When it comes down to money, numbers are everything. This is because if you want to efficiently reach your operational and future financial goals, you need to make sure there is a system to track where and when you can strengthen your plan. By determining this, you can objectively show exactly how well you and your organization is doing.
So what do you need to track?
Similar to a quarterly financial report, tracking numbers, donors, retention rates, expenses, and other various financial logistics will play a large role in how to strategize for the future. Oftentimes this can be tough to figure out exactly the overall measurements for your organization. That is why below, you will find seven fundraising metrics that goes over the finances, the donors, and the social media and marketing outlets you need to track in order for you to evaluate your business. Doing so can be the sole definer of being over your goal under. These overall fundraising metrics will highlight specific performance indicators that can directly demonstrate certain trends you and your team will want to capitalize on. In addition it will answer those hard hitting questions of how many donations your organization will receive this year, what channels they are coming from, and the overall average for each donor or donor packages.
1. Donation Growth
Tracking the overall growth from month-to-month and year-to-year will give you a holistic view on the development of your cause. In addition, these numbers will show you any stagnated dropped periods within the month that you can plan accordingly for the benefit of your cause.
2. Donation Growth
One of the biggest things you can do for your organization is to seek an increase in donations by either 5 to 25%, 25% being the ideal. Noting this type of average increase can net a larger number for you to reach your goal. In addition, increasing these average gift size can be leveraged later on in the future. If your company is not doing this tactic, try and incorporating it into the system. If they are, tally up the numbers and see what improve it has on the overall campaign.
3. Fundraising ROI
In every business and organization, the return of investment is incredibly important to note, especially for an organization with a limited budget. Know the type of resources you have and how the donations can effectively impact them and your organization. Keep track of these numbers and see what the financial funding will do for the company.
4. Donor Retention Metrics
By definition, donor retention rates are the amount of donors who resigned in donating to your cause from the previous year. Having a conceptual understanding of the amount of donors who resigned can benefit the overall increase for your support. If high, this number can be used and leveraged as a selling point to other future donors. If low, track what you and your team can do to gain their support again. This type of acquisition can be a huge stepping-stone in gaining that financial stability for future years.
5. Donor Growth
In addition to keeping your donor retention rates high, you also want to see an improvement in your numbers for growth in donors year-over-year. If you are losing donors, odds are, you are losing ground in other areas. This is a big red flag for you to reevaluate your plan so that you can get back on track for your future goal. If you are on track, try analyzing which methods you used to improve your donor pool. Read the data, learn from it, and understand it. Doing so will put you and your organization in the right place.
6. Number of Donations
This number reflects both the donors and the amount they have donated month-to-month. By having this monthly analysis, you will be able to see which months played a larger role and which groups you want to get in touch with in the future.
7. Marketing and Social Media Metrics
In the modern age of technology, online marketing has played a large role in fundraising. Compare those numbers to the numbers you get from various events or other tactics like phone calls or tabling fundraisers. These numbers can show where you can get the most traffic in gaining stronger donations for your cause.
There comes a time in both the private and non-profit sector where you will be asked to pick up the phone and find future investors. Whether this is a future partner to help financially push your future endeavors or various donors to support a life changing cause, you will find quickly that fundraising on phone is not the easy thing to accomplish. Let’s be honest, the vast majority of the public are hesitate in parting ways with their hard earn cash. So how do you do it? How can you make the impossible dream a reality?
The reasons come down to two entities: The first is the overall preparation and knowledge of your cause and or product. The second is your awareness of who you are talking to. In person, this can be a very different story. There you can often charm a person through your personality and image. On the phone, you are faced with a variety of obstacles where your pitch and your communicative skills are the sole determiners for gaining a donor.
So how is it done?
First and foremost, make sure you are calling at an appropriate time. Anyone who has ever used the phone knows that timing is everything. Most people are at work from at least 9 am to 5 pm. Any calls during that time can be conflicting. Same thing goes for any call after 8 pm in which people are usually at dinner with their families. Be cognizant of these issues. This can save you an ear full from a potential-donor. In addition, be mindful of time zones scheduling. If you are on the east coast and you are calling someone in California, the same concept applies.
As for the pitch itself, never start off by asking for money. Show how that person can make the difference. Whenever you are talking to a donor, you want to be upfront about how the donation will directly benefit your cause. Nobody wants to get a phone call from a stranger asking them to part ways with their hard earn money. Instead, begin with a simple introduction and talk about your cause. Discuss its history, its background, and its need and what they can do to make that transformative impact. Doing so will help sell your cause and gain you the necessary attention you need to close the sale.
When you are talking to the person, try and make the experience organic and authentic. People are smart. They know when you are reading off of a standardized script. When talking to a potential donor, make the experience natural. Use both professional and genuine conversational content that can help engage potential donors into a casual conversation.
Now while you are in this conversation, do not forget your goal in mind. Below the surface, fundraising is not about what a donor can do for you, it is about what you can do for the donor. To accomplish this, ask them a variety of questions and bounce various questions of your own. Try and gauge what they are interested in so that you can leverage that in pushing for a stronger donation. This often takes a lot of practice before it can be naturally and effectively executed. After every call, evaluate how each call went and what you can do to improve it.
Last but not least, stay organized. For phone donations, you want the overall process to be smooth and straightforward. Having any trough with the system can often compromise a potential donor. That being said, get acquainted with your system. Know how it works and understand what you can improve so that the logistics work in your favor.
Fundraising is the process of gathering voluntary contributions, mostly money, or other resources from individuals, businesses, charitable foundations, or governmental agencies. There is of course the traditional aspect of fundraising in which you can network your way through friends, family, and businesses. But in order for you to reach your goal, you are going to need to think outside the box.
With our modern day digital age, people are able to get information within milliseconds. Presenting an online marketing campaign is probably the best way for you to market for a fundraising event. When you do this, make sure the all of the logistics and information for the event are planned out before you jump into the marketing phase. The marketing phase can only be done once there is a sufficient amount of foundation within the overall campaign.
Below, you will see nine of the best fundraising ideas that you can leverage to your community. These tips will help guide you is promoting and publicizing your cause and event to a wide variety of people.
1. Contact the Local Media
Try to get in touch with an editor of a newspaper or producer at a radio station or television station. Inform them of your event and discuss how the coverage can benefit their cause. At times, you may be asked to spend for this type of campaign. Depending on the profile of the event, see if it is worth investing into this marketing venture. The publicity to that magnitude can be incredibly beneficial, especially for fundraising.
A great way to raise a lot of attention in the quickest way possible is by creating a standard marketing email that can be replicated and generated to a large group of people. If you have particular partnerships with schools, organizations, or businesses, ask their administrative assistant or a supervisor if they can send an announcement to their employees.
3. Print Advertising and Flyers
This is probably one of the most standard ways of getting the message out there. Keep in mind this process does take time. Unless you have the manpower and time, I would advise on foregoing other strategies. Regardless, this approach is somewhat beneficial depending on the location. If you are in a popular location that generates a lot of traffic or a location that will spark interest in the event, then I would highly recommend you spend an hour or two at that spot advertising your event. One huge benefit is that you can personally pitch the event to those around you and spread the idea through word of mouth.
4. Tabling and Banner Ads
Similar to Printing and Flyering, only do this if you have the manpower and time to handle such a task. Try and do this at professional events or populated locations where you can personally discuss the event to its fullest. When you send certain people, make sure they have strong personalities and are well briefed on the overall logistics of your fundraising event.
5. Create a Facebook Page
Like any event, you can utilize social media as a strong platform for your marketing. Try and reach out to a large group and gage the number of people you can expect based on the activity. In addition, be consistent with the page. Make sure people are aware of the page as a purpose rather than a distraction.
6. Create a Video
This marketing technique has become popular in the world of fundraising. Creating a video that can be played throughout your social media platforms can be a powerful tool you can use to market your fundraising event. Make sure the video is emotionally powerful and informative.
Similar to Facebook, you want to leverage twitter at its fullest. Try targeting a specific group can you know will be interested in your cause and your event. Share videos, articles, and quotes that can update the time and date for your event.
8. Advertise Speakers and Presenters
At times, a speaker or presenter can be the game-changer in seeing ten people versus a hundred people. Make sure you highlight those that are presenting at your event. This can oftentimes become a strong marketing point for you to push to gain more interest.
9. Leverage Your Connections
Best way to reach a mass group is by tapping you’re the ones that you know first. Who knows, another person may even help your cause by marketing your fundraising event to a new group thus generating stronger connections and activity.
Welcome to my blog on fundraising, where I hope to share the lessons I’ve learned to help you build a successful campaign for your organization. Check back here soon!