Fundraising is the lifeblood of a nonprofit organization's revenue. Without it, nonprofits cannot sustain their mission. This past year forced fundraising leaders to question the sustainability of their fundraising strategies. We have seen that depending upon one source of income, whether it be a small group of major donors or an annual event, is not agile enough to sustainably drive your operations through the unexpected.
The Forbes Nonprofit Council recently published an article highlighting common fundraising mistakes that nonprofits make. The overarching theme is simple: “without a clear strategy in place, your fundraising may not be as effective as you’d want it to be.” For many, your ‘go-to’ strategy in previous years may not be the best option moving forward.
Diversify Fundraising Revenue Sources
The council encourages fundraisers to diversify their fundraising revenues. In the past, depending upon a small group of major donors or even an annual event to bring in most of your fundraising revenue is not sustainable. If the past 15-months have been any indication, overdependence on a single source of fundraising revenue can be the final nail in the coffin.
So, as opposed to relying on the top 10% of donors, finding ways to dive deeper into the donor pyramid will help grow the number of donors giving major gifts. In the end, this engagement allows those mid-level donors to move through the pipeline into the major gift category naturally and sustainably.
Pay Attention to Small Gifts
Even some of those who gave annually--after being individually engaged--came forward to make a bigger impact. “Traditional campaigns base their goals and effort on top-tier donors, providing some attention to mid-range donors eventually. The mistake some organizations make is that they discount smaller donor gifts, not realizing that a donor may be evaluating their planned, bold breakout gift through the lens of the lower tier.” Oftentimes this comes down to stewardship.
However, many organizations struggle to personally thank every donor that gives, regardless of gift size. But this does not align with donor expectations.
One way that organizations like Northern Kentucky University are stewarding every gift personally is through Gravyty’s AI-driven stewardship tool. Whenever gifts are made, no matter the size, fundraisers are prompted by Gravyty to reach out to the donor. In fact, Gravyty provides the fundraiser with a first-draft, self-written email that is personally tailored to the donor. Finding a way to personally thank every donor opens up opportunities that were previously unknown.
Invest in Relevant Resources
At the end of the day, all the strategy in the world can't compensate for a lack of resources to execute. As we begin to emerge from the pandemic, organizations need to begin looking forward and taking action to set themselves up for future success.
“Many nonprofits lack the basic understanding of what you need to launch a successful fundraising campaign and it starts with resources. Whether it’s staff, money, or technology, without these types of resources, nonprofits will miss valuable opportunities to successfully engage with next-generation donors and maintain ongoing donor support.”
We live in a world where we, as human beings, are using technology every day in order to do the best work of our lives. So, why wouldn’t we be open to constantly learning about ways to enhance our capabilities?
Gravyty’s AI fundraiser-enablement tools are enabling fundraising professionals to see better results without doing more work. Whatever your strategy and goals might be, Gravyty’s tools take shape around that. In fact, no two organizations are using these tools in the exact same way or for the exact same purposes. Gravyty is not a one-size-fits-all solution, but instead, a proven resource to enable your fundraisers to go beyond your goals and expectations in order to create a sustainable fundraising operation through the future.
See first-hand how Gravyty's AI can help your organization achieve its unique goals. Schedule your free demo today and learn how to exceed your goals.