By D’Arcy Rahming

About 15 years ago I was the Chief Financial Officer of a major Bahamian retailer and wholesaler business. I would receive dozens of fundraising requests each week. One day, I received a frantic call from a person who was asking for sponsorship for a large benefit concert. If memory serves me correctly, the amount was $50,000. He began the call with, “I haven’t heard from you, didn’t you get my letter?” I did indeed remember his letter, because I thought the amount asked for was preposterous.

“What are you going to do for us? “ I responded. He explained that we would be in their booklet and that they would have banners up during the time of the event. When I explained that we were not interested, he became upset. He even accused me of being prejudiced against the group he was raising funds for. I politely got off the phone the quickest way I could.

What this caller did not understand was that corporations are not going to sponsor you because you write them a letter, or call their phone numbers. There needs to be a benefit for the company you are asking money from. “What’s in it for me” (WIIFM), is the best way you can approach corporate fundraisers, unless you have a personal connection with them. By having a personal connection with the sponsor, you will have an easier time getting funds from them. However, knowing owners of corporations that are willing to sponsor you and your event without them being benefited is highly unlikely.

That’s why understanding WIIFM is so crucial to getting sponsors. One of the key points to fund raising is to approach it by first understanding what a corporation wants and how you can help them. For example, if your business is trying to raise funds and you find out that one of the potential sponsors is trying to increase sales of a certain product, you can appeal to that corporation saying that you are able to make their product more known, that corporation would be more inclined to sponsor you. Persons in your group can distribute coupons and flyers, which normally the sponsor would have to pay for, but instead that money goes to sponsoring your event. If these coupons are measurable then you can show your impact. If you can show the sponsor that you can save them $10,000 by doing something for $8,000 instead of $18,000, you are likely to get their attention.

Make sure you are realistic in what you promise to the sponsor because he will expect results. People are in business to make money, not to give away their hard earned dollars to me or you. So, be prepared to think first of what they want before asking for what you want.

D’Arcy Rahming holds a Masters of Management from the prestigious Kellogg School of Management at Northwestern University. A lecturer at the College of the Bahamas, Rahming has clients in general insurance, retail, health and medical fields, sports federations and financial services. To receive his marketing newsletter FREE go to http://darcyrahming.com http://DArcyRahming.com or contact him directly at  mailto:darcyrahmingsr@gmail.com darcyrahmingsr@gmail.com