Despite being a big part of the U.S. economy, the non-profit industry is far from stable. The key reason behind this worrying trend is the lack of funding.
These days, a non-profit can’t succeed without a sound fundraising strategy. Whether you rely on donations or not, you must be able to fund your mission. Unfortunately, the constant change in fundraising trends makes this tough.
Does running a non-profit seem harder than it should be? If so, here are five effective fundraising tips that will help you get on your feet!
1. Keep a Donor Database
If you’re starting a non-profit, the first thing you’ll need is donor data. Running a fundraising campaign without it is like driving without headlights. You might get where you’re going, but the risk of crashing is too high.
Of course, just having a donor database isn’t enough. A good database needs to have as many details on your donors as you can get. This includes anything from their home address to general interests.
2. Focus on Donor Stewardship
Donor stewardship refers to building strong connections with donors. To do that, you need to create an organic channel of communication. If you only reach out to ask for money, you’re unlikely to gain a long-term supporter.
The best way to build a connection with donors is to keep them in the know. Share impact stories, program updates, and campaign progress. Even a simple thank-you message after a donation can have an impact.
3. Use KPIs to Track Performance
To succeed in a fundraising campaign, you need a clear set of goals. The best way to track those goals is to use key performance indicators (KPIs). KPIs also let you measure how close you are to your long-term goals.
Common examples of KPIs include donor acquisition rates, donation sizes, and the number of repeat donors. Tracking these KPIs can involve a variety of metrics, like the number of third-party donors or event registrants.
4. Set the Right Goals
Your fundraising goals should always meet the S.M.A.R.T. criteria. They are:
If you don’t set S.M.A.R.T. goals, you’ll struggle to figure out whether your tactics worked or not. Ideally, you’d set them for all your objectives, such as total dollars raised, number of new donors, etc.
If you don’t meet one of these objectives, find out why. For instance, are you struggling to raise funds from diverse sources? If so, consider using senior professionals recruitment services to hire a new director of fundraising.
5. Automate When Possible
Non-profit fundraising is a process that contains many moving parts. You’ll need to track donations, organize volunteers, and so on. By automating these tasks, you give your team more time to focus on donor stewardship.
Of course, using technology can be a double-edged sword as well. Does your team struggle to track your donors with the tools you’ve given them? Try switching to a simpler solution, like Excel spreadsheets.
Give These Fundraising Tips a Try!
At the end of the day, there’s no perfect fundraising solution. Your success depends on many factors, from the channels you use to the size of your organization. That said, the above fundraising tips are a good start!
Interested in other fundraising ideas? Looking for more business tips? Keep reading our Business section for more expert advice!