Successful capital campaigns increasingly leverage data and analytics in their planning and execution.
Enriched Analytics – insights and predictions made possible by matching a nonprofit’s contacts and donation data with billions of third party data points – are being used by more and more fundraising, development, and advancement teams to increase the success of their capital campaigns.
To amplify your capital campaign’s successes, follow these best practices on incorporating enriched analytics into your capital campaign planning process.
1. Familiarize yourself with Enriched Analytics
START WITH YOUR DATA: Enhance each donor record with over 1,200 additional data points to unearth the identity of your donors.
INSIGHTS ABOUND: Gain insights and predictions into your donors lives by tapping into their donor persona and donation history all in one comprehensive report.
TAKE ACTION: Apply boodleAI’s enriched analytics to your upcoming capital campaign to transform your insights into actions through strategic planning of your campaign.
EXPERIENCE LIFT: Achieve the results you’ve been looking for by achieving measurable increase in ROI as you advance your mission forward.
2. Apply DIAL as a Capital Campaign Planning Tool
By applying DIAL (Data, Insights, Action, Lift) and working backwards, a nonprofit is able to identify its primary goals before looking for answers. Ultimately, starting with the problem and working backward will ensure that the nonprofit has an ultimate result in mind. This will help the organization achieve its goals faster and more effectively.
Step 1: Identify the Desired Lift
The more specific the “Lift” goals the better. Example: Instead of “increase donations”, a specific goal would be “increase first time capital campaign donations from recent event attendees.”
Step 2: Determine the Actions Required to Produce the Desired Lift
These actions should cover who, what, where, when, how, and even why. In doing so, you are creating a curated experience for your donors and ensuring that they are receiving the right request at the right time using the right channel. For example: “Identify recent event attendees who have the capacity to give a major gift and a high affinity for the nonprofit’s mission.”
Step 3: Compose a List of Useful Insights to Inform the Actions Required
These insights should be whatever information the campaign team considers potentially helpful. These insights should always be the backbone to your campaign strategy. Encourage your team to be creative and to not be bound by past campaign experiences. Enriched analytics can provide insights and predictions that were previously not available to campaign teams.
Step 4: Collect the Data Needed to Produce Insights
This involves collecting donor and donation data from past capital campaigns as well as recent fundraising efforts.
3. Identify a Platform and Partner to Deliver Insights for Your Capital Campaign
Selecting an Enriched Analytics provider and partner in your capital campaign journey is arguably the most important step you take in your plan. One because you need to trust your platform provider and parter in this mission, and two because they need to provide you with the information you need to achieve the lift in results you desire. Here are three questions you need to consider when selecting an Enriched Analytics provider:
- Does the platform “push” information to the fundraising team or does it require the team to “pull” information from it? In other words, how much work will you have to do to get the information you need?
- Does the platform allow the team to access the enriched analytics it needs now and expand on that information through additional analytics should those needs change in the future?
- Is pricing based on your usage, or is it a one-size-fits-all approach?
4. Identify a Data and Analytics Lead
These individuals will be responsible for getting the data into the platform and for ensuring the platform can deliver the analytics and insights required by the rest of the team.
5. Familiarize Your Team with the Enriched Analytics Platform
Technology adoption is not always easy, but is critical for nonprofits to experience growth. As the world turns to technology to aid in solving problems, enhancing results, and stay connected with the people that matter most, nonprofits must also fall in line with the adoption of technology. The more a fundraising team understands what Enriched Analytics can do, the more they will use the insights and analytics to enhance their fundraising efforts during the campaign.
6. Have Regular Check-Ins Using DIAL Throughout Your Capital Campaign
As you implement these strategies and use DIAL in your daily operations, it is imperative that you continually check in on the processes in place and adapt as necessary to continually improve your outcomes. In your capital campaign strategy, you must always ask questions. As a start, begin by asking yourself and your team the following questions:
- What actions were successful (provided lift) and what insights allow the team to expand and/or repeat that success?
- What additional insights would be useful?
- Is new data available that can be used to provide additional useful insights?
As you progress with DIAL and the implementation of Enriched Analytics in your daily work, you will not only grow as a team, but your donations and organization will be able to provide a greater impact in the name of your mission.
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boodleAI is a Cloud-Based Provider of Enriched Analytics for sales, marketing, and fundraising teams. Enriched Analytics are insights and predictions made possible by matching an organization’s contact and transaction data with billions of third party data points. Sales, marketing, and fundraising teams use enriched analytics to better understand customers and donors, analyze sales and donations, gain insights into specific contacts, and predict what contacts will do. Guidon, boodleAI’s Cloud-Based Software, makes Enriched Analytics available to every organization and every budget through usage based pricing. Visit boodle.ai.