Share
Explore BrainMass

Chamber of Commerce celebration: finding the best source of financing for the event.

Say that i own a store, and I'm a members of the local Chamber of Commerce. All of the members are participating in a promotional event to celebrate the anniversary of the town. The event will cost $100,000, and the group has been charged with determining the best source of financing for the event.

One member suggested getting a loan from the bank. Another member has suggested purchasing a promising stock and using the profits from the sale to fund the promotion. What other financing options are there? What are the advantages and disadvantages of each financing option? Explain to me your option and why you picked it and why it is the best financing option.

Solution Preview

Hope this helps!

--------------------

CREATING AWARENESS

Promotion is a term with several meanings. First, it is one of the '4Ps' of Marketing. Used in that context it refers to marketing activities that create awareness, such as advertising, sales promotion and public relations. These types of activities promote the product, company, or event and would get the word out so the community knows what is being offered.

Secondly, promotion is used to describe activities such as community involvement, sponsorship of special events and giving away specialty items. Participating in these type of activities allow the product, company or event to be promotion subtly because the focus is on the event; the company name is simply associated with the event. Another benefit is that it offers additional networking opportunities for the company.

The type of promotional activities chosen helps to create and affirm the company image. The ultimate goal is the same: to create awareness of your company and product. This should encourage customers to buy.

COMMUNITY INVOLVEMENT AND SPECIAL EVENTS

The community supports the business and it is good business practice to support the community. Community is more than a location; it also refers to group of people. Setting specific goals for the company participation should provide tangible results whenever choosing an event or program to support. For example, if you choose to serve on the board of directors for a local organization, your goal may be to network with other board members for business opportunities.

Look for events and programs with natural tie-ins that reinforce the image you want to have. Also consider the resources you have available for community relations, such as time, equipment, products, facilities or money. If all you have is time, find a program that needs your skills. If you have a product or facilities to offer, find an organization that needs your facility. The avenues are vast.

FUND RAISING IDEAS

Fund raising does not have to be a long drawn out expenditure. You may choose to support an organization year round or participate in special event. Below are some ideas that would raise funds for any event:
? Shows, displays and exhibits - The most typical of these is the trade show at which you host an exhibit, speak, and/or host an event. Choosing trade shows attended by members of your target audience provides you with maximum exposure in minimum time.
? Road shows - an exhibit or presentation that you take on the road or to several locations in your town.
? Fairs - consumer job fairs, health fairs, etc.
? Parades or pageants.
? Athletic competitions such as fun runs, bike races, sponsored walks, etc.
? Entertainment and cultural events.
? Banquets, luncheons, style shows or meetings - Sponsor or co-sponsor an event for a local chapter of an organization (whose members are your target audience).

CREATING A PROMOTIONAL IDEA

The main objective when selecting a promotional idea is uniqueness. The more unique the better chance you have of being remembered. The other consideration is costs. An effective promotional event does not have to be expensive. Take the expensive concept and tailor it to fit your own budget. Tips to remember when creating a unique advertising or promotion ideas are as follows:

1. Does it reflect the essence of your service or product
2. Does the slogan convey all the information about the business
3. Is the idea something that will fit to the target market
4. Is the idea useful
5. Is the idea cost effective - If not, what would make it more affordable.
6. Keep it Simple.

Do some ground work. Follow these basic steps for creating a successful promotion.

1. Develop a promotional filing system. Create folders that include past promotional direct mail pieces, one for advertising that has a successful track record, and one for innovative marketing strategies that have caught your attention for other industries.
2. Evaluate and brainstorm. Take the above collection and evaluate. Pay attention to what drove traffic to your business. Also evaluate what did not work so you don't make the same mistakes.
3. Develop a strategic plan. Promotional events must be planned in advance.
4. Involve your team. Hold meetings to discuss your ideas. Ask the staff to share their creative ideas as well. Set goals for each promotion and offer bonuses for reaching the goal. Plan to have enough staff to make the event run effectively.
5. Plan out the details. Leave nothing to chance. The more you plan the details and systemize the events, the easier and more successful they will be.
6. Reserve and Design Advertising. Plan advertising and direct mail in advance. Build excitement for the event by featuring the benefits of attention.
7. Contact the Media. Contact the media well in advance especially for charity events. Send a press release about the event and ask the media to attend. Tell them how the event will benefit the community or share details about a cause.
8. Create attending getting direct mail. Spend 50 percent of the time writing a headline that is benefit rich. Make your offer and event so exciting that it triggers a fear of loss in the customer's mind. Allow them to think about what they will be missing if they don't attend.
9. Develop Promotions around a theme. Create fun events around unique things. Promote what the competition is not promoting. The event does not have to be a sale. There are lots of ways to promote without giving things away. Make the event so much fun that the customers promote you with word of mouth advertising.

The Power of Special Events

Special events can be powerful, effective means of achieving the objectives of your company or program. A well -planned event can generate awareness, inspire enthusiasm and support and create momentum. Special events can also be3 a significant investment of your organization times and ...

Solution Summary

Here is just a sample of what you'll find in this solution:

"Estimate projected costs for the proposed program and how much you are seeking from this funder. (Link) If you have secured (or expect to secure) funding from other sources, refer to these resources. Be sure to state how your AED program will be sustained after the funding period."

$2.19