Every decade faces some sort of financial crisis, each both similar and unlike the last. For fundraising, today’s challenges echo those of last decade’s crisis, because we need to do more with less. However, the current challenge is also unlike any other we’ve faced. Unless we transform the way our nonprofit organizations raise revenue, we’ll be forced to let go of assets we’d never consider losing before.
The Brooklyn Museum never thought it would have to auction off $20 million worth of art, including a Monet, to help offset this year’s lack of admissions income. Nor did the Baltimore Museum of Art when it tried the same strategy, and suffered heavy criticism from the public. Both prestigious museums needed to find ways to cover revenue gaps when visitors could no longer purchase tickets to attend the galleries. Similar scenarios are playing out for arts and cultural organizations across the country.
Different organizations see different pressure points, but in tough times, something or someone always feels the squeeze. When faced with dire circumstances, which assets will your organization consider the “first to go”? Pieces of history? Prized collections? People?
To give themselves a fighting chance at reclaiming lost revenue, many nonprofits have turned the spotlight on fundraising. But without a plan in place to scale, raising more money can be tough, especially when a team is at a reduced capacity. Sticking by traditional methods will guarantee consistency, not the radical transformation needed to support an entire organization.
The Shakespeare Theatre Company recognized that fundraising would have to make up for attendance. With a reduced staff, they still scaled their personalized fundraising outreached with AI to appeal to segments of donors who hadn’t received one-to-one touchpoints before. Personalized connections are worth incredibly more than mass marketed mailings, email blasts, or other appeals. Especially in an uncertain economy, AI has become the solution for scaling personal and meaningful outreach to inspire donors by orders of magnitude.
As you look to add revenue in a difficult time, secure your organizations’ assets in a hurt economy, and keep your staff employed to fund your missions, you must address both what we know of past crises and what is new to this one. Use this time to grow relationships, protect assets, and bring in new revenue by using all of the resources you have at your disposal. By blending a traditional emphasis on relationships with technology that allows you to scale those relationships, you put yourself in a position to weather this storm and grow once it passes.
For less than the price of a new fundraiser, Gravyty and AI directly address revenue concerns. Learn more today by talking to a Gravyty specialist.