3 Simple Practices to Raise More Money. D’oh!
How do you grow your fundraising?
Implanted in my brain are these three practices I learned years ago from a very wise marketer:
1. Keep the donors (and donations) you have.
As many wise fundraisers will say, the very best investment you can make is the investment in keeping your current donors. And growing their loyalty. You’ve probably heard the old marketing rule – your best customers are your current customers. So focus your first efforts there. How much more would you raise if you lost fewer donors year to year?
2. Replace the ones who leave you.
Yet, even the very best donor stewardship programs won’t keep every donor you have. Think of the changes that occur: Some donors die. A new family member, a job loss or retirement might affect your donor’s giving. If you are a local or regional organization, some of your donors will move and switch loyalty to your counterpart in their new home region.
So you will always need a program that brings in new donors in sufficient quantity (and gift size) to replace the ones you lose.
3. Increase the total donors or donations that you receive.
Keeping and replacing donors (and their donations) keeps your revenues stable. But to raise more money, you need to grow the number of donors you have and/or increase the amount you receive from the donors you have.
Sounds obvious, right? But do you really know if you are doing each of these things? Or just guessing?
In my next blog, I’ll talk about what data you might want to collect to help you fulfill these practices.