Finding the Suite Spot is a three part blog series, written specifically for members of the nonprofit community. In this series, I will tackle researching and defining the right corporate partner for your organization, customizing sponsorship opportunities and building a strategic relationship (short or long term).
Relationship building, whether internal or external, opens doors and is often the key to getting things done. Let’s face it, projects, sales, ideas or potential business transactions are often conceived on a golf course! The soft skill of relationship building is crucial and can be a game changer for your organization.
Part 1 of this blog series will focus on Finding the Right Fit. If I’ve heard it once, I’ve heard it a thousand times, “How can we get our foot in the door?” Gone are the days when corporations freely disperse sponsorship dollars to organizations just because they always have. Donor dollars are becoming a rare commodity for some which is causing agencies to be proactive, creative and transparent. There may still be some standing relationships you have salvaged over the years, but with employment turnover in the corporate and nonprofit sectors, many organizations may have to recreate relationships.
To find the right fit for your agency:
- Research First! Do your homework before you approach a potential corporate partner.
Poll your board members, make them aware of the relationships you want to pursue and determine if any members have contacts or serve on other boards with employees of the targeted corporation.
Review websites to research what initiatives are supported. Do the initiatives align with what your organization has to offer? If not, then this may not be a good fit.
- Get to Know Your Donor
Once you have decided to pursue the relationship and you have the correct contact person, schedule a meeting. Face time allows you to develop a better feel for the organization, the culture and the giving habits. It also allows the corporation to see who you are and understand your needs − this is important as you should be pursuing a long term commitment. Be transparent about your goals, needs and purpose for reaching out. Leave materials with them and be diligent about following up.
- Understanding Engagement Opportunities
A growing trend from corporations is to request volunteer opportunities − a volunteer “experience” or a team building opportunity. When meeting with companies, be prepared to discuss this. Are you staffed appropriately to host a group? What size group can you host? Is your staff open to this opportunity? Be open and honest about what you can or cannot do.
- Financial Cycle of a Company
When is the financial cycle of the company? When is your financial cycle? More importantly, when are budgets set? Does the company have giving limits? Do not ask for more than companies give and present options at different financial levels. Consider volunteer opportunities if you are able to do so.
- Ask questions
Find out as much as possible up front. What is the corporation looking for in the relationship? What are you looking to gain from the relationship?
I hope this information has been useful. Please check back for the next part of the series where I will address sponsorship and volunteer opportunities.