In Q1, nonprofits, chambers, and economic development organizations should review their 2022 giving data in an EOY fundraising review. It is essential to identify critical insights into year-end gifts that could lead to long-term investor relationships and future contributions. In a previous blog, Turning Data into Dollars, Convergent’s General Manager Brian Abernathy referenced real examples of organizations that have leveraged data to secure transformative investment in your organization. And while we recommend reviewing giving data throughout the year, it is particularly important to do so now as you plan for improved fundraising outcomes in 2023.
What Should be Included in an EOY Fundraising Review?
Nonprofit and economic development leaders should review each fundraising campaign conducted in 2022 for the following:
- Purpose of the fundraiser
- Duration of the fundraiser
- How the fundraiser was advertised
- Time spent on the campaign
- Ways in which people donated (social media, online form, check by mail, person-to-person ask, etc.)
- Who gave
- The amount given per donor (remember, we call them donors!)
- Average gift size
- Cost to run the campaign or put on the event
- Net amount raised (if you’re feeling really data-driven, you can come up with your cost-per-dollar-raised)
Once the above has been identified, it is vital to analyze the data to ensure that the EOY fundraising review provides actionable intelligence that can be used to improve fundraising outcomes in 2023. Specific things to look for include:
- Larger-than-average gift amounts for that particular medium
- New investors
- Donations made by individuals who work for large corporations in the area (having access to screening tools is a huge benefit here!)
- Type of outreach that produced the best results
- Unnecessary expenses
- Efforts that require more investment in 2023 to be successful
- Campaigns that did not deliver the appropriate ROI
How an EOY Fundraising Review Can Improve Fundraising Outcomes in 2023
Nonprofits, chambers, and economic development organizations often need more hands on deck. Recent staffing shortages have stretched teams too thin to manage fundraising campaigns and day-to-day operations. As such, tracking the time spent on any fundraising campaign or event is a critical benefit of annual fundraising reviews. Comparing the time spent to the dollars raised makes it possible to identify which campaigns are working—and which aren’t. The data may also unlock valuable fundraising insights. For example, could you have reached your fundraising goals if the team had more time? Would you have raised more money if a third party had helped manage the campaign? EOY fundraising reviews help raise questions that can elevate the projected success of your organization.
Data can also be used to identify donors that could be converted into long-term investors—people and companies who are likely to contribute higher amounts to the organization if that relationship is cultivated. Convergent Nonprofit Solutions cultivates those relationships and demonstrates how investing in nonprofit organizations can provide a clear and direct return on investment.
Capital Campaign Support for Nonprofit Organizations: Convergent Nonprofit Solutions
A possible recession is on the mind of the many nonprofit leaders I speak with, and concerns over their ability to raise money run rampant. Fortunately, Convergent knows how to raise money in times of economic uncertainty. We did it successfully during the Great Recession, and we are doing it successfully now, despite inflationary pressures.
Given how critical fundraising is to nonprofit outcomes, now is not the time to operate blind. Gathering and reviewing fundraising data as part of an EOY fundraising review and then developing an actionable plan for 2023 can make the difference between thriving or shrinking.
Contact us to learn more about our services and how we can help your organization to raise the investment necessary to grow and thrive.