The post Dashboard Discovery appeared first on Bloomerang.
This article originally appeared in Bloomerang. See the original article here.
The post Dashboard Discovery appeared first on Bloomerang.
This article originally appeared in Bloomerang. See the original article here.
Look at you, dear fundraiser! Ready to strut in 2023 like you own the place. Yay, you! That gorgeous clean slate of the year in front of you is positively sparkling.
You’ve got big plans. No doubt you are planning to raise more than before, but how will you get there?
I’m sharing 5 New Year’s resolutions I want you to create, plus the top tips from my fundraising friends to help you make 2023 your best year ever!
Ever struggled talking to donors? I got your back! Grab this ‘best of’ cheat sheet with 25 epic discovery questions.
All fundraising is at the end of the day is a quest for empathy. Emotion is your donors’ love potion so use it liberally.
Set this on your calendar so you stick with it and voila, before you know it, your lower-level donors are major donors! Call when your energy is at its highest and smile while talking or leaving a message.
You should have up to 150 major donors in a portfolio organized month-to-month by donor with your ask amount in the month you plan to make it so you can see the big picture, plan your cultivation, tee up your ask, and know *exactly* how much you expect to raise.
Hey you! You’ve dedicated your professional life to making the world a better place! Not everyone is so noble. You need take care of yourself. Please do ALL the things that bring you joy – travelling, crafting, stand-up comedy, April Fool’s Jokes (my personal favorite). Whatever brings you joy!
The truth is we never climb a fundraising mountain and get to the top and shout, “Hey everybody! I’m here! I made it!” You will wake up tomorrow with another mountain to climb and yes, more money to raise (I guarantee it).
Take good care of yourself and know that you have rights too (the Fundraiser’s Bill of Rights to be exact).
Unleash your storytelling powers in 2023!
I want you to commit to sharing two types of stories in your donor communications: stories of need and stories of impact.
In an appeal, tell a story of need.
The job of this story is to help the donor feel the problem and envision what their gift will do. The story of need is emotional, simple, urgent, and unresolved. The donor alone can help solve the problem with their gift.
In a newsletter, tell the story of impact.
The job of this story is to show the donor the meaningful difference their gift made. You do this by first recapping the story of need. Then you conclude with the transformative outcome. This story helps the donor feel the true goodness of their giving!
Try to fully feel the emotions you’re looking to convey to your supporters in your donor communications.
The more you feel, the more they’ll feel!
Pay attention to what helps you return to the “heart space” in which you can re-experience “all the feels” you once felt.
For example, if you personally helped or witnessed a beneficiary being helped by your organization, you might want to go back to the place where it happened so you can more easily feel again what you felt in the moment originally.
Or you might simply close your eyes and replay the mental movie of that moment just before you start writing.
Never underestimate the power of a strong emotion to inspire giving — to move hearts to action!
Her #1 tip? INVEST IN YOU!
These are a few of Christal’s tips from a sought-after training she does called “Common Ground: a Love Letter to Fundraisers:”
Two words: give thanks!
Especially as you enter a new year, giving thanks is paramount to setting your organization up for success in 2023.
You just worked incredibly hard for that first donation, monthly gift, or major match at the end of the year.
Now’s the time to turn around and thank them as much as you asked them to extend their goodwill into the new year!
My advice? First and foremost take comfort in simplicity.
Number one tip? Slow down and commit to planning!
I know, you’re focused on the day to day. There doesn’t seem to be enough time to fit planning in an already hectic schedule.
The word planning brings up thoughts of hard work, conflicting agendas, and endless meetings.
It’s OK. I’ve been there. You know it’s important and that you must do it.
Let me just say, there is wisdom in taking the time to plan.
The process of creating a strategic plan or a resource development plan will help your organization re-focus and create a sense of forward momentum.
It encourages the board and staff to foresee the future they seek for their organization and develop a plan that is optimistic to help you accomplish your mission.
My #1 tip: communicate more than you think you should!
This means more email, more letters, more calls, and more social media posts.
Too often fundraisers end up going dark on their donors because they think they will be “annoying.” But your donors want to hear from you!
They want to know the impact of their gifts. If you write from the heart and share inspiring information and stories, you will be delighting and not dismaying your donors.
On behalf of all of us and your friends at Bloomerang, happy New Year! If you have a New Year’s fundraising resolution or tip you want to share, drop it in the comments!
Happy 2023!
The post Consultant Round Up: New Year’s Tips For Fundraisers appeared first on Bloomerang.
This article originally appeared in Bloomerang. See the original article here.
Ever wonder what it takes to raise millions of dollars from individual donors? What do frontline fundraisers whose portfolio includes high capacity major donors do differently than those who rely primarily on foundation grants? What strategies do they use to get a high net worth prospect from the introduction phase to saying “yes” to a multi-year, game-changing gift?
I put these questions and more to one of the most successful fundraisers I know. Linda Kronfeld is the former Senior Philanthropic Advisor for the University of Pennsylvania, where she was responsible for raising money and managing relationships among individual alumni and friends at the $5 million and above level across the university’s twelve schools and six centers. In addition, Linda developed and managed The Academy of the University of Pennsylvania, a unique major donor society that stewards the university’s most important constituency – those who have made cumulative lifetime gifts of $1,000,000 or more. Over a career that spanned 32 years, Linda’s fundraising for the university totaled nearly one billion dollars.
Think this is way out of your league? Perhaps you don’t have a built-in constituency of potential donors — like alumni or grateful patients. Maybe you work with a small organization that relies solely on foundation or corporate grants. Still, it’s probably worthwhile to consider a strategy that includes individual donors, as they are not restricted by application guidelines in determining when, how much, and to what activity they can give. Learning to raise money from individuals will likely not only increase your organization’s revenue, but will enhance your own professional fundraising skills, too.
But you have to start where you are. The initial step may be simply getting over your fear of face-to-face fundraising. It was the first thing I asked Linda about at the start of our conversation.
One way to lessen the fear of face-to-face fundraising is to find at least one person—perhaps someone on your organization’s board – who you would feel safe talking to about it. You know, go to them and say, we’re starting to think about major donor fundraising. Ask the volunteer leader, “Why are you involved with us? What do you think would make other individuals interested? Would you be willing to brainstorm to see if together we might identify potential prospects and, if you know them, help us open the door?”
The other thing that people at smaller shops who are just getting started need to keep in mind is that you should never feel defensive or apologetic. Donors who are going to emerge in this arena want to get to know your organization and how they can help. You have to really embrace and believe in the mission of wherever you work. Talking authentically and passionately about your organization oftentimes turns out to be quite contagious.
Nobody handed me a list of prospects and another tool that exists today — prospect research and database software — was in its infancy. I could access the names of living alumni but that was an enormous number and I had to be strategic to figure out who to focus on and who had the greatest potential. For me, the ones who bubbled to the top were successful and seasoned entrepreneurs who owned a majority of their business as opposed to those who were working for big organizations. If, however, I was reviewing individuals in major corporations, I looked for those who were at the very top.
I did a lot of cold calling and, just like with sales, you need a lot of “no’s” to yield a “yes.” During these “discovery” visits, I rarely if ever raised the topic of their financial support. Individual fundraising is all about building long-term relationships and I first needed to learn about the person so I could gain their trust and tailor follow up and continued cultivation around their interests.
Significant, transformational gifts don’t happen overnight. It’s a strategic process that involves clear communication, transparency, honesty, and creativity. You must be able to match the prospect’s interests with the institution’s priorities. Plus, people give to people and that’s why relationships are so important.
The frontline fundraiser has to see things from the perspective of the people they’re talking to and suppress the urge to initially focus on what the fundraiser wants and the organization needs. It’s important to identify things that will engage this person. You know, it’s the rare person who won’t open up and share when they sense the person who is asking the questions is truly interested. Listening skills are key! After establishing an authentic connection, it’s then okay to ask a lot of questions — but you need to be careful that you don’t come across as being too nosy or crossing a line. Questions should be in the context of, “I’m excited to learn about you and your interests so I can identify personally meaningful ways to engage you with our organization.”
The first gift I ever closed was in 1991 – about one year after I started working at Penn — from a Class of 1967 alumnus who hadn’t been back to campus since graduating. His first pledge was in the low six-figures, payable over five years. Over the next three decades, I worked to engage him on a deeper level and to develop stronger ties with the university. His giving not only continued but doubled with each new gift.
When it comes to development, there’s a lot to be said about staying with one institution. Relationships develop over time. Over time you meet their spouses and children, see them through career changes, celebrate life events and hang in there when times get tough. That’s how trust grows and that’s how you learn what is most meaningful to them.
I find out as much public information about them as I can before I even make contact. Where they live and the value of their home(s), what boards they sit on, their careers, their families. I’m trying to determine what they are like. What motivates them? Are they philanthropic? If so, where have they given and how much? You would be surprised how much of this information is available on the web.
That being said, there can be a big gap between somebody who has the capacity to give a major gift and somebody who has the willingness to do so. A frontline fundraiser has to find their own comfort zone for asking the right questions to get the information they need to move forward. If someone was giving me the message that they weren’t interested, instead of just accepting it at face value and leaving, I would ask a follow up question to see if perhaps it was just a matter of timing. For example, “I understand that now isn’t a good time but may I send you some information and follow up in a few months (or whatever the appropriate time seemed to be)?” For me, being direct yielded the best results. I wanted to leave with both of us having the same understanding of next steps, even if they were firmly saying “no, no follow up necessary.” This is equally valuable information to elicit so you don’t continue to invest time in something that is not going anywhere. In that case, I made sure to graciously thank them and to convey how appreciative I was of their time.
It’s usually the frontline fundraiser who qualifies prospects with the capacity to make a gift of $25,000 or more and develops the cultivation and solicitation strategy. If it’s a large ask, the prospect most likely will want to meet and get to know the organization’s leadership. The process will involve working with the president or executive director or chairperson and introducing them to the prospect. This is where the preparation and strategy is most critical and it is incumbent upon the fundraiser to prepare a cohesive briefing for leadership. This document lays out the purpose of the meeting, background on the prospect, what’s been done already, and specific talking points for leadership to make in the meeting. In many cases, the fundraiser will schedule time to do a run through with the president, executive director, or board chair to walk them through the document, anticipate objections and discuss possible responses to overcome them. This briefing and pre-meeting run through is what separates the professionals from the ones who are just winging it. The results always speak for themselves.
That’s not how I operated. My primary focus was getting them excited about the project and I would put a lot of work into getting them to that point (i.e., inviting them to campus for a tour, meeting with faculty/students, etc.). Once they had signaled they were interested in being supportive, I would say, “I want this to be a positive and fulfilling experience for you. As the next step, I would like to develop a proposal outlining several options that address the areas of interest we have identified. In order for me to tailor this to you, would you please share the dollar range you would be willing to consider for the right project.” That way I’m not insulting them or putting them on the defensive by including a project that is priced either too high or too low. I’m getting their permission in advance so there are no surprises.
I never saw the conversation as a negotiation, like, “I’ll give you this if you do this.” Philanthropy is not a business transaction. When you give philanthropically, you have to trust that the institution will fulfill their stated obligations and be honest stewards of your funds. That’s why gift agreements are important for major gifts. These documents outline the parameters of the gift and what’s expected, identify benchmarks needed to achieve, and include donor recognition and stewardship expectations.
I can’t overstate the importance of stewardship. Stewardship of the donor’s first gift is maybe even more important than the process of getting there. A happy, informed and engaged donor is likely to be a repeat donor and subsequent gifts usually increase in size.
Smaller organizations may only be seeking one lump sum gift for that year. To ensure continued giving on an annual basis, good stewardship throughout the year is essential. Otherwise, why would the donor continue their support? So it’s critical for any organization, large or small, to figure out creative ways to engage individuals and major gift donors. This could be in the form of written communications, videos, photobooks, invitations to special events, etc.
After every meeting with a prospect I would make meticulous notes that I put into a “contact report” and referred to all the time—children’s names, birthdays, pets, where else they’re involved, why they got involved, where they grew up. All these things gave me so much to work with. Then I maintained those touch points. For example, anytime I came across an article that reminded me of something they were interested in, regardless of whether I was in the cultivation or stewardship stage, boom—I sent it to them. “Thinking of you.” That’s stewardship in a small but meaningful way.
Will 2023 be the year you get started with face-to-face fundraising? Do you aspire to engage that next significant donor whose gift can make a transformative difference to your organization? Wherever you are in the process, let these strategies from a billion dollar fundraiser inspire you to achieve your next-level goals.
The post Secrets Of A Billion Dollar Fundraiser: An Interview With Linda Kronfeld appeared first on Bloomerang.
This article originally appeared in Bloomerang. See the original article here.
Generous donor support is what keeps your nonprofit’s lights on, allowing you to work toward your mission more efficiently. That’s why it’s critical to have a clear donor management plan. How you engage donors, personalize your interactions with them, and show appreciation for them all impacts whether they continue supporting your cause.
In this guide, we’ll look at how you can create a well-rounded donor management approach to support your long-term fundraising strategy and goals. We’ll cover:
Donor management is a multi-faceted process, requiring input from different teams within your nonprofit’s staff. But when all the pieces come together, your nonprofit will benefit from loyal support, increasing your donor retention rate.
Donor management is the steps your nonprofit takes to acquire new donors, collect donor information, and use that information to cultivate strong supporter relationships.
Because donor relationships are some of the most important relationships your nonprofit has, it’s important to optimize every stage of the donor management process. Creating a positive donor experience increases the chances that your donors will continue supporting your cause for the long term.
It’s helpful to look at the donor management process through the lens of the donor journey or lifecycle. The donor journey is the process by which new supporters learn more about your organization and determine whether they want to donate to your cause.
The four stages of the donor journey are awareness, research, decision, and retention. Let’s take a closer look at each phase and how your nonprofit can optimize the donor management process throughout each step.
In the awareness phase, potential new supporters hear about your organization for the first time. This is the stage where you’ll first make contact with individuals who may eventually become donors, meaning it’s crucial to make a positive first impression.
Creating targeted marketing campaigns is the most effective way your organization can manage potential donors at this stage. There are plenty of ways you might reach new supporters for the first time, including through:
The more touch points you can have with potential new donors, the more likely you are to catch their attention and spark their interest.
After hearing about your organization, potential new supporters will conduct further research about your cause and your mission. In this phase, it’s important to ensure your online marketing materials are designed to clearly communicate what your nonprofit does, why it matters, and how donor support makes a difference.
To help facilitate the research process, ensure the following marketing platforms are optimized to spread information about your mission:
Ultimately, your goal should be to make it easy for new audience members to understand your organization on a deeper level in just a few minutes by looking at any of your digital marketing platforms.
In this stage, new audience members decide whether they want to show their support and donate to your cause.
Offer multiple ways for donors to give depending on their preferences, including:
Once donors decide they want to give, you want to ensure your donation processes are as straightforward as possible. This increases the chances that donors will follow through on their intention to give and feel more inclined to donate again in the future.
The donor journey doesn’t end once an individual has donated. In the ongoing stewardship and retention phase, your nonprofit must work to stay engaged with donors, cultivate stronger relationships, and ultimately encourage them to become recurring donors.
There are three aspects of the retention process:
By carefully managing and cultivating donor relationships, you can make the donor journey a cyclical process and promote more recurring gifts. Next, we’ll dive into some tips and best practices for optimizing your donor management at every stage of the donor journey.
As you work to streamline each step of the donor lifecycle, there are several tips, best practices, and tools you can use that will help simplify the donor management process.
Setting donor management goals can give your nonprofit’s team an objective to strive for that will guide all of your donor outreach efforts. Your goals should be SMART: specific, measurable, attainable, relevant to your organization’s overall mission, and time-based.
Set an overall donor management goal for your organization each year as well as goals for every campaign. For example, you might set yearly goals to acquire 200 new donors or increase your donor retention rate to 60%. Then, you might set smaller goals for your peer-to-peer fundraising campaign, such as recruiting at least 50 volunteer fundraisers or calling every person who gives to the campaign to say thank you.
Determine quantifiable metrics to assess your donor management progress. These metrics should be relevant to your goals. For example, you might track donor engagement analytics such as:
You can use several tools and resources to identify and analyze these metrics, including your:
Work with your team to determine which metrics you’ll track, when you’ll report on each metric, and who is responsible for updating each metric.
A donor management system is a software tool that allows nonprofits to store, organize, and report on supporter data. You may have also heard this platform referred to as a nonprofit CRM.
Investing in powerful donor management software offers many benefits. This tool allows nonprofits to:
It’s important to look for robust donor management software that offers a wide variety of features to meet your nonprofit’s needs. Typically, it’s better to look for a more robust system upfront that can grow alongside your nonprofit rather than sticking with an inexpensive but less built-out option.
Look for software with features such as:
Bloomerang’s donor management software buyers’ guide offers tips on choosing the right system for your organization. Be sure to schedule demos with your top options to get an idea of what the software looks like in action.
Donors want to know that their gifts actually made a difference for your cause. Seeing the impact of their gifts first-hand can encourage them to continue giving.
In your ongoing donor communications, progress updates on how donations have helped you achieve a goal, complete a project, fund a program, or work toward another objective. Include photos that demonstrate progress, such as photos of your volunteers sorting thousands of food items using your new equipment, or images that show the construction of your new facility.
You might even recruit volunteers or community members to write thank you messages to donors letting them know the impact their gifts have had on them personally. This can build a stronger emotional connection with your donors and encourage long-term giving.
Using the information in your donor database, you can segment supporters based on their shared interests or behaviors, creating smaller donor groups. Then, you can create tailored content for each group rather than sending generic, one-size-fits-all messages to your entire donor base.
You can segment donors based on a variety of criteria, including:
Segmentation is an effective way to create more personalized outreach content while still saving your team time. Donors will appreciate your efforts to send messages that align with their interests and motivations. As a result, you’ll start to see increased engagement and a higher return on investment (ROI) for your marketing efforts.
Your donor information is only valuable if it’s accurate and complete. With accurate donor information, you can rest assured that you’re sending marketing messages to the right addresses, phones, and emails. This will increase your marketing ROI since you won’t waste time and effort sending messages to incorrect addresses or phone numbers.
To ensure that your data stays clean and updated, implement a data hygiene process for your team to follow when adding and updating the information in your database. Ensure your data hygiene procedures include these steps:
It’s helpful to find donor management software that completes these processes automatically. For instance, Bloomerang’s donor management system performs automatic daily updates for information such as birthdays, addresses, and donor wealth information. This can save your team’s time and help ensure your records are as accurate and comprehensive as possible.
As you carry out your donor stewardship efforts, it’s important to strike the right communication balance. You don’t want to flood your donors’ inboxes. However, you don’t want to fall off their radar and have them forget you, either.
Creating a communication cadence can be a helpful way to ensure you’re engaging with donors regularly without overwhelming them. Your cadence might start with a thank you email after a donor gives for the first time. Then, it might include several additional messages spread over a few months.
Using a multichannel outreach strategy allows you to have multiple touchpoints with donors that feel fresh and unique. Consider using the following platforms as part of your multichannel communications:
Use your communications to highlight additional ways to engage that don’t involve donating, such as volunteering or attending events. This shows supporters that you value all kinds of support, not just donations. Plus, when donors participate in these opportunities, they may feel a stronger connection to your cause, encouraging them to stay involved for the long haul.
As you can see, donor management takes time and careful planning to cultivate long-lasting supporter relationships. Using robust donor management software and marketing tools makes the process easier, helping you keep all donor management activities under the same roof.
Ultimately, effective donor management is all about using the information you have about your donors to personalize your interactions with them and create a better experience. For more information on optimizing your donor management approach, check out these additional resources:
The post 7 Best Practices for Effective Donor Management appeared first on Bloomerang.
This article originally appeared in Bloomerang. See the original article here.