Offering Value for Money in Challenging Times
This article has been compiled from material originally created for the Rebuilding Heritage training programme, ran by The Heritage Alliance.
Read the original article here.
Offer Value for Money
Value is a key aspect for success when cash is short, as is engagement.
Consider a corporate entity — they want to keep their brand at the forefront of people’s minds. However, cash may be tight for them so instead of an advert on a petrol pump, on the back of a bus, on the local radio or an ad in a newspaper, sponsoring something for you could give as much, if not more coverage, for much better value.
Not only this, but your organisation could help them to reach new audiences, in addition to traditional ones.
There is a lot of evidence to support the fact that businesses want to work with charities, so focusing on the potential to build mutually beneficial partnerships with companies is something you should definitely consider.
Tempt Them with Bargains, Deals and Special Offers
Many individuals and families are also looking for value for money, so think about ‘buy one, get the second half price’-type deals.
Yes, this works well for entrance fees, but what about memberships? You may get a new member because of the deal who may, when they come to renew, do so at full price because during that first discounted year they came to appreciate what you do and have valued their contact with you.
Some people will still give straight donations, but do make sure that you Gift Aid as much as you can and share this with people as it looks efficient and proves that you are making the most of every contribution you get.
Whilst fundraising through events and other activities may seem like hard work at a high cost, remember that people still want a day or an evening out now and again. They want to amuse their children during holidays. They want a gift for a birthday or mother’s day. While the money they have available to spend on these things may be reduced, the desire and motivation to spend is still there.
What about gift cards, so that people can easily give their friends and family a day out at your musuem, a cream tea in your tea rooms, or a private tour of your historic house?
Adoption schemes are another great option for gift-spending. A variation on this is a ‘pay for a day’ scheme, which works with individuals, corporates and community organisations. What a great way to remember a special date!
Value can also come in the shape of a chance to win back more than the cost of a donation — what about holding a raffle or starting a lottery? Many organisations are finding great success in these at the moment. It doesn’t need to be a huge affair like the Omaze ‘win a house’ we see advertised on the TV, but it could take the form of a 100-club. Do check out the guidance and legal requirements at Fundraising, raffles and lotteries — Gambling Commission.
Make it Easy
People like to support charities via the charities’ own websites — this way they know the money is going directly into the right hands.
A recent survey by Enthuse found that the average direct donation is £57.67, compared to £40.78 via giving platforms — this is a noticeable difference of 32%. So take a fresh look at your website and check out how easy (or otherwise) it is for your supporters to donate.
There are still some people — and always will be — who have plenty of money. You may also wish to consider opening a major donor programme to attract wealthy donors, making it easy for them to put their ‘spare change’ to good use. The BBC Radio 4 Christmas Appeal resulted in a philanthropist giving £0.5M at the tip of a hat.
Measure Your Success
Using supporter-centric metrics alongside ROI (return on investment) can help fundraisers determine if a project was a success.
These metrics may include engagement rates or if someone has gone on to support your organisation in a different way
Last Word
One final point: grant-givers know that times are difficult, with rising inflation steadily diminishing what you can accomplish with the cash you have.
If you have a multi-year grant that appeared to be fixed at the time the offer was made, e.g. £15K a year for the next three years for something specific, share with them that your costs have increased and by how much. Include the fact that you need to pay people more. You may be surprised — many funders will increase their grant for the remaining years.
Grant-making trusts and foundations increased their support during the Covid pandemic and many feel they have a similar responsibility to help out during the Cost of Living Crisis.
