How to Increase Fundraising in 2023 and Give Donors What They Want
With that, we hope you were able to raise more funds than in the past couple of years as well as welcome back your loyal donors. Continuing to raise funding in 2023 is the primary goal for all organizations. That is why we have created a list to invite you to look into what 2023 has to offer as far as looking at what donors want and how you can please them, resulting in more funds for your organization.
What donors want to see from you in 2023
1. Transparency- issue regular reports, how much was raised, costs to run, and how much is actually going to charity. Donors want to know precisely where their donations are going.
2. Flexible giving options- no set amounts, multiple ways to donate, and easy to donate virtually.
3. Tell a story- what impact does your organization make? Is my donation producing results? Donors give because they relate to a cause or organization and tell a story to relate to your donors.
Ways you can give donors what they want and increase your fundraising in 2023
1. Focus on donor retention.
Do not just focus on how much donors are giving. Focus on repeating donations, big or small.
Sometimes smaller donations but multiple times throughout the year adds up larger to one big donation once a year. Keep this in mind!
2. Multi-channel marketing.
95% open rate for texts compared to 18% for email.
- Reach more donors by not focusing on one marketing tool.
Do not just use it to ask for donations, use it to build relationships with donors and keep them involved.
3. Strong social media presence.
Allows for day-to-day operations seen.
- Appeals to a younger audience.
- Makes donors feel more connected with your organization.
4. Unique events.
Examples include experiences, comedy shows, pottery classes, cocktail-making classes, or creating your own perfume.
Pick an event that will benefit the donor and give them a new experience.
5. Membership program.
Membership programs get your donor involved.
- Get your donors involved in more than just donating with a membership program.
- Invite them to help plan events, bring in new guests, etc.
6. Corporate sponsorship or partnership.
Partnering with a corporate company brings a lot of awareness to your cause.
Reach a broader and more diverse audience by being a part of all corporate events they hold and attend throughout the year.
7. Hybrid events.
Hybrid events can include game tournaments, online lessons, live streams, and more.
- Hybrid events allow for people both near and far to get involved.
Create a bigger virtual event by adding an online giving page and merchandise sales.
Transparency
In addition to providing financial support, donors often become advocates for the causes they care about. Donors want to know what their money is being used for, how much impact their dollars make, and whether their contributions are having positive effects. This information helps donors feel like they're making a difference.Donors also want to know that the nonprofit they've chosen to support is trustworthy. Trustworthiness includes transparency, accountability, and integrity. If a nonprofit isn't transparent, donors won't know where their money goes. If a nonprofit doesn't hold itself accountable, it could waste resources or even fail. And if a nonprofit lacks integrity, it could cheat donors out of their hard-earned money.
So, how does a nonprofit build trust with its donors? By being honest, open, and transparent.
Flexible Giving Options
As we move into 2023, there will be a greater focus on providing opportunities for individuals to make charitable contributions without having to physically attend a fundraiser. For example, you could contribute to a cause via a mobile app or donate to a charity by texting a friend.Giving more options for people to donate and get involved is essential. Any giving is appreciated, don't create set amounts when asking for donations.
Offer a give overtime option. Allow donors to pledge an amount and make payments over time to fulfill that pledge.
Tell a story
We often hear about how we should tell our brand story in terms of numbers. But what about telling stories that are more personal? When it comes to storytelling, there is no one size fits all approach. In fact, research suggests that you might want to consider telling individual stories over a broader narrative.The identifiable victim effect is one of the most important principles of storytelling. When you tell a story about an individual, it becomes easier for others to identify with the character. In addition, people care more about helping someone who is personally relevant to them.
You want to make sure that each donor feels like their contribution matters. Personal stories do just that.
Donor Retention
Donor retention is one of the most important fundraising trends today. While it sounds simple enough – don’t lose your donors – there are many factors involved in making sure that you retain those donors who have given to you in the past. In fact, research indicates that the retention rate for new donors is just 20%. On the flip side, repeat donors are 60% less likely to drop out of your program. So, making sure you keep your donor involved and donating longer than just one donation is key.The average donation size for repeat donors is $100 compared to $35 for first-time donors. This means that repeat donors are much more likely to give larger amounts over time. They are also more likely to become regular contributors.
The key to successful donor retention is maintaining a relationship with current donors. You want to ensure they feel like they are getting something in return for their contributions. If they feel like you are simply asking for money without providing anything else in return, they are far less likely to continue supporting your cause.
Multi-channel marketing
Multi-channel marketing is the practice of delivering consistent messages across different channels. This includes email, text, social media, phone calls, etc.The goal of multi-channel marketing is to simultaneously reach out to potential donors over many platforms. While you might think that reaching out via email is enough, it isn't. You must continue to engage your audience throughout the entire process.
In today's world, most people are constantly online. If you don't follow up with those who give to your organization, you're missing opportunities to build relationships and make connections.
Strong social media presence
The key here is to make sure your posts are compelling and relevant to your audience. If you want to engage donors, you'll need to tell stories that connect with them emotionally. Donors want to be involved more than you think. Being able to post stories and "behind the scene" posts of events gives your donors just that.That's where the importance of storytelling comes into play.
Think about your own social media habits. You likely don't expect to see your news feed filled with endless appeals to give. Instead, you're looking to see engaging posts that draw you in through visuals and storytelling. These posts connect you with your audience, which makes social media a powerful tool for nonprofits and charities.
Social media also appeals to a younger audience. If you create compelling posts of stories of people your cause has helped, it can reach a younger audience. They could not only donate but also share the story of your cause on their social media, allowing you to reach a larger audience.
Unique events
In 2023 there will be an even larger incline of in-person events. But fundraising events can become repetitive, and all feel the same. When your organization is returning to in-person events this upcoming year, try and forget the old ways of planning a fundraising event.Think of out of the box refreshing ideas. Yes, a gala is well-loved and if you would still like to stay traditional, that is okay, but try to add a unique idea to an otherwise traditional event.
Think of small things to add like different forms of entertainment, a performance by a magician, interactive activities like making your own cocktail, or having an artist paint a picture during the event and auction it off at the end of the night. As you can see there are no guidelines for this, think about your organization and donors and what fits in with that to create an enjoyable unique experience for them.
Membership Programs
In addition, you must develop a plan to keep your donors engaged. There are several ways to do this, including offering special events, discounts, and incentives. However, some organizations find that it is easier and cheaper to maintain good relationships with existing donors rather than launching entirely new campaigns. By building upon what you have done in the past, you can avoid starting completely from scratch again.Corporate sponsorship or partnership
Corporate sponsorships and partnerships are not as difficult as they seem to get. Do your research on what corporate company you would like to work with, and make sure you look into their past as well as their companies' morals. You want to ensure this will be a great partnership that will hit no bumps in the road. Your two organizations will be thought of together meaning if something happens with one, good or bad people will also view your organization in the same light.Although this is a lot of pressure to pick the right one and commit to it, the benefits are great, especially if you are a smaller organization trying to reach a larger audience.
A great way to partner with a corporation is through its annual event calendar. Attend as many as you can and be sure to promote yourself on social media.
Being a part of an event held by a large corporation can help raise awareness about your cause. You'll have access to a broad range of people who may not otherwise know about your organization.
Hybrid events
Just because in-person events are back in action this year does not mean you have to forget about online or hybrid events. During tough times online events proved themselves and their success.Keeping a virtual component to an in-person event creates longevity for the event with little extra cost because it is online. By this, we mean creating an online page where donors can visit before the event to purchase tickets, make donations, read about your organization, purchase merchandise, and anything else you would like to add.
Adding this to your in-person event makes a single-night event turn into months of fundraising.
With that being said, 2023 has a wide range of opportunities for your organization to create maximum funds. Be sure to focus on finding the best fundraising technology for your charity as well to stay organized and prepared to create unforgettable events for your donors. Fundraising
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