Why is there so much discussion regarding the need to pivot in our businesses? What is driving nonprofits and endurance event companies to make drastic changes to stay afloat and or thrive in the current pandemic?
In-person events have all been postponed, canceled, or gone virtual
Due to rising unemployment rates, individual giving for many nonprofits have decreased. This has increased the need to diversify funding streams
Many charities have run/walk (endurance) events that have contributed significantly to their fundraising efforts - many have been postponed, canceled, and or gone virtual. Many charities have engaged in third-party endurance events that have been canceled - like the NYC Marathon. Even for events like the Marine Corps Marathon who have announced they still plan on having their in-person events later this year, all of this can change quickly with the second wave of COVID-19 (which may be happening now).
Economic headwinds. The current unemployment, currently 13% in the U.S., and high probability of the second wave of COVID-19 will continue to put pressure on our industries.
These are just a few examples of why most charities and event companies are trying to pivot right now. Keep in mind that just because you are making changes within your organization doesn't necessarily mean they will generate the revenue you need to keep the doors open. So, we need to focus on solutions that will help us now and in the future.
Corporate partnerships are a great way for charities and event companies to diversify funding streams and grow revenue. Especially for charities, you must develop a partnership with corporates and not just a donation. Create many different opportunities for corporates to engage with your organization to help corporates meet their community engagement, employee wellness, and philanthropy initiatives. Here are some benefits for the charity and event company to engage with for-profit companies.
Increase registration revenue in virtual events through corporate employees, their friends, and family members
As in-person engagement increases, corporate team volunteer opportunities
Co-marketing opportunities. Leverage the social media, web page traffic, and email database of your corporate partners
Co-branding opportunities to help develop revenue and brand awareness
The need to pivot is more critical now than ever. The key is to create a successful pivot that will deliver early and sustainable results. Social Endurance offers your organization a way to pivot, through corporate partnerships. This also includes charities and event companies that have existing corporate partnerships/sponsorship program but that have struggled to create great results. We can help you develop a sustainable corporate partnership program and corporate partnerships that will allow you to thrive through the current pandemic.