So, what does SMART stand for?<\/p>\n\n\n\n
SMART is an acronym for the 5 key features that experts believe must be integrated into your goal in order to set yourself up for success:<\/p>\n\n\n\n
S- SPECIFIC<\/p>\n\n\n\n
M- MEASURABLE<\/p>\n\n\n\n
A- ATTAINABLE<\/p>\n\n\n\n
R- RELEVANT<\/p>\n\n\n\n
T \u2013 TIME-BASED<\/p>\n\n\n\n
Let\u2019s take a look at the specifics of each objective<\/a> as they relate to fundraising.<\/p>\n\n\n\n When setting a goal, you must first determine what you see as your ultimate result. Being specific in the context of fundraising means being clear about your financial goal and what meeting that goal will do for your organization.<\/p>\n\n\n\n To pinpoint your specific fundraising goal, ask yourself:<\/p>\n\n\n\n Here are some simple yet specific goals:<\/p>\n\n\n\n In fundraising, being specific in goal-setting is a twofold process. First, you’ll need to determine how much you must raise\/how many donors\/etc. during the campaign. Then, you must further clarify your goal as described in the next factor, measurability.<\/p>\n\n\n\n How will you know if you’ve met your fundraising goal? You will need to be able to measure your success, which is especially easy when talking about monetary donations<\/a>, numbers of donors, and percentages of returning donations. To determine whether your goal can be measured, outline:<\/p>\n\n\n\n Tracking is necessary for both the fundraiser and the donor, as it gives a clear picture as to where you are in the process. Not only is measuring your goal a great motivator for everyone, but it can also help to boost team morale!<\/p>\n\n\n\n Setting a realistic and attainable goal is one of the most difficult aspects of fundraising. If you are part of a nonprofit or other service organization, chances are you are all too familiar with limited budgets that impact the scope of your work.<\/p>\n\n\n\n I’m sure you would love to raise $500,000- but is that feasible for you? If you are a nonprofit with a small operating budget, then it is best to start with a goal that stretches you but isn’t outrageous.<\/p>\n\n\n\n Here are some things to ask yourself when setting an attainable goal:<\/p>\n\n\n\n Stay away from lofty, unattainable goals at all costs. Nothing brings down morale faster than not meeting your goal. Try and set your team up to ‘win’.<\/p>\n\n\n\n Relevancy is unequivocally necessary for fundraising. You’ve established how much you need to raise and how you will measure it. Now it is time to determine if the goal ‘works’ for your organization.<\/p>\n\n\n\n As explained above, your fundraising goal should directly relate to your mission.<\/p>\n\n\n\n If you want to raise $10,000, then pinpoint exactly who is benefitting from those dollars.<\/p>\n\n\n\n The last factor to consider when creating your goal is timelines<\/a>. Your goal must have a firm start and end date. Not only are these dates important for your organization’s budget, but they are also necessary to motivate both your team members and donors into action. Shorter campaigns, especially those under 30 days, can actually make it easier on you as a fundraiser. That is because short timelines give donors a sense of urgency<\/a>.<\/p>\n\n\n\n Your goal should explicitly state:<\/p>\n\n\n\n Having a timeline can keep the team on track for success. If you’re close to the end of the campaign and the donations aren’t coming in, you’ll know to step up your game.<\/p>\n\n\n\n Take a look at this great example of a SMART fundraising goal from Liquidnet\u2019s Bikes for Kids<\/a> campaign. Liquidnet employees and friends began this campaign during the holiday season to purchase bikes and helmets for children served by the Christina Noble Children\u2019s Foundation, an organization that works to help children living in poverty in Vietnam and Mongolia.<\/p>\n\n\n\n Per their fundraising website:<\/p>\n\n\n\n We hope to raise at least enough money to purchase bikes and helmets for 40 children to help them stay in school (each bike kit is $120 USD).<\/p>\n\n\n\n Between their website and story, Liquidnet incorporated all aspects of a SMART goal into their campaign.<\/p>\n\n\n\n You wouldn\u2019t try to boil the ocean so why tackle one large goal all at once? If your goal seems insurmountable, break it down into micro-goals to make it more approachable and less overwhelming. When your goals are more precise and specific, it\u2019ll help you stay motivated and better prioritize your next steps.<\/p>\n\n\n\n Accountability is a major key to fundraising success. Have a system to hold your feet to the fire. It can be as simple as having regularly scheduled check-ins with your manager or team. If you\u2019re a fundraising team of one, create a realistic schedule you can commit to. You can also adopt project management tools<\/a> to track your progress along the way.<\/p>\n\n\n\n Fundraising thermometers<\/a> are a form of social proof. It\u2019s a visual display of your progress. If you\u2019re launching a campaign, consider adding in a fundraising thermometer so your donors know how much you\u2019ve raised thus far and how much you have left to go. Of course, fundraising thermometers are effective if they\u2019re regularly updated to reflect the amount raised. <\/p>\n\n\n\n Before implementing a fundraising thermometer, consider the ease of use. <\/p>\n\n\n\n Physical fundraising thermometers are DIY, fun, and extremely customizable. You can make them as eye-catching as you please but they do come with drawbacks. Physical thermometers have limited visibility due to being in a central location and they\u2019ll need to be manually updated. <\/p>\n\n\n\n On the other hand, virtual fundraising thermometers<\/a> can generally be embedded anywhere and automatically update<\/a>, leaving little room for error. When you host your fundraising campaign on CauseVox<\/a>, our fundraising thermometer reflects donations in real-time as they roll in. <\/p>\n\n\n\n With so much to do and so little time, it\u2019s easy to gloss over the small wins. Recognizing your team\u2019s hard work plays a huge role in increasing motivation and boosting morale because it shows just how much you value them. If you\u2019re flying solo, don\u2019t forget to pause and give kudos to yourself! Whether you\u2019ve just closed out a campaign, received a substantial gift, or reached a particular milestone, these are all reasons to celebrate. <\/p>\n\n\n\n Donor feedback<\/a> is an important part of the overall donor stewardship process. After all, fundraising is all about sustaining genuine relationships. The feedback you get from a donor can help inform who your donors are, allowing you to tailor your messaging to that specific donor subset. <\/p>\n\n\n\n There\u2019s a number of ways to get feedback from current donors. While it\u2019s realistic to reserve in-person meetings or phone calls for major donors due to time constraints, consider gathering feedback en masse through a donor survey. Better yet, customize your surveys by donor segment<\/a> and send them out each segment.<\/p>\n\n\n\n When you ask the right questions, you gain valuable qualitative insight on who they are, why they choose to give, and more. Here\u2019s some questions you may want to ask your donors:<\/p>\n\n\n\n The responses from your donors are valuable. Be sure you have a plan to act on this feedback. Don\u2019t let it disappear into the ether. When you get to really know your donors – their likes and dislikes – you\u2019ll be able to create a truly meaningful donor journey. <\/p>\n\n\n\n Keeping your donor updated on your fundraising progress is important, whether you’re on track to reach your goal or facing some unanticipated hiccups. Being open and transparent goes a long way. It allows them to understand what\u2019s going on and step up their efforts as needed. <\/p>\n\n\n\n Whether you opt to send regular email blasts or post on social media, create a scheduled system to let your donors know what\u2019s going on throughout your campaign. By being open and transparent, it demonstrates that you’re invested in the success of the campaign and that you care about your donors.<\/p>\n\n\n\n Consider your overall bandwidth and resources in the grand scheme of things. There\u2019s nothing wrong with dreaming big but if your goals are grand and your resources (tools, staff time, etc.) are limited, start small and work your way up. It\u2019s not all or nothing.<\/p>\n\n\n\n In this day and age, there\u2019s no excuse for not having a frictionless donation process<\/a>. At the most basic level, this means branding and mobile-optimizing your donation page. Depending on your donor\u2019s giving preferences, enable flexible payment options such as PayPal, ACH, or digital wallets. In addition, don\u2019t forget to add in recurring giving and pledges<\/a> to drive more revenue. Make sure to test your donation page before it goes live. If your donation process is cumbersome or difficult, chances are, people will be discouraged from donating entirely.<\/p>\n\n\n\n Leverage social platforms in your fundraising campaigns. In addition to promoting on your org\u2019s social platforms, encourage your followers to share to their networks too. With new features constantly being rolled out across different platforms, get creative with video storytelling<\/a>, hashtags, and custom infographics. <\/p>\n\n\n\n \u201cIf you can\u2019t measure it, you can\u2019t improve it.\u201d \u2013 Peter Drucker<\/em><\/p>\n\n\n\n When it comes to fundraising, this maxim rings particularly true. Quantifying progress is essential to fine-tuning your fundraising strategy moving forward. After all, how will you know that you\u2019ve made progress or hit your target outcomes if you\u2019re not tracking it?<\/p>\n\n\n\n If this is your first foray into goal setting, we have some sample goals to start you off and metrics to measure them. <\/p>\n\n\n\n Raising brand awareness is a common marketing goal but it\u2019s rather broad. Determining what your brand awareness objective is should be your first step. Depending on the nonprofit, this will vary. Some might want to expand their reach to a new audience, while others might want to increase their social media following or website traffic. When tracking brand awareness, here\u2019s a few metrics you can center your SMART fundraising goals around:<\/p>\n\n\n\nSMART Fundraising Goals<\/h2>\n\n\n\n
SMART Fundraising Objective #1- SPECIFIC<\/h3>\n\n\n\n
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SMART Fundraising Objective #2- MEASURABLE<\/h3>\n\n\n\n
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SMART Fundraising Objective #3- ATTAINABLE<\/h3>\n\n\n\n
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SMART Fundraising Objective #4- RELEVANT<\/h3>\n\n\n\n
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SMART Fundraising Objective #5- TIME-BASED<\/h3>\n\n\n\n
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SMART Fundraising Goal Example: Liquidnet- Bikes For Kids<\/h2>\n\n\n\n
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Best Practices For Achieving Your Fundraising Goals<\/h2>\n\n\n\n
Break Down Your Fundraising Goals<\/h3>\n\n\n\n
Stay Accountable<\/h3>\n\n\n\n
Consider Using Fundraising Thermometers<\/h3>\n\n\n\n
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Celebrate Successes<\/h3>\n\n\n\n
Ask Your Donors For Input<\/h3>\n\n\n\n
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Be Open and Transparent<\/h3>\n\n\n\n
Keep Your Resources in Mind<\/h3>\n\n\n\n
Make The Donation Process Easy and Smooth<\/h3>\n\n\n\n
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<\/figure>\n\n\n\nUse Social Media<\/h3>\n\n\n\n
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Example Fundraising Goals (And How To Measure Them)<\/h2>\n\n\n\n
Raise Brand Awareness<\/h3>\n\n\n\n
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