- The Most Underutilized Day-of-Revenue Stream: The Pledge
In all my years of being a consultant and auctioneer to charity and non profit organizations, I have consistently seen organizations make the same mistake over and over. After putting all their attention into silent auctions, live auctions, and raffles, they overlook what I consider to be the best — and yet most underutilized — day-of-revenue moneymaker.
I’m not sure why, but a lot of organizations toss pledges aside like a red-headed stepchild, relegating it to (bad) email marketing. But I would argue that securing pledges at a charity event is one of the best ways to boost fundraising with minimal effort. In just ten minutes, you can effectively boost what you brought in through those other fundraising methods.
- The Benefits of Event Pledges
Sure, email pledges can work, but when you have an audience of 50, 300, or 1,000 people directly in front of you, you have a captive audience. Why wouldn’t you leverage that?
You already know this audience is committed to your cause. They’re willing to bid on a wine tasting, golf outing, or gift basket, so why wouldn’t they also pledge a donation? You don’t know if you don’t ask.
There’s a sense of urgency and involvement at these events that you lose the second they walk outside. Sure, you can send an email the next day, but the magic is gone. You’ve got to capture it in the moment.
- Tips for Successful Pledge Generation
All this being said about the importance of pledges, there are still strategies that will make you more successful than others.
- Be Specific
When I work with clients, I ask them: “what would you do with an additional $50k? or $200k?"
I like it when they have specific answer, and this is essential to make pledge generation successful. It’s imperative that you are specific about how much you’re working to raise, as well as what your plans are for that money. Your audience is more likely to pledge if they know that their money will help build another classroom, buy 100 computers, or build a well in a developing country. People like to know where their money is going.
- Use Humor and Pull Those Heartstrings
You’ve got to make a connection to people to get them to give you money. I suggest doing that by developing a fantastic story around your fundraising. Get them in the trenches. Make them cry about those starving children or those people who can’t afford medical treatment. Then make them laugh. After all, with their pledge, you can turn the situation around.
- Start High, Then Go Down
Treat your pledge raising like a reverse auction. Start high. No takers at $10,000? Try $5,000. You’ll find the sweet spot where people want to pledge donations, and a few takers will attract more.
Adding a pledge donation period to your event takes little effort, but the results can be tremendous.