By RDG CEO Clint Nessmith
There are many individuals in the economic development and Chamber industry who have never worked with a fundraising consulting firm, and many who have never experienced a campaign, even one that is internally led. This reality is reinforced every time I attend an IEDC or ACCE conference. With an upcoming change in presidential administrations, some of you may be looking to change tactics or enhance existing strategies. If so, you might be considering ways to elevate your organization’s revenue, but are unsure if your bandwidth will allow you time to raise these resources by yourself. If this resonates with you, this blog is for you as I will be explaining our general campaign and fundraising process.
It is important to realize that every organization is unique. A campaign strategy that worked for a community nearby may not be the right fit for your organization and your community. To confidently move into the market, the first step is to conduct a Feasibility Study.
Data drives everything, and the first 60 days of an engagement are focused on completing this Feasibility Study. This exercise is one of the most valuable your organization can undertake. It provides an unvarnished look in the mirror, as private and public sector leaders are asked to give feedback in confidential meetings with your consultant regarding your organization’s recent performance, value proposition, and strategic focus. This insight is critically important for fine-tuning your organizational narrative, addressing weaknesses, and ensuring that your future strategies are fully aligned with your current and potential investors. A Feasibility Study also allows you to evaluate a needs-based budget to fully fund your work over a multi-year cycle. Your consultants will use this budget conversation to assess individualized funding requests and ultimately make recommendations on a target fundraising goal.
At the end of the initial 60-day period, RDG provides a Feasibility Report, which identifies key trends and recommendations, including a suggested fundraising goal. We will also make recommendations on a campaign leadership structure, adjustments to engagement and investment levels, and necessary campaign collateral content to further enhance the chances of a successful campaign. If critical actions or challenges need to be addressed before moving into the solicitation phase, we will identify those issues and recommend a strategy and timeline to position the organization for success.
Assuming the feasibility study confirms that we can move immediately into the solicitation phase, we will spend 30 to 45 days in campaign preparation mode. During this time, we will finalize campaign collateral and our master prospect list, and make any necessary adjustments to the funding model and investor engagement opportunities. We will also approach identified campaign leadership regarding their engagement and roles during this period.
Campaign preparation leads into the solicitation phase, which can last anywhere from 5 to 10 months, depending on the circumstances, number of prospects, and the campaign model. At RDG, we strive to find the right model for each client, noting that different models come with different fees. The traditional model involves RDG taking the lead on all solicitation calls and managing all follow-up after solicitation. This tends to be the most efficient approach. However, we also offer hybrid models where we divide prospects with the client; for example, the client may reach out to all current investors while RDG focuses on base-broadening prospects. A version of this hybrid approach has been developed for smaller markets to ensure that organizations of all sizes can afford to hire a fundraising consultant. Occasionally, we serve in a pure consulting role where the client manages all solicitation calls while we oversee the process from start to finish to keep the campaign on schedule.
In conclusion, embarking on a fundraising campaign can seem daunting, especially if it is uncharted territory for your organization. However, with the right strategy—grounded in a thorough feasibility study—and the guidance of experienced consultants, you can confidently navigate this journey. Whether you’re seeking to adjust your approach in response to changing political landscapes or aiming to elevate your organization’s revenue to new heights, our comprehensive campaign process is designed to meet your unique needs and ensure success. Remember, each organization is distinct, and our tailored strategies reflect that. We are here to support you every step of the way, from initial insights to campaign execution and post-campaign support, as you focus on investor engagement. Should you have any questions or need further information, feel free to reach out to me at clint@rdgfundraising.com. Together, let’s turn your fundraising aspirations into impactful realities.
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It's Thanksgiving week, and on behalf of the RDG team, I want to share how incredibly thankful we are to all of our current and past clients for providing RDG with an opportunity to work with you to accomplish your revenue and organizational development goals. You're the reason we do what we do. I wish everyone a wonderful Thanksgiving.