Did you know that over 88% of nonprofits in the U.S are in fact small or medium and all encountered similar fundraising issues? Their funds are insufficient, they do not have enough staff and they cannot provide a return on investment. As most nonprofits in the U.S you are probably having issues raising money, so we are giving you 5 tips on how to move forward with fundraising with very few funds and resources.
1- Ready, Set, Go
'Ready, Set, Go' is a well known digital fundraising strategy to get attention from donors and increase donations. First, 'ready' you need to get the right staff and budget for a fundraising campaign. Second, 'set' you need to produce the right content and share it to the right people on the right channels. Third, 'set' you have to measure and track all of your fundraising activities and measure just about every data you get, so you can look at what you are doing right or not and improve. Forth, 'go' you just keep going and improve your efforts.
2- 10 key fundraising metrics
The best way to understand if you stand a chance or how your campaign is being perceived is to measure all of your efforts via strict metrics on a daily and weekly basis. First, measure your donor acquisition rate, donor renewal rate, donor reactivation rate, net new donors, the average gift (donation) that you receive, the time lapse between the first and second gifts, the revenue per donor, the cost to raise the funds, the gross revenue and the lifetime value of your donors.
3- Understand your metrics
You have listed your metrics, so now you have to get to work and clearly analyze them. First, you should look at your metrics separately from one another then incorporate them into events, programs and other communication methods, which will allow you to improve your digital strategies and the way you look at donors.
4- Your conversion funnel
It is time to work on your sales funnel or conversion funnel, which traces the path your prospects take until they make a conversion so a donation. The conversion funnel has to be well prepared and understood, so that you can avoid your donors getting lost in between before getting to the final step. Your conversion funnel should incorporate each metrics you previously set. For instance, first your prospect donors need have a clear recognition of your brand, the problem and the solution they would bring to your nonprofit. At this point they become prospects, then as they are looking to get involved with your nonprofit they become leads, after they become donors and to keep the process going initiate them into being ambassadors or special members.
5- Incorporate digital technics in each stage
In this step, you have to analyze how your prospects or donors connect with you at each stage, how do they interact and behave. Each stage should reflect the behavior of your target audience. It also suggested to create personas via inbound marketing technics and to write these personas based on habits, preferences, values and demographics of donors. Then you have to write messages specific to each audience and each stage. Also, use KPI from Google Analytics to understand where your key objectives have been achieved and define your funnel based on them. From then, draft your message and communication methods for each stage.
Thank you for reading our article on how to get your nonprofit ready for fundraising. If you need help with your fundraising strategy and how to craft your conversion funnel contact us today.