Did you know that 56% of nonprofits expect to raise less money this year?
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Are you one of the many nonprofits that experienced a year with no available in-person events, limited resources, and an increased demand to do more? Although there are many unknowns in 2021, there are ways to future-proof your fundraising.
According to our team of nonprofit experts, here are three ways to maximize your fundraising this year:
1. Build a relationship with current donors
70% of charitable giving came from individual donors last year. It costs more to acquire a new donor, so take time to build relationships with your current ones. Incorporate monthly phone calls to say thank you, emailing regular updates or impact reports, and showing them how their donations are making a difference.
If you rely on grants or corporate partners, now is the time to build support in this area. Utilize Facebook groups, live-streaming communities, local businesses, and other groups to engage new donors.
2. Prioritize Monthly Giving
charity: water is a great case study on the importance of monthly giving. A special group was created for monthly donors called The Spring, with a direct call to action: bringing clean water to people in need every single month. The Spring is charity: water’s flagship way to support. According to their team, “Donors aren’t simply asked to check a 'make gift recurring' box, they’re invited into a strong community of world-changers.”
Three years after its launch, The Spring now includes:
- Over 62k monthly givers
- 40% growth year over year
- $19M in annual revenue
Monthly givers provide an ongoing revenue stream you can count on, each and every month. For most charities, monthly donors make up about 25% of a charity’s annual revenue. Prioritize them and create a separate fundraising goal in your budget.
3. Show donors the impact they’re making
Donors want to know that their support is making an impact on your mission. It’s critical to keep them up to date with how your organization is doing against your milestones, key data that proves impact, and stories that show the faces of those who benefit from your work. Data is your friend, but stories help bring the data to life. Here are a few examples:
- Sharing your annual report
- Creating reports for top donors detailing the data and insights from your work
- Bring your mission to life with behind-the-scenes content, donor or program highlights, or infographics detailing key data points.
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