The main 4Ps of Social Marketing include Publics, Partnerships, Policy and Purse Strings. Let’s take at Purse Strings in details.
What is meant by Purse Strings in Marketing Mix?
Purse strings means where the funding come from. Social Marketing is often conducted by for-profit social organizations and non-profit social organizations, hence requires substantial funding to develop social marketing programs.
Purse strings refers to the financial resources necessary to implement a social marketing campaign. The funds can come from private donations, corporate donations, governmental grants, own profits generated by the organization, etc.
Securing adequate funding is crucial for the success of any social marketing initiative.
Funding sources for Social Marketing
There are various sources of funding for social marketing campaigns:
- Government Grants: Government agencies often allocate funds to support public health campaigns and social initiatives.
- Corporate Donations: Corporations may contribute to social causes through charitable giving or corporate social responsibility programs.
- Private Donations: Individual donors can provide financial support to social marketing organizations.
- Fundraising Events: Organizations can raise funds through events like galas, auctions, and charity runs.
- Crowdfunding: Online platforms can be used to solicit donations from a large number of individuals.
- Program Fees: In some cases, social marketing programs may charge fees for participation or services.
In different countries, various charities and pressure groups in try to persuade governments to offer TAX benefits to all the people who are willing to donate money to social causes.
Challenges in funding Social Marketing
Despite the importance of funding, social marketing often faces challenges in securing adequate resources:
- Competition for Funds: Social marketing organizations compete with other worthy causes for limited funding.
- Short-Term Focus: Many funding sources prioritize short-term results, which may not align with the long-term nature of social marketing.
- Bureaucratic Hurdles: Government grants and other institutional funding sources often involve complex application processes and reporting requirements.
- Economic Constraints: Economic downturns can reduce the availability of funding, particularly for non-profit organizations.
Effective fundraising strategies
To overcome these challenges, social marketers can employ effective fundraising strategies:
- Build Strong Relationships: Cultivate relationships with potential donors and funders.
- Develop a Compelling Case: Clearly articulate the social impact of the campaign and the need for funding.
- Track and Report Outcomes: Monitor and evaluate the impact of the campaign to demonstrate the value of the investment.
- Diversify Funding Sources: Rely on multiple sources of funding to reduce reliance on any single source.
- Seek In-Kind Donations: Leverage in-kind donations, such as volunteer time, donated goods, or media coverage.
By securing adequate funding, social marketers can implement effective campaigns, measure their impact, and ultimately improve public health and well-being.
