How to build an effective fundraising strategy
Are you finding it hard to reach your fundraising goals? You are not alone. Many organisations face the same concerns. However, that doesn’t mean that you can’t achieve your goals and secure funding for your organisation.
The current problem may be due to an ineffective plan or execution. Determining the cause of the problem is key. Once you figure out where you’re falling short, you can start addressing it.
In this post, Craigmyle Fundraising Consultants will share some tips on how you can come up with a great fundraising strategy:
Find a Reliable Fundraising Consultant to Partner With
When your nonprofit begins to reassess your fundraising strategy, you should start by working with a trustworthy fundraising consultant dedicated to improving the strategy of the organisations they partner with. They can help you with:
- Planning and directing fundraising campaigns
- Conducting feasibility studies
- Training staff and voluntary leaders
- Strengthening fundraising strategies
- A consultant can provide you with valuable perspective, and they can bring to the table their experience.
Learn Where Your Current Strategy Is Falling Short
Now that you’ve started a partnership with a consultant, you can also begin the evaluation of your current strategy to figure out which parts need attention. An ineffective system is not just failing to meet goals. It may be an indication that there are areas in your campaign that can be improved. Some issues include stretched an unconvincing case for support, campaign budgets that can’t cover all the needed operational costs or key prospects falling through because of some confusion. Your partner consultant can help you determine where you need help and provide a more comprehensive analysis.
Study Where Your Efforts Have Been Successful
It’s not all about directing the spotlight on where you are failing but also on what works. You need to be aware of where you are excelling so you can build off of those and improve your strategy further.
For instance, your organisation can benefit from:
- The strong relationships you have established with existing donors
- Your compelling mission
- Your database and analytics tools
- Your relationship with your community
Analyze Your Metrics and Objectives
To improve your fundraising strategy, you have to analyze the data you have in your hands. Some of the things you need to check include:
Return on Investment (ROI) – Was your last campaign worth the money you invested in it?
Donor attrition rate – Are you losing contributors after their first gift to your nonprofit?
Supporter retention rate – How many of your supporters return after every campaign?
Giving upgrade rate – Are your returning givers donating larger contributions each time?
Return to the Basics
Consider the four key foundations of successful fundraising: case-need-constituency-leadership:
1. A compelling case for support – what you need money for and why
2. Secure costings – how much is (justifiably) needed
3. Clearly identifiable constituency – who is likely to support you and why
4. Active and influential leaders – who can approach others on your behalf
Conduct a Feasibility Study for the Proposed Campaign
When your organisation is ready to make significant changes to your fundraising strategy, a feasibility study is an important step before any campaign is launched. Your consultant will start building a list of stakeholders that can be interviewed. Questions will be formulated to find out what they feel about your organisation and your campaigns. The results of the interview are then compiled for analysis.
Analyse the Results
Once you have completed the feasibility study, the results will be analysed to determine the next steps that could strengthen your fundraising strategy. It is at this stage that you need to follow the advice of your consultant. Reform your fundraising efforts and start the necessary steps to achieve your goals.
Conclusion
You can undoubtedly improve your fundraising strategy with the help of a trustworthy consultant. It all depends on your choice of consultant. You have to work with someone with a solid track record who has the same values. When you have aligned visions, you can work together to improve your strategy and get more funding for your organisation .
Craigmyle Fundraising Consultants is the country’s longest established and most consistently successful fundraising consultants in the UK. We can help your organisation realise it’s goals. Contact us today to know how we can help you!
Read more about our approach to feasibility studies or strategic development.
