In the ever-changing world of online fundraising, it is easy to get distracted by the newest thing that promises instant success. We are so concentrated on the next big thing that we may neglect what really works! I recently wrote an article for The Nonprofit Times outlining exactly what makes up a fruitful digital fundraising program.
The key piece of a digital strategy is (drum roll please) list growth! Because email drives the most significant portion of online fundraising, it is important to continue to maintain and grow your list. Why? Because the average yearly churn rate for most nonprofits is about 16%. I suggest that 10% of your digital strategy budget should go to testing new, fun tools, but these tools are no replacement for your email list. The best channels to raise money are still direct mail, telemarketing, and email for most nonprofits. Most organizations still aren't raising dime on social media.
5 key Key Ways to Ramp Up Online Fundraising
- Understand your target market (the size and make up), so you can acquire the right people to support your organization.
- Plan out your goals and KPIs for your email program.
- Create your email schedule based on when your target market would be most responsive.
- Tell your story via email to engage and cultivate donors.
- Test your current campaigns with paid list growth like we do for thousands of nonprofits at Care2.
Once you know your audience, you can build an online fundraising strategy around them, grow your base of supporters, advocates, and donors using your mission and story.