who wouldnâ€™t like to have a few secret powers? The power of absolute persuasion, the power of duplicating money, to name a few.
Some of you may have grown up watching the TV show, Bewitched, or its reruns. Others may be familiar with the 2005 movie of the same name. Bewitched arrived on TV sets back in 1964 and ran for eight seasons. It starred Elizabeth Montgomery as Samantha Stephens, a witch who falls in love with and marries a mere mortal, named Darrin. Samanthaâ€™s â€śpowerâ€ť poses a problem for Darrin and seems to cause him emotional discomfort. He makes Samantha vow not to use her powers. But, of course, she can’t quite help herself.
Itâ€™s no surprise that the strength of Samantha Stephens struck a chord with many people, especially women. Samantha always accomplished her goals, no matter how ridiculous her methods may have been. Bewitched enjoyed high ratings and sitcom longevity with its zany, yet resonating message.
How does this possibly connect to our mission as fundraisers?
Recognize and tap into what makes you unique. Samantha played down her natural abilities to appease her husband, but always managed to assert her power and individuality in the end.
We all have â€śsecret powersâ€ť â€“ things that come easier to us than others. Uncover these talents in yourself and your team members, and then figure out how to monetize them.
Be bold like Samantha! Engage donors with novel approaches deploying the best team asset for the particular challenge of each ask.
Make it look effortless – like Samanthaâ€™s cute little twitch of the nose. When you employ your special talents with the challenge at hand, getting to the “yes” can be magical!
Be proud of what you bring to the development team at your organization. No one does or sees exactly what you do or works it quite like you. Own it! See the special talent in each teammate, as well, and let them put it to work. Achieving “power”ful fundraising results may be just a nose twitch away!