{"id":10716,"date":"2018-06-05T00:00:00","date_gmt":"2018-06-05T00:00:00","guid":{"rendered":"https:\/\/www.causevox.com\/?p=10716"},"modified":"2024-05-08T21:40:33","modified_gmt":"2024-05-08T21:40:33","slug":"fundraising-strategies","status":"publish","type":"post","link":"https:\/\/www.causevox.com\/blog\/fundraising-strategies\/","title":{"rendered":"4 (Proven) Fundraising Strategies To Help You Grow Funding This Year"},"content":{"rendered":"

With all the advancements in donor engagement strategies, fundraising techniques, and retention efforts, it\u2019s nice to have reports like the Fundraising Effectiveness Project<\/a> (FEP) to help break down the facts and to provide a thorough look into our data-heavy industry.<\/p>\n

To be honest, I get giddy every time I know the latest quarterly installment and annual FEP is due out. But it\u2019s not because I\u2019m eager to hear about the latest retention numbers<\/a> (well, maybe a little!) What I love about this report is that it provides detailed findings alongside concrete fundraising solutions just about every nonprofit can use, regardless of size or mission.<\/p>\n

\"fundraising<\/p>\n

I see this survey as a free tool we can all use to analyze our results and then improve in the key areas. And since the 2018 FEP report<\/a> was recently released, there\u2019s no better time than the present to use it as a guideline to shape the rest of your fundraising activities for 2018.<\/p>\n

2018 Fundraising Effectiveness Survey Report: A Summary<\/h2>\n

First, let\u2019s break down the report. The Fundraising Effectiveness Project is sponsored by the Association of Fundraising Professionals and the Center for Nonprofits and Philanthropy at the Urban Institute, and the goal of this survey is to provide nonprofits like yours the data you need to increase giving rates.<\/p>\n

Data from the 2016-2017 fundraising efforts of 13,601 nonprofits using five different software programs was used to produce the 2018 report. Critical data points include total dollars raised, number of donors, gains and losses by donor category (new, lapsed, etc.), rate of growth, and donor and gift retention.<\/p>\n

CauseVox has covered a number of past survey reports. Here you can find summaries and takeaways from 2015<\/a> and 2017<\/a>.<\/p>\n

4 Fundraising Strategies That Will Grow Your Funding<\/h2>\n

Instead of looking at the numbers (which you can find here<\/a>), let\u2019s take a look at the suggested strategies presented in the report and talk about concrete ways to put them into action.<\/p>\n

1. Have The Right Systems In Place<\/h3>\n

\u201cIf your donor tracking and accounting systems do not currently report fundraising investment and results by gain\/loss category, you should take steps to ensure that they do so in the future.\u201d<\/em><\/p>\n

Before you\u2019re able to monitor your data, you have to track it. Naturally, donation tracking and management are topics we cover a lot here at CauseVox, and for good reason. They\u2019re vital if you want to retain your current donors and expand your donor base.<\/p>\n

What\u2019s the right system to use? That\u2019s the million dollar question.<\/p>\n

There are numerous high-quality donor management systems out there, ranging in capability and price. Consider the key data points you need to track, such as donor information, gift amounts, frequency, source, payment method, and incentives received. Then, find a system that has this functionality, plus other extras, including software integrations, customer support, reporting options, and room for expansion.<\/p>\n

And, following the FEP\u2019s advice, ensure your system can accommodate these gain\/loss categories: new, recaptured, upgraded (increased gift), newly lapsed, repeat lapsed, and downgraded.<\/p>\n

2. Calculate Your Data & Compare<\/h3>\n

\u201cTo make the most use of this macro data, fundraisers and charities must be able to compare it to their own data and identify in which categories of donors they need to invest.\u201d<\/em><\/p>\n

\u201cNonprofit organizations should compare their results category-by-category with those of the FEP not only to see how they stack up but also to see where they should invest budgets and effort to maximize their fundraising net gain.\u201d<\/em><\/p>\n

When it all comes down to it, fundraising is about boosting your revenue and decreasing attrition. So yes, the FEP is perfect if you\u2019re looking to understand how the fundraising industry is doing as a whole. But you need to go further than that in order to put YOUR data to good use.<\/p>\n

Use the FEP results and compare it to your own. Look at the areas you\u2019re gaining donors and why you\u2019re losing some. Do your results stack up against similar nonprofits with the same focus, age, and geographic location?<\/p>\n

If not, dive deeper into your data. Investigate commonalities between your retained donors, as well as your lapsed ones, and then use it to improve your fundraising and marketing strategies moving forward.<\/p>\n

Helpful Resources<\/p>\n