There are hundreds of ways to spend money in business to try to promote your products and services. Over the years - and decades - my family business has spent hours and hours trying to divine which combination of branding initiatives, advertisements or PR placements will do the trick of converting one more customer or client.
It's a hard task in this day of super-messaging, celebrity endorsements, Madison Avenue marketing firms and increasingly expensive space advertising. How is a small or midsize business supposed to make itself stand out amid such market noise?
If you haven't already figured out that you can't, I am pleased to be the bearer of bad news.
Why pleased? I'm pleased to tell you to get off the hamster exercise wheel and do something that will make a difference for your business, yourself and your community: Engage in strategic philanthropy.
Small and midsize businesses currently have a distinct opportunity. A void in nonprofit funding is currently developing as large, publicly held companies are coming under pressure from shareholders to reduce and eliminate programs and corporate foundations designed to support nonprofit organizations.
The days of large-company, big-money grants are coming to a close - and while that isn't good news for your favorite nonprofit, it is great news for your business.
Fill the void. OK, so you can't make a huge grant that a Fortune 500 company could, but your favorite local charity or nonprofit is certainly interested in talking to you today. Many local and regional organizations need help. They are also able to be very grateful to those that do help.
I'll give you an example, give a plug for one of my firm's favorite community organizations, and show you how to make strategic philanthropy work for your business.
My firm, Danforth Associates, is a corporate member of The Danforth Museum of Art in Framingham. Aside from having a respectable name, the Danforth Museum is a great community resource: the Danforth Museum School has a wonderful arts education program and the museum is currently growing in stature and reputation, attracting exhibits, artists, critics and, most importantly, art lovers from all around the New England region. It's a great time to be associated with this dynamic, growing arts institution.
But that's not strategic philanthropy. Not in its full sense. Our firm has chosen to sponsor a current exhibit, "George Nick: Spirit of Place,'' on view through May in the Pigors Gallery at the museum.
By choosing to support a specific event we were able to become actively involved in the process. The directed contribution we provided to the museum has created some wonderful associations and relationships, and introduced my company to many new interesting people. It's also been a ton of fun in the process.
My company hosted a corporate breakfast at the Danforth Museum right after the exhibit opened, which introduced our business partners to each other, to the museum, and to the art. We will use the museum as a meeting place, an entertainment venue, and social gathering spot over the course of the exhibit, all the while attempting to introduce new people to the museum and to George Nick's art.
Will our involvement in this project get noticed? Certainly. Will our partnership with the community receive press coverage? Likely. Will our involvement help identify and showcase our firm in a new and distinct manner? Absolutely.
The goal is for more community members and art lovers to get to see and learn about some wonderful painting by a nationally acclaimed artist in a dynamic arts institution. The result will be that prospective clients have a positive association with my company.
You need to choose your philanthropic involvements and investments carefully. Make your contribution count for your chosen nonprofit organization, and their patrons. Only then will it count for your business.
I encourage you to consider how a focused initiative of strategic philanthropy may help you build your business and your brand.
Stuart G. Danforth is chairman and principal of Danforth Associates Investment Management in Wellesley. An entrepreneur and social scientist, he writes and speaks on topics including investment decision making, fiscal organizational strategy, and entrepreneurial tactics. He can be reached at sdanforth@danforthassociates.com.
