Elections are a multi-billion dollar business. In fact, in 2016, candidates for all federal offices spent more than $6.8 billion in the hopes of getting elected. Before candidates could rack up campaign expenses of that size, however, they had to raise all the money. As a veteran of countless campaigns, I know just how challenging fundraising can be for any candidate, from presidential hopefuls to small-town mayors. If you’re trying to improve fundraising for your campaign but don’t know where to start, take a look at this list of potential strategies.
Ironically, fundraising costs money; as a result, you’ll need to dedicate a portion of the money that you bring in to pay for the costs of your fundraising efforts. With that in mind, try to reduce the amount that you spend on fundraising in order to increase the amount of money that you have to spend on the actual campaign. Perhaps instead of having your next rally or reception catered, you can have a cookout or even a potluck with your supporters in order to shrink the bill.
Set Various Tiers for Events
Try as you might, you won’t be able to finance your campaign solely by hosting $500-per-head dinners. Instead, you’ll need to diversify your fundraising efforts, which you can do by creating different categories of events that target different classes of donors. For example, you can design a suite of VIP events—like formal dinners or cocktail receptions—that target high-value donors, and at the same time, you can develop initiatives that engage a broader audience but generate smaller contributions, like social media or direct-mail campaigns. This way, you’ll be able to run fundraising efforts simultaneously by targeting multiple groups, and you’ll prevent yourself from tapping out a certain donor base by putting all of your fundraising eggs in one basket.
People don’t like to be cold called, let alone cold called and asked for money. It’s far more effective to reach out to a potential donor with whom you have an existing relationship or connection. When you begin your fundraising efforts, make a list of all the potential high-value donors that you have a relationship with and ask your staff to do the same. Reach out to these individuals first: You can use your relationship or connection with them to ask for a contribution or to ask if they can put you in touch with their friends or colleagues who might be interested in supporting your campaign. In doing so, you can cultivate an entire network of engaged donors who feel personally connected—and, with any luck, invested—to your campaign.