Fundraising Talks
News and updates from the USM Office of
Advancement Research
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This article from Nonprofit Tech for Good is a how-to guide on implementing a fundraising strategy for each season of 2022. This winter, implement a multichannel fundraising strategy with plenty of opportunities to give. Multichannel donors contribute four times as often as online-only or offline-only donors. In the spring and summer of 2022, embrace virtual events and digital fundraising for a more flexible strategy. In the fall of 2022, rally multichannel supporters through monthly giving, crowdfunding, and Giving Tuesday initiatives. Finally, in winter 2022 and 2023, use insights to get ahead of your year-end goals and maximize donor potential. Read more here.
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The process of asking for a grant from a foundation can be mysterious, but it doesn't have to be. Philanthropy Daily has written out a five-step process for crafting a letter of inquiry.
1. Introduce yourself, your organization's mission, and your connection with the foundation.
2. State the problem your organization is addressing.
3. Describe your solution and how you would use the funds you're requesting.
4. Explain a funding plan and if appropriate, other project partners.
5. Follow up by phone or email.
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As we discussed in the Letter from the Director, donor data is essential and allows us to segment by demographics, donor type, prospect type, screening scores and ratings, and models and deciles. This article from PlannedGiving.com suggests ways to start segmenting your data in order to find the best planned giving prospects. In addition, they suggest using RFM (recency, frequency, money) to find potential planned givers. The ranking for each of these categories is 100, so the closer a person is to a 300 score, the higher likelihood that they will make a planned gift if given the opportunity. PlannedGiving.com suggests focusing on those with a total RFM of more than 225 for best results. Read more here.
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This article is a follow-up to the previous article "Finding Your Best Planned Giving Prospects." As mentioned before, using RFM is a good way to rank and identify potential planned givers. If your data screening vendor doesn't provide a total RFM figure, PlannedGiving.com has tips on how to do it yourself, using Microsoft Excel. Click here to read the full set of instructions.
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According to Pursuant, the cost of everything in the US grew by seven percent in 2021, which translates to around $3,500 in products and services per household. How will Americans shift spending and prioritize giving as inflation climbs? In 2021, inflation climbed 5.5 percent which is the biggest jump since February 1991. Economists believe that this is largely due to the pandemic and that this uncertainty will continue in 2022. Fundraisers should be concerned, as inflation disproportionately affects low- and middle-income households, which are the primary source of new and mid-level donors for nonprofits. Blackbaud donorCentrics has reported mixed giving trends for the most recent reporting quarter. Donor growth has flattened but not declined. New donors grew at 2.3 percent and revenue was up 9 percent over 2020, thanks to higher average gifts. Fundraisers who understand their donor base, build connections with donors, communicate to their boards, and prepare to pivot will fare best as we move forward. Read more here.
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Throughout this newsletter, we've discussed the importance of reliable data. What is reliable data? Is the data you're using enough to make informed decisions? This article from Experian discusses four characteristics of reliable data and speaks to how our organizations can ensure data reliability. Reliable data is accurate, complete, useful, and timely. Accuracy should be prioritized as your organization formulates data management plans. Complete data is important in order to be able to reach your donors through all possible channels. Data should be useful in that it provides an array of information that is helpful in strategizing your next outreach plans. Finally, reliable data will allow you to appeal to your donors quickly and ahead of other organizations you may be competing with. Read more here. Read more here.
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