You are a new non-profit and wondering how you will come up with cash to support your cause, right? You have heard the hype about loads and grants of free federal money which are actually readily available to anyone ready to lend a helping hand in society, but have you done any serious investigation into the tasks that sustain a non-profit in the very long haul?
Let us start with a couple of pieces of common misinformation:
Grants are renewable.
This is far from the fact. Grant funding is like a crutch. The entire concept behind setting aside a chunk of cash is usually to help an organization establish a project or always keep an impactful project in place when times are tough. Grant money is not supposed to maintain an organization fully.
Grants are available for everyone.
Most grant money is available to non-profit organizations and government entities. If you are an individual or for-profit enterprise, odds are your grant search will be grueling. Not to mention, you will likely spend more resource applying for the cash than receive if you get funded. Thus, seeking grant money is actually a primarily ineffective marketing approach for nearly every non-profit organization.
Grants are available for everything.
Grant money for certain causes that promote a social mission. Federal money for really precise and foundation cash is actually set aside to advance a certain objective set forth by that foundation. Although true that a foundation might support minority-owned businesses, the competition is actually fierce. You will find a huge number of folks just like yourself trying to find that same cash.
And so, does that necessarily mean you need to give up? Definitely Not.
Nevertheless, you need to develop a strategic plan based on this specific info. Utilizing a transaction cost analysis (TCA) framework, let us take a look at some of the most cost-effective forms of advertising for just about any non-profit organization and then we will talk about how that all relates to your general funding search. You will find six major marketing types for organizations with social missions:
The majority of us connect direct mail with those small flyers we get stuffed between the papers or postcards offering 50 % at the next department store sale. Direct mail has proved to be beneficial in capturing the interest of potential donors and in following up with folks that have previously donated cash to a cause. Direct mail is pretty cheap but doesn’t yield an enormous response.
Direct Response Marketing
Direct response advertising constitutes a number of methods but is frequently associated with practices like tv, magazine, and radio ads where customers are actually urged to take part in a strong call to action. Direct response marketing is actually expensive and fairly ineffective in reaching specific audiences.
Catalogue advertising is commonly an approach utilized by companies that sell products or packed services but may be used by non-profit organizations that sell cause-related apparel. Although catalogue advertising has a low return rate, it has been found to increase among use of some other marketing methods.
We are all familiar with telemarketers primarily the main reason telephone advertising gets a bad rep but it may be an extremely effective ways of personal selling if done legally and properly. One of the primary issues with telephone marketing is actually the training needed to make sure that every phone call meets regulatory needs and that the sales folks themselves do a great job at representing your business.
Just the way it sounds, personal selling is actually any face-to-face encounter that has the potential to turn into an investment in your cause. Face-to-face selling features a high price of return however it takes probably the most materials of any advertising tactic since it requires often, coordination, scheduling, and research several meetings between executives.
There is no question that the web has transformed the marketplace and it is also among the most cost-effective ways of marketing. The issue is actually that businesses have historically fallen behind with internet trends and do not make investments in internet advertising processes. For a social venture to achieve success in the 21st century, it is nearly impossible to stay away from investing in social media and a website.