Get Creative to Make More Revenue for Your Non-Profit
A general misconception about Non-profit organizations is that they make money only through donations made by people. Though this is partly true, it is not the only method. Nonprofits generate income through sales, events, and even interest on investment. They are constantly in need of generating revenue to be able to solve the problem that they are focused on.
To have a constant flow of funds, nonprofits need to be more creative and think of ideas that are more out of the box. Below are some innovative ideas to generate revenue for a non-profit organization
Selling Unique Products and Services
This is a given in almost every type of business. People love the idea of buying something that has a novelty value and is unique. There are many options right from personalized t-shirts to organic spa baskets to online language lessons. By researching a bit on the local vendors in your area, you can reduce your production cost and even involve local vendors in the process.
By using more local products and services you will eliminate the shipping and handling charges as well as any taxes involving imports. You can sell these products online or collaborate with the local authorities to set up a small kiosk. You could also approach other local businesses who would like to support your cause and will allow you to set up a small stand on their premises.
Online Fundraiser Events
This approach will give a chance for people anywhere in the world to donate to your cause. Fundraisers are an impactful way to get revenue. By hosting it online, you can provide an effective and convenient way for many people to participate as they will not have the roadblock of actually traveling to a physical location. Also, an online fundraiser does not have a time limit and people can have access to it at all times.
This helps them to be able to donate whenever they want. By eliminating the fees for renting a venue for a fundraiser, you can save more money which you can use to add attractive offers to your online fundraiser. This is just one of many of the best practices for your fundraiser that you should follow when building your event.
Promote Gift Matching
Though donating to a non-profit is a selfless move, it will still make you happy to know your gift is matched when you donate. The concept of corporate gift matching is gaining a lot of popularity in the world. In this concept, an employee donates an amount which is then matched by the business owner which immediately doubles the donation. Some businesses go further by even tripling or quadrupling their donation. This provides motivation to people as they are actually giving two gifts for the price of one. This is a great way to increase donations during any campaign as many people can be eligible to donate.
B2B Marketing Strategy
Businesses can donate a higher and consistent revenue. You can approach them with an opportunity wherein you can offer them exposure through marketing when they donate. They can sell their product and services to your audience at fundraisers, events, or even through your newsletter. You can show their products to more potential customers in return for monetary support.
A key factor of getting companies to corporate with your organization is to approach those who provide products or services that your members may be interested in. This way the companies get a sure-shot way of reaching the target audience they too desire.
Local Community Events
Everyone enjoys a local event and it brings even more happiness to people when they gather to have fun and at the same time raise money for a cause. You can organize a local community event with lots of ideas to get the attention of every target group. It can include bake-offs, painting competitions for children, music bands, and much more. This will give you an opportunity to meet people and make them aware of your cause.
Continuous Relationship After Donation
In every effective business strategy, the key component is not only acquiring new customers but also retaining old ones. Retention uses less energy and financial resources than acquisition. This concept also applies to non-profit organizations. While it is important to be focused on finding new ideas to get more people to donate, you should also concentrate on sustaining the existing donors.
Make sure to time and create a lasting impression of your mission on the donor’s journey. A quick thank you note or follow-up with updates on your mission will make them feel more connected to your cause. This will secure the donor’s donation time and again.