Candidate Training - Fundraising

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Fundraising for a campaign can be scary. Learn about the basics of fundraising to help get over your fear.

Learn and do. Run for office with Progressive Majority's help: http://www.progressivemajority.org/run-office

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Candidate Training - Fundraising

  1. 1. Campaign Fundraising Contact: [email_address]
  2. 2. Goals for this Session <ul><li>Understand who gives, when they give, and what motivates them to give </li></ul><ul><li>Know what you need to do, and when </li></ul><ul><li>Understand the elements of a finance plan </li></ul><ul><li>Know how to find and target donors </li></ul><ul><li>Understand how to make the ask </li></ul>
  3. 3. Getting Started What should I think about first?
  4. 4. Why do people give? <ul><ul><li>Because they are asked. </li></ul></ul><ul><ul><li>Because they believe in what you stand for. </li></ul></ul><ul><ul><li>Because they do not believe in what your opponent stands for. </li></ul></ul><ul><ul><li>Because they are inspired by a specific person. </li></ul></ul><ul><ul><li>To be part of a community. </li></ul></ul><ul><ul><li>They want to help. </li></ul></ul><ul><ul><li>To receive recognition. </li></ul></ul><ul><ul><li>Because they can. </li></ul></ul>
  5. 5. Know the law & environment <ul><ul><li>Research the details of your race. </li></ul></ul><ul><ul><li>Who can give? </li></ul></ul><ul><ul><li>Who can ’ t give? </li></ul></ul><ul><ul><li>Who should give? </li></ul></ul><ul><ul><li>What are the contribution limits? </li></ul></ul><ul><ul><li>When are the contribution reporting deadlines? </li></ul></ul>
  6. 6. Set your goals <ul><ul><li>How much did similar races cost in the past? </li></ul></ul><ul><ul><li>How much did your opponent raise? </li></ul></ul><ul><ul><li>How much money does your opponent have now? </li></ul></ul><ul><ul><li>What do you want to do that has never been done before? </li></ul></ul>
  7. 7. Be clear in your role as candidate <ul><ul><li>Find someone to help you with systems and low-return strategies </li></ul></ul><ul><ul><li>Have a clear, compelling message </li></ul></ul><ul><ul><ul><li>Who are you? </li></ul></ul></ul><ul><ul><ul><li>Why are you running? </li></ul></ul></ul><ul><ul><ul><li>What will you do if elected? </li></ul></ul></ul><ul><ul><li>Develop your elevator pitch </li></ul></ul><ul><ul><li>Manage your time well </li></ul></ul><ul><ul><li>Talk to donors and ask for their support </li></ul></ul><ul><ul><li>The candidate can’t do everything. It’s your job to: </li></ul></ul>
  8. 8. Write the Plan What makes up a fundraising plan?
  9. 9. Outline of the plan <ul><ul><li>Goals – how much do you need? </li></ul></ul><ul><ul><li>Targets – from whom? </li></ul></ul><ul><ul><li>Tools – how? What methods are you going to use to raise the money? </li></ul></ul><ul><ul><li>Who – who’s going to do what? </li></ul></ul><ul><ul><li>Timeline – when? </li></ul></ul><ul><ul><li>Tracking – what is your process to keep track of everyone? </li></ul></ul><ul><ul><li>Acknowledgement – how and how quickly will you thank people? </li></ul></ul><ul><ul><li>Evaluation – when and how will you make sure your fundraising is on track? </li></ul></ul>
  10. 10. Sample Campaign Goal: $45,000 Tip: Write your campaign budget before you set your fundraising goal, so you know how much money you will need to raise to run a good campaign. If your fundraising plan isn’t realistic, reassess your budget – but make sure you are planning to raise and spend enough money to execute your plan. Number of Gifts Amount of Gift Amount Raised 20 $500 $10,000 30 $250 $7,500 150 $100 $15,000 250 $50 $12,500 Total Raised $45,000
  11. 11. The work plan/timeline <ul><ul><li>Set unmovable dates and activities first: </li></ul></ul><ul><ul><ul><li>External – election dates; PAC expectations; Party expectations; filing deadlines; public reporting </li></ul></ul></ul><ul><ul><ul><li>Internal – personal expectations; events/holidays (i.e. your birthday); personal boundaries </li></ul></ul></ul><ul><ul><li>Establish a schedule with REAL dates (no “on-going”) </li></ul></ul><ul><ul><li>Map out what needs to happen and when – how much do you need to raise each quarter to meet your fundraising goal? </li></ul></ul><ul><ul><li>Assign responsibilities – assign a specific name and deadline to each activity </li></ul></ul>Tip: Make sure your fundraising timeline matches up with the timeline of expenses in your budget – you want to make sure money is coming in to coordinate with your planned expenses.
  12. 12. Strategies Have a plan for each strategy, and know the expected return, cost, and cash flow for each. Low Mid-Low Mid-Low Mid-Low Mid-Low High-Med High Donor Level 1-7 days 8 weeks 6 weeks 4 weeks 2 weeks 1-7 days 1-7 days Cash Flow 1-5% 20-75% 20-75% 10-25% 5-15% 1% 1-5% Cost Ratio Strategy Return In-person meetings 50-75% Calls 30-50% House Parties 20-40% Events 20-30% Direct Mail 1-10% Telemarketing 1-5% Internet 1-5%
  13. 13. Identify your donors Who should you ask, and when?
  14. 14. <ul><li>The kinds of donors who give – and when they give – is determined by what kind of donor they are </li></ul><ul><li>Those closest to the candidate – i.e. “Personal” contacts, give first and require the least resources </li></ul><ul><li>Those furthest from the candidate – i.e. “Power” donors, give last and require the most resources </li></ul>CANDIDATE CIRCLES OF BENEFIT EMILY’s List CANDIDATE PERSONAL IDEOLOGICAL AX-TO-GRIND POWER TIME RESOURCES
  15. 15. First Circle of Benefit: Personal <ul><ul><li>Family and friends </li></ul></ul><ul><ul><li>Friends of family and friends </li></ul></ul><ul><ul><li>Holiday list </li></ul></ul><ul><ul><li>Neighbors </li></ul></ul><ul><ul><li>Former employers, employees, colleagues </li></ul></ul><ul><ul><li>Fellow parishioners </li></ul></ul><ul><ul><li>Alumni </li></ul></ul>This is the circle of people closest to the candidate. They are motivated to give at the beginning of your campaign, so you should ask them first .
  16. 16. Second Circle of Benefit: Ideological <ul><ul><li>Party donors and activists </li></ul></ul><ul><ul><li>Progressive elected officials </li></ul></ul><ul><ul><li>Issue-related Political Action Committees </li></ul></ul><ul><ul><li>Large donors and members of allied organizations (i.e. Planned Parenthood, League of Conservation Voters) </li></ul></ul>These are people who give because they are part of the same party, cause or advocacy group.
  17. 17. Third Circle of Benefit: Ax-to-Grind <ul><ul><li>Former candidates who challenged your opponent and lost </li></ul></ul><ul><ul><li>Ideological groups whose interests have not been supported, or have been outright opposed, by your opponent </li></ul></ul><ul><ul><li>Business leaders or community powerbrokers whom your opponent has stymied or not supported </li></ul></ul><ul><ul><li>Individuals who do not support your opponent </li></ul></ul>These are people who are donating against your opponent.
  18. 18. Fourth Circle of Benefit: Power <ul><ul><li>Labor unions </li></ul></ul><ul><ul><li>Professional associations </li></ul></ul><ul><ul><li>Law firms </li></ul></ul><ul><ul><li>Lobbying firms </li></ul></ul><ul><ul><li>Business and corporate leaders </li></ul></ul><ul><ul><li>Political Action Committees (PACs) </li></ul></ul>These donors are people who want to protect their interests – they give because they want to be on the “winning team.” They are the last to give and require the most resources (so don’t go after them at the beginning of your campaign!).
  19. 19. Donor Prospect List Create your list! <ul><li>Go through each category and identify all of your potential donors who fit each description </li></ul><ul><li>Do this with a supporter or member of your campaign; you will come up with more people together than you would alone </li></ul><ul><li>For each potential donor: </li></ul><ul><ul><li>Add a target ask and an expected amount </li></ul></ul><ul><ul><li>Assign people into a donor category based on their circle of benefit </li></ul></ul><ul><ul><li>Mark them as low/medium/high based on the cumulative amount you think you can raise from them </li></ul></ul>Donor Level Total Gift Low $10 - 99 Medium $100 - 249 High $250+
  20. 20. Donor Research <ul><ul><li>Find one or two people who can help you </li></ul></ul><ul><ul><li>Keep it simple </li></ul></ul><ul><ul><ul><li>Contact information </li></ul></ul></ul><ul><ul><ul><li>Profession </li></ul></ul></ul><ul><ul><ul><li>Who else have they given to? How much? </li></ul></ul></ul><ul><ul><ul><li>What are their interests? </li></ul></ul></ul>Finding out a little bit about your prospects will help you know how much to ask and what other candidates and issues are important to them.
  21. 21. Internet sites <ul><ul><li>www.opensecrets.org </li></ul></ul><ul><ul><li>www.followthemoney.org </li></ul></ul><ul><ul><li>www.campaignmoney.com </li></ul></ul><ul><ul><li>http:// fundrace.huffingtonpost.com </li></ul></ul><ul><ul><li>www.wisdc.org (Wisconsin only) </li></ul></ul>Places online where you can research your prospects’ political giving: Tip: Find out what usage laws or rules apply to specific information sources.
  22. 22. Invest in a database and systems <ul><ul><li>Compile your prospects, contact information, donor research, and ask amounts into one electronic format. </li></ul></ul><ul><ul><li>Purchase a user-friendly database system to house and track your data. </li></ul></ul>You need a database system to track your fundraising You need internal systems to track your donors <ul><li>Develop a clear system to move donors through the process: prospect, asked (waiting for response), follow-up, thank-you, re-solicit. </li></ul><ul><li>You have to make sure your donors are thanked promptly, that your database is up to date with current donor information, and that you keep asking – those who have already invested in your campaign are likely to keep giving if you keep them engaged and keep asking! </li></ul>
  23. 23. Making the ask <ul><li>Make a connection – have a two-way conversation </li></ul><ul><li>Communicate your compelling message </li></ul><ul><ul><li>Who you are </li></ul></ul><ul><ul><li>Why you are running </li></ul></ul><ul><ul><li>What you will do if elected </li></ul></ul><ul><li>Make the donors needs/values relevant – why should it matter to them if you win? </li></ul><ul><li>Tell them why/how you will win </li></ul><ul><li>Make a direct ask – that means a specific number (e.g. “Can you contribute $150 to my campaign?”, not “I hope you’ll support me however you can.”) </li></ul><ul><li>Stop talking! Give them space to answer </li></ul>
  24. 24. Making the ask After you make the ask, WAIT for a response. “Can you make a contribution of $150 to my campaign?” Don’t just take “no” for an answer… Yes! I’m not sure… No. “ Great, thank you! Would you like to make a credit card contribution over the phone, or would you rather mail in a check?” Follow up as necessary. Send thank-you and re-solicit. “ Do you need more information?” Give information, repeat ask “ I understand. Would a contribution of $100 be more appropriate?” I’m not ready… “ I understand. I’ll call back another time.” End call, put in “re-solicit later” pile Yes! No. “ Is there an amount you would be comfortable giving?” Yes No. No. “ OK. Thank you for your time.” Consider re-solicit if appropriate.
  25. 25. Get ready to raise! Remember: <ul><li>Create your budget first, so you know how much you need to raise. </li></ul><ul><li>Create a written fundraising plan with clear benchmarks, assignments, and goals. </li></ul><ul><li>Create a comprehensive prospect list and plan your fundraising around their motivation to give. </li></ul><ul><li>Donors give for different reasons – have a two-way conversation. </li></ul><ul><li>Ask for a specific amount, and keep asking questions if they don’t say “yes” right away! </li></ul><ul><li>Have a clear system for managing your prospect/donor list and thanking your donors. </li></ul><ul><li>Use all of your fundraising strategies and don’t be afraid to ask multiple times! </li></ul>
  26. 26. Contact: Progressive Majority www. progressivemajority .org

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