Master Funder Categories to Get Their Money!
There's more to funders than initially meets the eye; here's how caring about that gets you ahead!
The Value Blueprint is a weekly newsletter for people in business or non-profits looking to make sense of creating and leveraging on Value for success. For engaging and practical breakdowns of Value creation tools every Tuesday, sign up here:
The last time I mentioned navigating the funding environment, I covered the new fundamentals to keep in mind when approaching funders. BUT there’s more to this that can give you an even bigger advantage!
You know how funders are all different in a lot of ways and super similar in others, and how it sometimes gets so confusing keeping track of the differences and similarities, enough that applications get gnarly?
Well, with all the changes in the funding environment, the funders themselves kind of tweaked their own approaches in a way that ended up with them being able to be neatly categorised into 3 overall groups!
Now why on earth would it benefit you to know what the categories even are?
Different Category, Different End Goals
In as much as all 3 categories have the same outcome from your perspective (giving you money, of course!), each of them have different and ‘personal’ end goals connected to their disbursement of funds to you.
Knowing and understanding these end goals matter A LOT; in fact the difference between knowing and not knowing makes or breaks your application or approach!
The key here is that the funding organizations that fall under each category will have similar end goals, by virtue of falling under the same category. While they won’t be exactly identical, they’ll be similar enough that your understanding the motivations of the overall group will arm you with a powerful starting point to create the perfect application.
Beecaaaaause you’ll understand their Value needs! (it always comes down to understanding Value needs!)
Their Value needs, Your Negotiation Advantage
While we’re on Value needs: in having distinct end goals, funders in each of the 3 categories have distinct Value needs, right?
In properly understanding those Value needs (which remember, is the full extent of what your client/funder is looking for in an offering), you gain an incredible advantage whenever you must approach a funder in a given category!
Let me demonstrate: of the 3 categories, there’s one that specifically funds its beneficiaries to help them gear up, with the end goal that the beneficiary become viable as either a supplier for the funders or as an investment vehicle for the funders (their Value need is gaining competent small businesses to become suppliers and investees).
You come in already knowing that the particular funder you’re approaching falls into this category, and their category’s general Value needs. With both bits of knowledge you then can formulate your application to lead with that exact Value need, grabbing their attention from the outset.
Then once engagement begins, you can then conduct negotiations already knowing that what they ultimately want, allowing you to use that as a ‘carrot’ and maneuverer the discussion towards getting what YOU want!
Assessing Mutual Fit
Ultimately, you must remember you’re not approaching funders like a charity case. You absolutely have Value to offer them, otherwise the funders would not at all consider your application or approach.
YES, even if it is for a funding scheme with no strings attached after you get funded: YOU HAVE VALUE TO OFFER THEM AS FUNDERS!
This means that when you approach funders, you also need to check if you and the funder are actually mutually compatible. As in, do their Value needs line up with the Value you have to offer? And do YOUR Value needs that need meeting via the funding line up with the Value THEY as funders have to offer?
This is yet another place where understanding the funding categories will help greatly. Because each of the 3 categories have distinct needs and rationales, you’ll be able to at a glance establish how each of the categories best align with your funding needs.
Especially helping when you need answers even the most unexpected questions, like if the funding you’re going for is even the type of funding that’s best for you right now!
So then what are these funder categories? Well you’ll need to join our upcoming webinar session, From Applicant to Approved with Value, to find out!
During the 3-part Your Value Advantage series, we’ll spend an hour diving into one critical topics: uncovering practical insights on Value creation accessible to you in each area, running through actionable real-world tactics, and providing tools you can actually use.
Now in the From Applicant to Approved with Value session specifically, you can expect to learn:
Who the the 3 categories of ‘funders’ are, and understanding them
Grasping their Value needs and what they select for
How to approach each of them successfully
If this already sounds like something you want in on, early bird ticket pricing and bundle prices will be opening soon, so keep an eye out in your inbox for the ticket links!
For those of who who signed up for the waiting list, CONGRATULATIONS!
I’ll be sending you the ticket links for early bird ticket pricing and bundle prices during the course of the week, and you’ll be able to start securing your tickets a FULL WEEK before everyone else!
Oh and by the way: each webinar session has only 10 seats available, so be sure to snatch up yours before they’re gone!
Like my work? You can get more of it!
Listen to my podcast, Inside Value, on Spotify, Apple Podcasts and YouTube
(be sure to subscribe!)Book me to speak or host a workshop at your event, company or organization
Check out our Value creation work over at Vivre Consulting
Connect with me on LinkedIn!