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There’s no shortage of ideas when it comes to raising funds, and probably the most straightforward way to raise money is to actually host a fundraising event – whether it be a charity gala, benefit concert or funfair to name a few.
But, while there are many alternatives to fundraising events, not all have the potential to raise as much funds as such events. After all, more than just being an affair, it introduces the cause to prospective sponsors through speeches by keynote speakers, presentations that show how funds are used as well as testimonials from the beneficiaries.
However, hosting a fundraising event takes extensive planning. You want your guests to have a fun and purposeful experience, to get value for their money and most importantly, to understand the cause they’re supporting.
So how to get started? In this article, Prestige Event, a reputable event management in Singapore is breaking down the points you need to consider to ensure the success of your fundraising event.
Getting clear on why you’re raising money in the first place is important in devising a constructive plan of action. Is it to drive awareness, support a nonprofit organization or fund operational costs? Once you determine the purpose of your event, all other decisions will cascade from this cause. You can now then outline the event’s structure and its goals.
How much funds are you looking to raise? When planning an event, you need to set specific goals that will determine if the event was worth the cost, time and effort – and one way to measure it is by using the ROI and ROO metrics.
Return on Investment – ROI is a quantitative measure and is basically the revenue generated from donations, ticket sales or crowdfunding. For instance, if you aim to raise S$100,000 and your event costs S$80,000, then your ROI is S$20,000.
Return on Objective – On the other hand, ROO is a metric that determines if your objectives are achieved. It will measure the overall benefits gained from the event with regards to brand awareness, audience engagement, networking and more.
These metrics will be helpful in the success of your event. But, remember to set goals that are not only specific but realistic as well. otherwise, unmet expectations might only discourage you.
By identifying your audience, you can establish better ways to plan better ways to reach possible attendees. From there, your marketing plan will follow. Regardless if your event appeals to a specific generation or multiple demographics, your event should appeal to their character and taste. In turn, these efforts can result in an increase in attendance, engagement and ROI.
In order to raise funds, you need to invest some capital first. Here, you need to take into consideration the costs of the event planning, venue, catering, entertainment, invitations and contingency funds, among many others. It is at this time that you can start looking for sponsors that will fund your event in exchange for brand exposure. Here’s a helpful guide on how to get started with the budget planning and cost estimations for your event.
In today’s experience economy, consumers – millennials in particular – are willing to shell out money for memories. They might be willing to support your cause. But, will they have a great time in your event? Consider an out-of-the-box theme that will engage your audience and you’re sure to build an experience that will entice guests and sponsors to attend your next affair.
Just like any event, a fundraiser has to be marketed to your audience. You need to convince potential sponsors that your event is worth their time and money. Devise a marketing plan that may include mailed invitations, direct mail and of course, social media. No matter the method of your choice, make sure your efforts reflect the tone of the event and appeal to your invited guests.
There’s a lot more involved in planning a fundraising event. But, these points are enough to get you started and determine if you can handle it properly. Nevertheless, you can always hire an event management team to make the planning not only easier but guaranteed successful as well!