Strategies aren’t just for large corporations who want to drive revenue growth. A fundraising strategy should be at the heart of every nonprofit and align with your goals and overall mission. Conducting an annual review of your goals and activities to raise funds will help you identify your weaknesses and ways to improve your strengths. But it’s not a matter of just talking about it with your team; it requires a deep dive into the ins and outs of each fund development activity, whether it’s a fundraising event to writing proposals, examining your activities, and making improvements is necessary.
When considering your fundraising strategy, you should also consider an integrated plan and the team members who will handle elements of your plan. This means ensuring that all the components of your strategy work together to support your revenue goals.
Where to start? Elements of a Fund Development Plan
A typical fund development plan includes several key areas such as grants management, prospecting and proposal writing, corporate relations, sponsorship development, major donor stewardship, individual donor campaigns, fundraising events, digital fundraising, communications, and marketing, and a robust technology infrastructure to support your activities.
List the areas where you conduct fund and resource development tasks and create a baseline goal. For example, you may notice that you have a lot of government grant funding but need to diversify your grant funding. What other areas have you explored, and what worked versus what didn’t? Do you need to find a new database to explore grantors? When examining your funders, consider your capacity to explore new grant funding sources.
Corporate and local partnerships
Partnerships are crucial to your nonprofit. They extend your organization’s reach and impact and act as an extra resource overall. Besides, funders like to see partnerships that meet their philanthropic goals. Building relationships shines a light on who you serve and who supports you, directly reflecting your work. For example, partnerships open the door for corporate matches, seeking publicity through partnership announcements and the potential for sponsorships. Sponsors are usually those who support your events. Take the time to ask a corporate sponsor for their feedback. Was the event successful in its outreach goals? What could you have done better to make its sponsorship more appealing?
Creating an annual event
When someone thinks of your organization, you want them to think about your work and your impact on your community. Second, you want them to think of how unique your celebrations are in the form of an annual event. At the same time, an event can seem like a mountainous task (and it is), but the benefits of an event are a gift that keeps giving.
It is an excellent opportunity to connect your sponsors to your Board and other supporters and highlight the work and accomplishments of the past year. It is also a great way to create content for your marketing efforts and promote your successes and data. After all, people like a memorable event and will read up on their donation’s impact on the community and the people you serve. Events are also an excellent opportunity to extend corporate sponsorships by sharing your impact with marketing and community outreach professionals who will support your organization.
Cultivating your donors
Let’s not forget those who make everything your nonprofit does possible, your donors! The nonprofit donor relationship needs to be maintained like any other relationship. Cultivating this relationship could mean differentiating between a one-time donation and a recurring supporter. How do you cultivate your donors? Keep them engaged, invite them to follow your social media accounts, send a newsletter, and send a personal note from your organization’s leadership. This could come in programming updates, a simple thank you for your support, or a phone call.
Major donor cultivation
Spending time cultivating new major donors is a critical task that most non-profit development officers must make time to address. Major donors often have given at higher levels but can provide additional resources at higher levels. As a development officer, take a moment to assess your donors’ giving levels and profile those donors who are giving at higher levels. This will help you set goals for the new year. Also, make sure to customize your approach. You can ask your larger donors to introduce other potential donors through giving circles or through their own networks and affiliations. The key to this task is to know your donors. Also, treat your major donors well! Send regular updates from your executive director or board member on how you have impacted the community or your mission and make those communications personal.
Technology and its impact on fundraising
There is no doubt that technological advancements have made their way to the nonprofit world. There are so many tools and platforms that support the work of fundraising specialists. From donor management software such as Salesforce for Non-profits, DonorPerfect, and Bloomerang; to ticketing services such as GiveButter, finding the right tools can be daunting.
It’s essential to speak with a professional with experience in digital fundraising and customize the tools you need for your organization. Not every non-profit needs every tool out there. Work with someone who knows the solutions you require for your organization.
Social Media and Communications
Social media to raise awareness is critical to any non-profit’s fundraising strategy. It allows sharing good news and reporting your success to the community. You can also share donation opportunities as well as recruit clients. Whatever you need social media for, be strategic. Design campaigns that have specific timelines and are branded with messages that relate to your organization.
In short, a fundraising strategy is integral to your nonprofit’s planning process. A plan allows your organization to reflect on what was done so you can focus on what is next. If you are still trying to figure out where to start, you may need a consultation to get you started, and with it being the beginning of the year, what better time than now?
About the author: Zoraya E. Lee-Hamlin
Zoraya, a seasoned executive with over 35 years of experience, excels in increasing organizational productivity through creative marketing, fundraising, resource development, and community relations strategies. Zoraya liaises with CEOs and C-suite professionals when managing projects to ensure teams reach their goals. She founded RayZo Inc. in 2003 to empower corporate and non-profit teams nationwide to maximize their impact and increase their capacity by presenting the most compelling story about their mission, programs, and products. Zoraya earned an MBA from Rutgers Business School, Newark, NJ in 1993. Zoraya is recognized for working with organizations that meet the needs of underserved, marginalized children and families. Because of her extensive background in marketing and fund development in cities, Zoraya is often noted for her cultural sensitivity and understanding of how to reach a diverse community. Read full bio.
