Step #6: Create an action plan.
Your action plan outlines the concrete steps that your team will follow to achieve your organization’s fundraising goals. With everyone on the same page, your team will be better equipped to successfully carry out your fundraising initiatives.
Some fundraising activities that your organization might find productive include:
- Social fundraising such as peer-to-peer campaigns or crowdfunding. These activities help supporters take a more active role in their engagement with your nonprofit, strengthening their bonds with your cause.
- Major donor cultivation efforts such as meeting with major donors one-on-one. These measures ensure that you’re taking specific steps to steward your most impactful donors.
- Fostering corporate partnerships through joint marketing campaigns and other mutually-beneficial activities. This allows you to diversify your fundraising streams with valuable corporate support.
Matching gifts should also play a significant role in your fundraising plan. From corporate matches to challenge matches to matches made by a local business, there are several ways you can incorporate matching gifts into your activities.
While it might take time before you see the results of your matching gift efforts, promoting these philanthropy programs can help you reach (and even exceed!) your goals. To get started, you’ll need to promote matching gifts during your fundraising activities. Send out emails reminding donors to submit a request and link to your matching gift page (if you have one) so they can learn more information.
The date of every fundraising activity your organization plans should be clearly marked to avoid activity overlap. This also helps your nonprofit better plan out donor interactions and keeps you on schedule to communicate with your donors regularly.
Here’s an example of what a fundraising plan for January-March might look like:
Your action plan should clearly state:
- The staff member, volunteer or department in charge of each fundraising activity.
- The estimated cost of each activity.
- A goal that determines each activity’s success.
The more details your fundraising plan includes, the more effective a tool it will be to guide your fundraising strategy!
Step #9: Prioritize your stewardship strategy.
Throughout the year, your organization probably engages in a number of activities meant to recruit new supporters, from social media campaigns to prospect research.
However, don’t lose sight of the importance of donor retention. Retaining the donors you already have is much more cost-effective in the long run than constantly spending time and effort on finding new supporters. Plus, repeat donors are much more valuable since they tend to contribute in greater amounts over time.
Take a closer look at how the donor stewardship cycle ushers prospective donors toward becoming recurring, long-term supporters:
- You get to know more about your donor as you introduce them to your nonprofit’s mission and fundraising goals at the same time.
- The donor decides to donate.
- You send sincere thank-you efforts to your donor, from thank-you letters to gala invites.
- Your donor feels genuinely appreciated and valued by your organization.
- The donor decides to continue supporting your mission.
To ensure your stewardship efforts are designed to boost your donor retention rate, you must:
- Strengthen relationships with current donors. Continually engage with current supporters by inviting them to participate in a number of ways beyond just donating. This includes getting involved in volunteer work or advocacy campaigns.
- Thank donors in a way that resonates with them. What’s better than a heart-felt thank-you message? One that’s delivered on your donors’ favorite platforms! If donors have expressed a preference for how they’d like to be thanked, such as being included in your donor wall or on social media, make sure to express appreciation using their favorite communication channel.
- Make your thank-you letters or efforts genuine. Ensure the size of the thank-you is equivalent to the size of the gift. For example, don’t just send a thank-you email to your largest donors—these individuals deserve more personalized, public recognition! You might create a handwritten thank-you letter, invite them to an appreciation gala and spotlight them on your donor wall.
The more connections you can make with your donors, the more likely they are to continue supporting your organization for the long term. It’s much harder to cut ties with an organization that makes an effort to get to know each donor, involves them in a variety of ways and expresses appreciation for their contributions!
Step #10: Choose your metrics and stick to them!
Finally, clearly define the metrics you want to evaluate to measure the success of your fundraising strategy.
These metrics represent the key areas that you will evaluate both throughout and at the close of a fundraising effort to show how your organization has improved or regressed.
Some metrics you could examine include:
- Donor acquisition rates.
- Donor retention percentage.
- Donor growth/conversion numbers.
- Event attendance.
Select a core set of metrics you plan to measure well into the future of your organization. Data is only representative when you can compare it to something, so it will not help your organization if you do not consistently collect data on the same metrics.
For instance, review this example of a comparison of event attendance and donor acquisition rates over an extended period. This image shows both metrics steadily increasing over time, signaling an upward trend in both engagement metrics.
Again, this is a great opportunity to seek counsel from a fundraising consultant. A fundraising consultant can help you determine key performance indicators (KPIs) tailored to the scope of your organization, as well as provide insight into how to move forward once you evaluate your metrics.
Effective fundraising starts by building a solid fundraising strategy for your organization to follow. Now that you know the steps to build an excellent fundraising strategy of your own, you are ready to write a new chapter of your organization’s success!
Remember, if taking on the challenge of creating a new fundraising strategy feels overwhelming, consider working with a fundraising consultant like Aly Sterling Philanthropy.
Our consultation process begins by interviewing key stakeholders. Then, we assess your culture and infrastructure, propose recommendations, set KPIs and help equip your team to carry out your new strategy effectively.
After evaluating your current strategy, the right consulting firm can help you develop a new, better strategy and assist you with implementing it at your nonprofit.
Interested in finding out how this process can support your organization? Contact us today for more information!
Looking for more insight into how to create a successful new fundraising strategy? These additional resources will help:
- Nonprofit Consultants: Top 25 Partners for Your Organization. It’s crucial to find the right nonprofit consultant for your organization’s needs. Use this list of 25 top partners to narrow down your search.
- The Essential Fundraising Plan Template for Nonprofits. Looking for a fundraising strategy template to help organize your fundraising plans? This free template from Aly Sterling Philanthropy features everything you need.
- The Complete Guide to Nonprofit Strategic Planning. A strategic plan can pull your organization in the right direction for years to come. Use this guide to craft a powerful, sustainable strategic plan.
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