What is Best Way to Finding New Donors?

Let’s face it. Finding new donors is essential to fundraising strategies everywhere, but it is definitely not the simplest task to check off your list.

Sorting through prospects to find the best one for your cause can be like looking for a polar bear in a snowstorm. But, what if all the snow melted away?

Enriched Analytics bring the heat. With enriched analytics, your simple data will be enriched with information to deliver an accurate full picture of your donors. It all works when your organization’s data is combined with reliable third-party data for your contacts. Furthermore, analyzing your newly enriched dataset will melt away the uncertainties and guesswork and replace them with insights and predictions designed to support your next step in a confident direction.

So, how do you acquire enriched data to move forward with intention?

Look at your current donors. The people who are most interested in your cause are right in front of you, so knowing what they look like is key to the success of your search for new donors. Your current contacts have all the attributes that you should look for in new donors, so it is time to dig below the surface of their contact information and truly expand on their personas. When unearthing a persona, it is important to note that no single insight (be it wealth scoring, channel preference or interests) is strong enough on its own to be the source of your next steps. The data is intended to be paired with each other to define a clear path for your organization’s next best move.

Understanding Your Donors

To ensure you are targeting the right audience in your prospect search, the most important details you need to know about your current donors are:

Donor Demographic Information

These details include their predicted generation, gender, education, location, home ownership, marital status, religious affiliation, political affiliation, and more. Each piece of information is necessary to ensure you are paying attention to the prospects that are most likely to respond to your outreach. (Basic Predictions)

Donor Interests

This information includes just that, your donors’ predicted interests. They may enjoy sports, watching movies, traveling, underwater basket weaving, or really anything you could imagine. Possessing this information, however, is crucial as you create a tailored experience for prospective donors. (Basic Predictions)

Channel Preferences

With SMS, Email, Direct Mail, Phone, and even Social Media present as potential channels to reach your donors, it is important to know the ones with which your donors will best respond. Both as an aggregate and on the individual level, these predictions will dictate how you run campaigns and who you target each time. (Advanced Predictions)

Wealth Screening and Giving Capacity

Your donors’ predicted wealth and giving capacity will determine what you ask of your donors, how you attract them, and overall, set the expectations for your fundraising campaigns. This is critical as you approach new donors to ensure they are more likely to adopt your cause. (Advanced Predictions)

What are My Next Steps to Attract New Donors?

By understanding what your donors look like, where your donors are located, and how they like to be reached, you are able to convert prospective donors more efficiently and effectively than ever before. And now, you can take the information gleaned for your data enrichment to make a variety of next steps. Some of the most common next steps are:

  • Create a more targeted ad or direct mail campaign
  • Use your existing prospect lists to find donors who match your best donors’ personas
  • Purchase prospect lists of people with characteristics matching your current donors

It’s easy to move forward with confidence when you are backed by intelligence about your donors. Still need proof?

Take a look at what Charity Navigator did when it embraced the power of enriched analytics and increased its new donor conversion by over 78%.

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About boodleAI

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.