Top Six Ways to Achieve Greater Fundraising Results in 2021
Data enrichment is key for any fundraising team to achieve greater results with their campaigns.
In order for nonprofits to stay relevant, they must know who their audience is, what they want and how they want to be reached. Without proper data enrichment and analysis, how will fundraisers reach their best and most loyal donors? The truth is, they won't.
With other nonprofit organizations consistently looking for ways to improve their mission, you must do the same. Thankfully, there are fundraising and donor analytics tools available that will answer your most pressing questions as you craft your next campaign. These analytics tools are designed to deliver valuable insights and predictions to guide your next steps and optimize strategies faster and more effectively than ever.
Create the Best Fundraising Strategy
In order to understand why nonprofit teams need enriched analytics, one must know what they need to craft a successful message to their best donors. By understanding six main details about their donors, a fundraising or development team is equipped to make the right moves to elevate results of their campaigns.
Donor Data Enrichment is Key to Understand These Six Details
Enriched Analytics helps fundraising teams get their campaigns “right” faster, better, and with much less wasted spending. Enriched Analytics are insights and predictions made possible by matching an organization’s contact and transaction data with billions of third party data points.
The insights and predictions made possible with Enriched Analytics can help your fundraising team get to know your:
Donors' Preferred Communication Channel
Donors' Most Likely Donation Types
Best Campaign Messaging
Most Effective Campaign Budget
Enriched Analytics Help Fundraising Teams
1. Identify Your Target Audience
Enriched Analytics provide predicted wealth scoring, predicted giving capacity, and predicted demographics about contacts in a contact list, thereby enabling fundraising teams to segment, sort, and prioritize their donors and donor prospects. (Basic Predictions, Advanced Predictions).
For example, a nonprofit may want to engage with contacts above a certain threshold of predicted giving capacity. Enriched Analytics would enable a nonprofit to do so.
Enriched Analytics provide detailed primary, secondary, and emerging personas of various donor subtypes: new, repeat, high value, fastest new, fastest repeat, high margin. (DEAR Reports).
For example, a nonprofit may want to increase donations by targeting new donors who don’t resemble traditional donors of the organization. Enriched Analytics could reveal that their donations are increasing among a new demographic group. Now, they can leverage this information to further increase donations among that group.
2. Know Your Donors' Preferred Communication Channel
Enriched analytics provides contact level predictions on the marketing channel(s) each contact is most likely to respond to (Advanced Predictions).
For example, a fundraising team may want to decide who should be included in a text campaign versus an email campaign. Enriched Analytics could predict the contacts in a prospect list that are most likely to respond to text versus email and thus could be the best audience for a text message campaign.
3. Know The Type of Donation They are Most Likely to Give
Enriched Analytics provides personas of donors who made particular types of donations (major, repeat, particular campaigns) and can predict what a particular prospect is capable of donating (DEAR Reports, Custom Predictions).
For example, a nonprofit may be trying to decide what “ask” to make of a particular donor prospect. Enriched Analytics could predict the type of donation a donor prospect is most likely to make as well as their predicted capacity to give, enabling a development or fundraising team to ask for the type of donation and amount of donation most likely to resonate. Enriched Analytics can also be used to create a donor pyramid based on data points not available to other nonprofits.
4. Craft the Best Campaign Message
Enriched Analytics provides the donor personas of those who responded positively to a particular campaign and can predict which campaign a donor is most likely to respond to next (DEAR Reports).
For example, Enriched Analytics could analyze all of the successful fundraising campaigns from the past year to reveal the underlying personas and donation types for those campaigns. This information would enable the fundraising team to select the campaigns and asks most likely to convert donor prospects into donors.
5. Optimize Location Targeting
Enriched Analytics provides lookalike DMAs and Zip codes where the population is most similar to selected donor profiles (CLEAR).
For example, a development team may be interested in acquiring new donors by looking for additional locations to run a direct mail campaign. Enriched Analytics can provide the DMAs and zip codes that have populations which most closely match the personas of the donors who were acquired by previous mailer campaigns.
6. Create an Effective Marketing Campaign Budget
Enriched Analytics provides detailed analysis of past campaigns that can be used to budget and improve future campaigns (HEAR).
For example, an advancement team may be trying to decide how to improve a previous direct mail campaign and how much advertising spend should be devoted to that campaign when rerun. Enriched Analytics can provide the advancement team a detailed analysis that shows how the campaign performed among various audience attributes, both in terms of success and size of donations. They are then able to determine how much spend to commit to that campaign and where to commit the spend for greatest impact.
Let's face it, finding a data enrichment tool that also produces reliable and actionable donor analytics is nearly impossible. So, when you do stumble on one, taking the plunge is an immediate 'yes'.