This challenging and unprecedented time has left no one unaffected, especially within the nonprofit sector. As financial stability across the nation continues to stand on rocky ground, nonprofit organizations are feeling the stress of fundraising pressures. However, this is not a hopeless time for organizations; rather, a chance to adapt and reach new outlets of funding. Here is a look at how to change your approach for funding your nonprofit during the COVID-19 pandemic.
Adapt Your Approach: Virtual Fundraising
It is no secret that the face of fundraising is changing during this time. However, this also presents a unique fundraising opportunity: virtual fundraising. Virtual fundraising has taken off in recent years, and it is currently preferred to many donors. Digital appeals for fundraising have the potential to be shared across social media channels and mobile platforms.
But does the digital revolution extend to major investors and capital campaign donors?
It can. Taking a hybrid approach is often the best plan of action for larger campaigns. Now more than ever, investors who you may have not have had the chance to meet are connected through major video chat platforms. You can engage communities passionate about your cause in this accessible medium. On our recent podcast about Virtual Fundraising, a few Convergent team members offered practical tips for virtual fundraising success. They also discussed overcoming the challenges and finding the silver linings.
Cast a Larger Net: Extend Your Investor Scope
With a larger reach of investors available, you can make up for any donor instability by taking advantage of extended audiences. You can do this by casting a larger net for investors than you previously did. Are you used to reaching out only to certain demographics? Do you limit yourself only to platforms you are highly familiar with? Opening your door for new investors can help you fundraise during COVID-19 and may even help your organization sustain new channels of investors in the years to come.
Communication is Key: Communicate Your Outcomes
While communication has always been of the highest importance when reaching investors, it is perhaps now even more important. The messaging should still be consistent: you need to communicate the value of your outcomes effectively. The difference during this time, according to nonprofit leaders across the country, is a larger competition for fundraising dollars. You are now fighting for funds against a new wave of pressing causes in a time when even reliable investors may be facing difficulty. However, this does not lessen the importance of your cause and the community you serve. By communicating your outcomes effectively to a wider audience of potential investors, you can still find individuals and businesses willing to contribute to your nonprofit.
Convergent Nonprofit Solutions
Though these are unpredictable times, your organization can adapt with resilience and the right approach. If you need help adapting your nonprofit for COVID-19 fundraising, contact the experts at Convergent Nonprofit Solutions. Our capital campaign consultants can help you assess and reach available funding. Get in touch with our experts today to get started!