Fundraising 101

Here's some GREAT advice from a friend of the March of Dimes, Brady Banks.  He has had years of professional fundraising experience, and we're honored to have him as a guest author!  Thanks, Brady!

Fundraising 101

                                                                  

One of the great joys of my life is helping volunteers think practically about ways to fundraise and to watch them meet their fundraising goals. In my role with the Governor’s Books from Birth Foundation, I have the opportunity to work closely with individuals in all of the 95 counties in Tennessee and find ways to help them support their county’s Imagination Library, a program that gives books monthly, free of charge, to children from birth to age 5.

I have seen a good many volunteers have great success in fundraising. Almost every time I’ve seen those successes, they’ve done a few simple things that really made a big difference.

As the Music City March for Babies gears up and families begin their effort to raise funds for such a great cause, I’d like to share those lessons on fundraising as you ask friends and family for their support:

1.       Set a goal that shoots for the stars. I have been in meetings where volunteers have shared great ideas for raising money and have shown great passion for the issue, but they never talked about fundraising goals. The best results in fundraising come when you make a list of prospective givers, assess their ability to give, and then set a goal that mirrors that ability to give. An example of a goal: $5000. Not an example of a goal: I’d like to raise money for March for Babies.

Remember: Don’t be afraid to push yourself.  If you meet your initial fundraising goal before the march, don’t stop!  Simply raise your goal and keep on working towards it.

2.       Ask for a specific amount. Volunteers sometimes get caught up in the passion they have for the issue that they forget to actually ask a prospective giver to give a specific amount to the effort. If a prospective giver has the ability to give $500, ask them for $500, not a penny less. Asses that level for each individual on your list.

Remember: They may say they can’t give that specific amount, but then you will be able to make a lower amount seem more appealing, and then ask again.

3.       Make it personal. Your friends and family know your stories. They know if you are doing this because you simply love children, you have a child who experienced difficulties during pregnancy, or you are an advocate for the health of mothers.

Remember: Tell your story. Personal appeals are always the most effective way to raise money.

4.       The rule of three. This tip is usually the hardest one for people to do. Most people don’t like to feel as if they are pestering their family and friends. But, trust me, they are your family and friends for a reason, and they should already know how much you are passionate about what you are doing. They love you no matter what, right?

“The rule of three” is essentially this: make an appeal for contributions to each individual on your list at least three times, and at least one of those appeals must be done in person or by phone. You might write a letter asking for a specific amount, then an email reminding them to consider giving that amount, and then make a call or have coffee with them.

Remember:  Don’t let the opportunity pass by to talk to a friend or family member in person or by phone to ask them for their support.

5.       Effort & return on investment. Last, but not least, avoid putting effort into big events or other laborious tasks that drain you emotionally, financially, and physically and aren’t worth the trouble in the end. Remember that your goal is to raise money, not spend money or make your life harder in the process.

For instance, say you want to put on an event at your favorite restaurant for friends and families to raise money for the March for Babies. Let’s say that, after you rent the room, make arrangements with the manager, decorate the tables, and purchase food, the event is going to cost you $500. You’ve invited 20 friends at a ticket price of $50. By my math, you’ve only raised $500, the same $500 you could’ve given personally to March for Babies before you ever embarked on the journey to put together the event.

Remember: Keep it simple. There are more cost effective ways to raise money (see #3 and #4 above).

Now, you have the tools to be an effective volunteer fundraiser. Go out there and make great things happen for the Music City March for Babies. Good luck!

                                                                                                                               
                                                                                                                               Family Teams Specialist