Turn Your Event Participants into Donors
As summer draws to an end and we prepare for fall, we are about to enter the season of “-Thons”. Hosting a fundraising walk-a-thon, bike-a-thon, dance-a-thon, swim-a-thon, read-a-thon or other fundraising –thon can be a great way to build support for your cause, identify new prospects, build a relationship with new donors, and build your base of support. Whether you work for a charity, hospital, university, theater or advocacy organization, now is the time for development offices to create a plan for how to turn event participants into donors. Turning event participants into donors can be easily done, but requires careful communication and a moves management strategy.
Here are five steps to consider when planning your event to find new event participants, identify fresh prospects, and maximize your relationship with existing event participants:
1. Promote your event via social media to find new participants.
Don’t put on the same event for the same participants who are donating year after year! Find new constituents to invite using social media. By casting a wide net you will find prospects who are interested in your cause or activity and, with the proper follow through, they can be turned into donors.
Publicize your event on Facebook, Twitter, LinkedIn, etc. Be sure to include a call to action with every post, either a way to request more information or to register directly on your website.
Have your loyal supporters and advocates publicize your event for you to ensure it is being viewed by as many eyes as possible. By asking existing event supporters and past participants to share the event via their own social networks, they are giving your event a credible voice by publicly showing their support and also finding you new participants (and new potential donors!).
2.) Build out your invitation list and find new high potential prospects to participate.
As you build out your event invitation list, consider ways to expand your universe to include more high potential prospects. Be sure to leverage board relationships, and consider tools that will inform you of who in your board’s circle of friends might participate, as you work to strategically develop this list. Consider new avenues to pursue as you market the event broadly, such as local interest groups and clubs.
Questions to ask yourself might include:
- How do I find new constituents with high giving potential that might be interested in my event?
- Which are the most capable prospects to invite to our event?
- Who do our board and other VIPs know that may respond to a personal invitation to our event and who should ask for their participation?
3.) Screen event participants before and after your event.
It is important to review your event participant list both before and after your event. This ensures that you know the financial capacity of participants and that no wealthy prospects slip through the cracks.
As you get to know your list inside and out and identify the participants with the highest giving potential, develop a plan for your high potential prospects. Consider inviting them to pre- or post- event VIP activities, such as breakfasts or post-event celebrations. If the idea of planning an event around your event is too much for you, consider sending invitations for meetings or “grabbing coffee” a week or two after the event itself. Personal follow through with each high–potential prospect is a must to create ongoing engagement and to understand the individuals’ motivations and interests.
4.) Use metrics as you wrap up your event for the year.
Applying analytics to your event list for both segmentation and tracking is crucial as you wrap up the event and before you move on to your next big challenge – the ask. Metrics to consider include:
- Event Return on Investment (ROI)
- Cost to Raise a Dollar (CRD)
- Cost per person for event
- # of gifts received from event
- % of giving from event
- Dollars contributed from event
- Average event gift size
- Event cost
Be sure to segment your event list to determine who needs immediate follow up, based on his/her wealth profile. Follow steps in our Growing Individual Gifts workbook for best practices on how to set up a meeting to build a relationship with potential donors. Strike while the iron is hot to stay in touch and build a relationship.
5.) Once you know enough, make the ask!
Before asking your prospect for a substantial gift, there are a few questions you want to be sure are already answered:
- What is this donor’s interest or passion and where does it align with our mission?
- What is the project they will be most interested in funding?
- What is the correct ask amount for this donor? This should be in harmony with the project or need you are seeking funding for, as well as the donor’s capacity to give.
- Who should be involved in the solicitation? The president or CEO? A board member? A friend or colleague?
- Is this the right time to ask? Should we wait until after the recession is over? After their pledge to the [insert charity] building fund is over? After their children are out of college?
- Who else may be involved in the decision to give? A spouse? Other family members? Financial or tax advisors?
- How does s/he want to be recognized for a gift? Knowing their stewardship desires before asking for the gift ensures you handle any gift negotiations appropriately, and also that you accomplish post-giving appreciation and recognition in the most meaningful way for the donor(s).
When you know the answers to these questions in advance, you will be making a solicitation that is hard to say no to.
For more information on growing your development program, download Growing Individual Gifts: An Analytical Approach to Data-Driven Success.