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Welcome to the November edition of Fundraising Talks.
As we move past the 2024 presidential election, higher education institutions in the U.S. remain focused on educational initiatives while recalibrating their fundraising strategies for the year ahead. Identifying the opportunities and challenges that lie ahead will help institutions plan their year-end fundraising activities.
Key findings from The Fundraising Effectiveness Project’s Q2 2024 report indicate a continued decline in donor participation, a decrease in donor retention rates, and a modest increase in total funds raised. The findings highlight a concerning trend: while charitable giving has slightly increased, this is primarily driven by fewer donors.
GivingTuesday, which falls on the Tuesday after Thanksgiving in the United States, presents an opportunity for nonprofits to engage with donors. According to its website, “GivingTuesday is now an independent nonprofit and a global movement that inspires hundreds of millions of people to give, collaborate, and celebrate generosity.” For fundraising professionals, GivingTuesday is an ideal time to implement creative strategies to encourage giving, particularly by increasing participation and retention among lower-level donors. Year-end fundraising strategies should focus on maximizing fundraising goals. An article from GivingTuesday.org outlines several action steps that institutions can take to boost charitable giving. These include:
- Increasing donor retention by initiating targeted re-engagement campaigns with personalized messages and compelling impact stories to reconnect with lapsed and inactive donors.
- Reinvigorating small donor engagement through targeted research, communication, and marketing strategies. This requires institutions to investigate why small donors are not participating in giving activities and adjust their approaches accordingly.
- Creating a multi-channel campaign that emphasizes urgency by incorporating deadlines and matching gift challenges to encourage quick participation. For example, GivingTuesday and year-end tax incentives can motivate donors to contribute to your institution.
- Tracking real-time donations to monitor performance on key days, such as GivingTuesday, and adjust strategies based on real-time engagement patterns and donor behavior.
In conclusion, the report suggests that institutions must prioritize broadening their donor base and improving retention to ensure long-term success. However, political and economic challenges may continue to impact the philanthropic landscape in various ways. We will keep you informed of these changes as we approach the holiday season.
As always, please feel free to reach out to us with any questions, comments, or requests for assistance with fundraising research!
Best Regards,
Sapna and USM Advancement Research Team
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