The landscape of fundraising for heritage is changing rapidly. This, coupled with the impact of the cost-of-living crisis affecting business operations, rising costs of looking after heritage and changing regulatory requirements is putting greater financial pressures on the entire sector.
So, where are the areas of opportunity to increase income? The increased competition for funds from Trusts and Foundations is well documented; finding new ways to secure support is more important than ever.
One alternative avenue is corporate fundraising – forming partnerships with businesses that share your values and vision.
These partnerships can provide not only much-needed funds but also other benefits like increased visibility, expertise, and in-kind support. In 2024, CAF reported that FTSE 100 businesses donated £1.82billion to the charity sector in 2023.
According to the report, 36% of these FTSE 100 businesses donated to Arts, Culture and Heritage, and 11% of the wider business population with a turnover of more than £250,000 also donated, suggesting the potential for fundraising in this area.
So, what are the key trends in corporate fundraising for 2024 and how can we start building successful relationships with businesses? Let’s dive into some ideas to help you get started on building meaningful corporate relationships that make a real difference.
Key Trends in Corporate Partnerships for 2024/25
More than Money
Partnerships where businesses combine financial support with in-kind contributions or employee engagement are becoming more common. This approach allows companies to leverage their resources in multiple ways, increase staff engagement and provide greater value to both parties.
2.11 million hours of volunteering was contributed by FTSE 100 companies in 2023, representing a 64.9% increase from the previous year (1.28 million hours). [1]
As such, when designing a corporate scheme, consider offering a range of partnership opportunities, such as the chance to sponsor a new heritage interpretation display or launching a volunteer scheme to help with event management. This multifaceted approach can make your partnership more attractive and impactful.
Digital Engagement
With the continued growth of digital and virtual experiences and remote working, companies are keen on partnerships that leverage online platforms. Virtual events, online exhibitions, and digital content offer new ways to engage audiences and showcase partnerships.
If your organisation is hosting a virtual tour of the collections or an online talk or seminar, consider how you can incorporate corporate partners into these digital experiences. From branded virtual backgrounds to sponsored online events, there are plenty of creative ways to highlight your partners in the digital world.
Employee Wellbeing and Inclusion
Employee wellbeing and Diversity, Equity and Inclusion are major focus areas for businesses, and many are looking for ways to enhance their staff’s work-life balance through meaningful activities. Volunteering and engagement opportunities with heritage sites, collections and landscapes can be a fantastic way for companies to boost morale, improve wellbeing and foster team spirit.
Offer opportunities for corporate employees to get involved with your projects, whether it’s through creative workshops, volunteering on community outreach or helping to digitise an archive.
With all these trends to think about, how can the heritage sector set up a successful corporate scheme?
How to Kick-Start Your Corporate Partnership Scheme
Identify Your Goals and Needs
Start by clearly defining what you want to achieve with corporate partnerships. Are you looking for financial support, in-kind donations, or employee engagement – or maybe a combination of these? Understanding your needs will help you target the right companies and create a compelling proposal.
Identify your Assets
Heritage organisations have a lot to offer companies in return for their support, and it is important to consider the assets you have to make your organisation an attractive one to support. This could be a mixture of:
- Audience and Reach – how many people do you reach (offline and online), and who are your audiences (demographics, geography, interests)?
- Partnerships – what partners do you have that a company might be interested in tapping into? How can you utilise networks to leverage corporate funding?
- Marketing and Brand – how do you reach out to audiences (website, on-site platforms, social media, leaflets) and how could these be used as part of a benefits package to a corporate?
- Brand Alignment – what change do you make, what is the scale of your work. What makes your organisation exciting and impactful to be aligned with?
- Engagement – what engagement opportunities could you offer a potential corporate partner? For example, could you offer volunteering opportunities, staff away days, access to exhibitions, tours and talks, or workshops?
Research and Target Potential Partners
Research is a crucial part of successful fundraising, and corporate prospects are no different. Conduct robust research into potential partners to understand their corporate social responsibility (CSR) goals, past philanthropic activities, and whether or not their mission and values aligns with your own.
Create a list of potential partners and customise your approach based on their size, interests and values. This tailored approach shows that you’ve done your homework and are genuinely interested in a mutually beneficial relationship.
Craft a Compelling Proposal
Your proposal should be clear, engaging, and focused on how the partnership will benefit both parties. Start by introducing your organisation and its mission, include details about your assets such as audience reach and demographics, brand recognition, and engagement opportunities, and then outline the specific partnership opportunities you’re offering.
Be sure to highlight how the partnership aligns with the company’s CSR goals and the benefits they will receive, such as brand exposure, employee engagement, or community goodwill.
Build and Nurture Relationships
Once you’ve secured a partnership, focus on building and maintaining a strong relationship. All partnerships should incorporate some form of contract or agreement, with clear outcomes highlighted for both sides.
Keep your partners updated on your progress and the impact of their support, with regular communication to keep them engaged and show that you value their contribution.
Measure and Share Impact
Demonstrate the value of the partnership by measuring and sharing the impact of their support. Provide regular updates and a detailed report on how their contribution has made a difference, and how it is has also benefitted their organisation.
For example, if a company sponsored a heritage skills programme, share success stories and data on the program’s outcomes. You don’t just have to concentrate on the success of the project that the support helped to deliver. Consider asking for quotes from the company, and their staff that may have volunteered or attended an event. This will not only highlight the tangible results of their support to keep them motivated and engaged, but it will also show other companies examples of successful partnerships that you have delivered, and that it was valued by both parties.
Embracing the Future of Corporate Partnerships
In 2024/25, corporate partnerships are more dynamic and multifaceted than ever. By staying on top of key trends and implementing a strategic approach, you can build strong, successful relationships with businesses that enhance your heritage organisation’s impact.