THE POWER OF (UNCONVENTIONAL) MARKETING IN FUNDRAISING: THE PERSPECTIVE OF THE CULTURAL SECTOR

Abstract

This paper analyzes the importance and use of marketing for fundraising in the cultural sector. Namely, due to limited public financial resources and social changes in general, the cultural sector should turn to the market and to new sources of financing and implement a fundraising strategy. Activities are needed to attract financial resources from various sources to ensure the income necessary for its operation and sustainability. To be successful in fundraising and ensure stable business, the cultural sector needs to implement various activities that are usually associated with the profit sector (planning, management, marketing, analysis), which also includes an entrepreneurial way of thinking and acting. This paper aims is to identify the role of marketing in fundraising and the effectiveness of marketing strategies for the success of fundraising in cultural institutions. Empirical research was conducted on cultural institutions in the Republic of Croatia with an emphasis on the use of unconventional marketing for fundraising purposes. The conclusion is that this type of marketing affects the successful collection of funds and, ultimately, the success of the business and the financial result of the cultural institution. The results of the research indicate that it is necessary to implement an appropriate marketing strategy for the purpose of successful fundraising, as well as to educate the employees of cultural institutions in the field of marketing and fundraising.