Fundraising. What emotions do you feel when you hear that word? As a nonprofit, does your organization dread and detest fundraising yet see its importance or is it something that you enjoy and feel successful at? For most people, they would say there is more hatred than love for fundraising so they, therefore, view it as a “necessary evil.”
Fundraising for nonprofits can be an essential part of helping acquire the funds needed to fulfill the organization’s mission. With the proper structures in place that are responsive to what donors are desirous to see, there is success to be had in terms of fundraising. Last month, we took a look at how to fundraise in a modern and connected world. In summary, current fundraising is all about focusing on individual giving through web-based tools and online efforts. This month, let’s take it a step further and look at what, exactly, should be included in your online fundraising attempts and some metrics that support the benefits of these efforts.
First, though, it is worth the reminder that all nonprofit fundraising efforts need to be properly recorded and tracked just like any other financial transaction. Although we will leave the fundraising expertise up to you, Beck and Company’s Certified Public Accountants and Business Advisors can assist you with your back-office accounting and financial needs so you can focus on your mission. We provide professional advice to help you with financial statements and bookkeeping to make sure your finances are in order. Learn more about our nonprofit services. Now, let’s take a deeper look at what makes nonprofit fundraising successful in our current reality.
What leads to success in fundraising in our current reality?
These days, everything is about the internet. Two of the most powerful ways to fundraise are through online videos and blogs. These venues give you a chance to reach a broad audience with small and meaningful messages that have a personal flare. These short pieces create “ah ha” moments for viewers as to what your cause is and how it is really making a difference. This, in turn, leads them to want to contribute to see these things continue.
Diversifying your efforts to get the word out is essential. Multi-channel fundraising is more effective because with a larger number of communication channels being used, fundraising effectiveness improves. This means that the SAME message is sent out all over the place (website, e-newsletter, videos, advertisements, mailers, etc.). These small snippets add up to a complete picture for people in understanding the mission and need to contribute. Simply put, reinforcement is important.
In summary, successful fundraising today involves needing:
- Blog posts with relevant and impactful content
- Video clips available online reinforcing this same relevant and impactful content
- Multiple channels to communicate the same message to a variety of people in a variety of formats
What metrics support the need for an online presence?
Here are just some examples of the results:
- Fundraisers who release blog content reported they were 34% more likely to have increased fundraising revenue last year.
- Fundraisers who release video content reported they were 47% more likely to have increased fundraising revenue last year.
- Nonprofits who accept online donations were 24% more likely to have increased fundraising revenue last year and 61% more likely to describe their fundraising efforts as “effective.”
- One organization that went from a single channel of communication to multiple channels all saying the same message increased their fundraising by 40% in just one season.
For more information about nonprofit fundraising and how to properly record and report what is raised, contact us here at Beck and Company CPAs. We are here to help your organization with its accounting and business system needs.