Oh, What’s in a Name?
In a previous column I wrote about my current business’s success in raising monetary and material donations for the school, just by asking for aid and clearly explaining what was needed.
A few weeks ago, we set out to raise more money. This time it had to be cash, cement blocks and 2×4s would not do. We needed to purchase several pieces of electronic sound equipment to make and edit a full music CD. The CD is a collection of Christmas music played entirely by the students and set for sale to locals and parents.
When we set out, we had some doubts that the money would materialize. We felt certain that we had already received as much financial support as the local community was prepared to offer. In an attempt to make giving to this cause more palatable, we offered to put the name of any donor on the inside of the CDs cover.
The result surprised us. A whole array of businesses and business owners who politely rebuffed us several months earlier, eagerly competed to give us fifty a hundred, even two hundred dollars a piece in exchange for that sponsor credit. We raised the funds almost painlessly.
It just goes to show, even charity is better if there is something to sweeten the pot. Name recognition comes easily to a free music school supporting the entire community of a small island. That same name recognition is more difficult for the small dive-shops and boat-rental companies that made up the bulk of our new donors. Goodwill is more difficult to get, more difficult to maintain, and ever so much more vital for their profit margin. We were happy to share our exposure in exchange for their money.
Remember that Goodwill can and should be treated as a tangible asset. If you have plenty of exposure, try selling a bit of it in exchange for favors, friendship, or just cold hard cash (the way we did). If you do not have enough, look for someone who does and try arranging a trade. You might be surprised how many individuals or non-profits out there already have all the name recognition you so desperately need, but are not using it. A strategic partnership could greatly benefit you both.
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