Soapbox Engage Blog

Choosing the right fundraising event for your nonprofit or school can be confusing and overwhelming. There are literally thousands of fundraising options, from selling wrapping paper to throwing high-dollar luxury galas, and everything in between.

Selecting the right fundraising event is about more than the dollars coming in; you should also consider your resources and manpower (what the event will cost). You don't want to burn out your volunteers, spend more money than the event brings in, or chase away your supporters.

It might feel a bit overwhelming, but not to worry...we're here to help you develop the best fundraising events for your organization. Here are some guidelines to help you choose the right event to accomplish your goals.

[fundraising-newsletter-cta][/fundraising-newsletter-cta]

Make A Big Picture Plan And Set Annual Goals

Your budget and annual fundraising schedule should influence what kind of fundraiser you choose. Create a budget at the beginning of your fiscal year, then schedule your fundraising events to raise the money you need. Set a reasonable target fundraising goal for each event, keeping in mind that each big fundraiser costs money, time, energy, and other resources.

Most schools and organizations can manage to put on one or two well-executed major fundraising events each year. A well-balanced fundraising plan should focus on several revenue streams: email marketing, online campaigns, peer-to-peer fundraising, major gifts, and other opportunities in addition to events and activities.

Quality Over Quantity

Quality is almost always better than quantity when it comes to fundraisers. Review your past fundraisers to see which events were the most successful. It is almost always better to have one or two very successful events each year than several marginally profitable fundraisers.

Focusing your energy and resources can help you bring in more significant sponsorships and more revenue. But that requires time and patience; working with businesses to sponsor your event can be a prolonged, tedious process. All the while, your hard-working, dedicated volunteers are giving countless hours.

In short, a few well-run fundraisers usually have a better return on investment (ROI) than many small events, and your staff and volunteers will be eternally thankful! People don't want to support an organization that has a reputation for doing nothing but fundraising. They want to make a difference and know their money is doing the greatest good. Choose quality over quantity, and you'll probably increase your volunteer base and your funds at the same time.

Evaluate Your Event Resources And Your Audience

Different fundraisers require very different resources, skills, and volunteers. Here are some things to consider that will help you choose the right, high-quality fundraising events:

• What is the financial cost of the event (direct and indirect)?
• What is the potential net profit of the event? (How much money can you reasonably expect to raise?)
• Does the event create opportunities to build relationships with current and potential donors? (Remember, relationships are just as valuable as money.)
• Does the event align with your mission?
• What are the potential risks of the event?
• Will the event introduce your organization to new audiences?
• Does your organization have the necessary skills and knowledge to put on this event?
• Does your nonprofit have the human, technological, financial and other necessary resources to carry out the activity?

This is by no means an exhaustive list, but hopefully, it will get you started. Be honest and realistic as you assess all your available resources.

You should also consider the opportunity costs of running an event. What else could you accomplish with the same resources if you choose not to host an elaborate fundraiser? Are there ways to reduce the overall cost (time, energy, and resources) or outsource some of the work? If the benefits of the event outweigh the financial and opportunity costs, then it is probably a good fundraiser for your organization.

Evaluate your audience. Don't be afraid to call some supporters, volunteers, and donors who have been around for a while to get their thoughts and input. This builds trust with your donors and reveals helpful information.

Ask your supporters what they want. What previous events did they enjoy? You might discover a long-lost tradition that should be revived, and they will probably be able to warn you about some past fundraising failures to steer clear of. All this information will help you increase the ROI of your fundraising events.

Intangible Benefits of Fundraising Events

Marches, walks, and other community-building fundraisers have an intangible benefit of bringing people together with a shared passion or interest. It gives people a venue to share their stories and rally behind a common goal. That's why marches to raise money for cancer research (and similar fundraisers) are so impactful--they rally people touched by a terrible disease to work together physically and financially against a common adversary (like cancer).

As you consider which fundraisers to host, be sure to factor in the intangible benefit of building a sense of community among your supporters as you rally behind a common cause or goal. People are far more likely to loyally support a group with which they feel a sense of connection. If done correctly, any fundraising event can double as a community-building activity.

Track Your Data

No matter what kind of fundraising events you hold, always track your data to help you gauge the success of the event. Remember, success is measured by more than just the amount of money that came in. Here are some important fundraising metrics you should track year-round for all your events and fundraising activities.

Cost per dollar raised

This data point answers the simple question, “did we raise money, lose money, or break even?” To determine this, divide your expenses by the revenue for the fundraising event. If the expenses are higher than the revenue, you lost money. This data can also tell you how much it cost you to raise each dollar. For example, $500 / $2,000 = 0.25. The event cost you $500 to host, and you raised $2,000, meaning it costs you $0.25 for each dollar you raised.

Donor retention rate

It takes time, energy, and resources to build relationships with donors. It's much easier to maintain relationships with current donors than to bring in new donors year after year. Unfortunately, many nonprofits place too much emphasis on donor acquisition and not enough on donor retention. Healthy nonprofits improve their acquisition and retention rates at the same time.

Conversion rate

The conversion rate may apply to many things, but it typically measures how many people gave to a specific campaign. If 100 people came to your fundraising event and 25 made donations to your cause, then your conversion rate is 20%.

This is one of the easiest ways to measure the success of a specific event, email campaign, or other fundraising activities. Keeping track of your conversion rates will help your nonprofit accurately measure the success of each outreach method and learn about your donors' preferences.

Average giving capacity

In the world of fundraising, “leaving money on the table” means you did not make a big enough ask. It is vital to know the giving capacity of your donors so you can make an appropriate request, especially at significant fundraising events.

Fundraising Event Ideas

Now that you know how to measure the success of a fundraising event, here is a brief list of fundraising event ideas for you to consider.

• Fun run or walk: These events are easy to plan and can bring a high return on investment if done right. Fundraisers that don't require road closures or special permits are easier and the most cost-effective.
• Charity auctions: Auctions can happen as stand-alone events or as part of a big fundraising event. They are relatively easy to plan, and you can even hire outside organizations to take care of all the details for you.
• Gala: This is usually a large-scale production that includes a nice dinner, some form of quality entertainment, and a raffle or silent auction. Banquets and galas require a lot of time, energy, and resources, but, if done correctly, can be a very lucrative fundraiser. Many organizations sell tickets to their galas and sell sponsorships or corporate tables. Another way to increase your profit margin is to have all the items for the auction donated to reduce overhead.
• Bake-sales, craft events, and other “DIY” events: Don't discount the DIY fundraising events! These events are customizable to fit your unique audience, increasing their effectiveness. They also allow more people to participate in the process, making them more likely to open their wallet at the event. Bake-sales, craft shows, and similar events probably won't bring in the same dollar amount as a larger fundraiser, but it can be much easier to keep your cost per dollar raised low with these kinds of fundraisers.

As you choose and plan your next fundraiser, make sure to use Soapbox Engage! Whether you need to sell tickets to a gala, sign people up for your fun-run, or sell goods online, we have all the apps and solutions to make planning and organizing easy and stress-free. You will be able to track all the necessary data, and your volunteers will appreciate how much easier it is to organize and run each event. Everyone wins!

Are you ready to improve your fundraising events? Here's three more resources to help you take the next steps.

• 5 School Fundraising Ideas That People Will Actually Enjoy: It can be difficult to come up with fundraising ideas for schools and similar nonprofits that don't involve selling doughnuts or raffle tickets. Here are some fundraising ideas that actually work and people will enjoy!
• Boost Your Revenue With These Matching Gifts Tips and Tricks: When planning your fundraiser events, don't overlook opportunities for matching gifts! Here are some tips and tricks to increase the amount you raise with matching gifts.
• Free Salesforce Event Check-In App on AppExchange: Say goodbye to long paper lists, spreadsheets, and other inefficient on-site check-in methods for events and activities. It's easy to check people in with a mobile phone, computer, or tablet! Your staff and volunteers will sing your praises.