With inflation rising, it might be tempting to cut fundraising budgets and programs, but that’s the last move you should be making. Instead, it’s time to put proven fundraising strategies to work. As long as you keep in mind that in order for a fundraising campaign to be fruitful, both time and effort need to be invested, the strategies discussed below will help you raise money more effectively.
Don’t Try to Fix What Isn’t Broken
First, don’t panic. If your development staff has been successful at implementing effective activities, don’t cut your budget (or lay off staff). Continue to follow the plan. An economic slowdown is not the time to cut back on development work.
Create a Plan for Strategy and Revenue
People give money to causes that resonate with them. They give even more money to organizations that are strategic about their mission and how they execute their goals to accomplish that mission. Therefore, if you don’t have a strategic plan and a revenue plan already established, now is the time to create them. An effective strategic plan allows you to build investment, and an effective revenue plan provides a blueprint to generate funds. Think about how you can sharpen your nonprofit’s messaging and position your mission, values, and programs to boost your effectiveness for the recipients of your services.
Connect with Supporters
In times of economic uncertainty, nonprofits need to double down on efforts to stay connected with their supporters. This includes thanking donors, offering updates about your budget and pressing needs, and conveying stories about your work through testimonials, photos, videos, social media conversations, etc. Allow space for your supporters’ voices to be heard in telling their own stories in how they connect to your organization and community.
Utilize Social Media
If you want people to become more invested in your work, focus on creating an online community through social media where people can get to know your organization — your mission, goals, and plans to achieve them. Showcase upcoming events and be clear on opportunities for people to become involved. Additional modes of digital outreach include email newsletters, campaigns, and event invites.
Pay Attention to Return on Investment
In regards to raising money, nonprofit organizations generally have limited resources in the form of staff, technology, and funds. Be sure you are accurately calculating the costs of every revenue-generating endeavor to be able to gauge the actual net income that resulted from each endeavor. If the return on investment of time, effort, and money is lacking, you might find that there are less expensive and more effective ways to raise money.
Find New Donors by Analyzing Existing Donors
When your well of support is running low, look into your database of existing donors and determine commonalities among the most generous donors. Demographics, donation amounts, and length of time they’ve been regularly donating are all key aspects you should pay attention to. Once you’ve narrowed it down to your best donors, ask them (formally or informally) what drives them to give to your specific organization. The goal is to figure out what resonates with them so that you can find other donors like them.
