Funding and Marketing Strategies During Difficult Economic Times
You cannot escape the current world and national news, and the reality of diminished racing prospects. You may also have a race scheduled for later this year. The looming questions are: do we proceed with our planning, how do we find enough funding, and how do we reach our potential spectators?
Be Realistic, Not Fatalistic
Without specific information, you must use common sense (you should always use common sense). When is your event scheduled? If you have targeted June 2020 dates, you may need to postpone, cancel or reschedule, and this could be true for July. All options are viable, canceling is the least desirable, but may ultimately be necessary. Consider the alternatives: if you can reschedule for a later date in 2020, then announce the new dates quickly. If you cannot find alternative dates for the remaining calendar year, then postpone your event with the “dates to be announced” caveat.
In your planning, understand that funding and marketing landscapes are going to be different and challenging. There are alternatives to some budget items, but there are also fixed costs that will require cash. Available monetary support will predicate your final decisions on postponing, rescheduling or canceling.
Potential Solutions to the Money Crunch
Let’s start with a positive. By the end of the mandated quarantine, everyone will feel the need to reconnect with their extended families and friends. Community leaders will be searching for ways to bring their towns together. Hosting a local race and making it festive presents a positive solution.
1. Event and Budget Assessment — Go through the process of examining your entire event and the associated costs. Identify the top three items that are critical to your success. What do these items cost, and can any of these be bartered? Can you reduce your time frame –from two or three days to one? Can you add more volunteers? Can you change your fee structure? Can you renegotiate your fixed costs? Consider asking for a one-time cost reduction on items like park rental or security, fire, and ambulance support. Can community groups provide some of your support services? Do not neglect essential resources, ask if the local/regional Chambers of Commerce and the Convention and Visitor Bureaus offer grant money.
2. Think beyond your race — Are there other community or regional events slated during the same time or close to the same time as your race? Can you share facilities? Marketing costs? Entertainment? Is it possible to combine programs and create one larger event?
3. Revenue Sharing – Consider becoming partners with local non-profit groups that will also need money. Think about sharing not only resources but also fundraising events, pool your volunteers, split the cost, and divide the income.
4. Realign your Sponsorship Proposals – Local businesses will have suffered and may not be able to support your event at past levels. Develop new proposals to reflect additional value but reduce the cost. Most will be willing to contribute something for the greater good of the community, so accept the reality of less money but make sure that each contributor feels appreciated and make sure that you return the value.
Shoestring Marketing — The first areas that people consider eliminating when forced to make budget cuts are advertising and marketing. You should reduce by a small percentage but don’t delete these line items. Your event needs to be visible, and you need to make your sponsors visible.
1. Low Budget Possibilities – The cost of producing posters, and pre-event flyers is minimal, under $100, even in color. You can and should develop media partnerships with local/regional newspapers, along with radio and television stations. Keep in mind that these resources have a significant community presence, and they have an Internet presence.
2. Internet and Social Media – Using social media is an incredible value for zero to low budget marketing. Create and maintain a Facebook page and an Instagram account. These are the most used and viewed platforms when you need to reach a local audience. While overall reach numbers can be impressive, remember when boosting a post, views in Indonesia will not help your race; do not promise excessive numbers to your sponsors. Develop a posting schedule; keep in mind that information overload is not effective. Post useful and current information, thank your contributors and learn to cross-promote with all area resources offering event calendars. Make sure that you continue to post your dates and operation times, and you can create an event within an event for your Facebook page.
Additional Help and Resources — Do you need help? Do you need more information on how to create a proposal or a low-budget marketing plan? Can we help design a poster or a flyer? Do you need social media content ideas? We are an email away, and the services are FREE; it’s part of our effort, through APBA’s Promotional and Marketing Committee, to get you from HERE (an idea) to THERE (a successful race) even in difficult economic times.
Jean Mackay-Schwartz – [email protected]
Sherron Winer – [email protected]
