5 Clever Approaches to Increasing Donor Lifetime Value Year-Over-Year

Nonprofit Management

Article | July 12, 2022

Though conversational marketing is relatively new, it speaks to the growing expectation of a personalized experience and the opportunity to connect and start a one-to-one conversation. Coined by our partners at Drift, conversational marketing aims to guide users through an engagement funnel more quickly by using real-time conversations. As chatbots are increasingly seen as a natural way to get information, they can help to build relationships and create authentic experiences between an organization and its target audiences.

Nonprofit Management

Article | July 14, 2022

I speak to countless people in the nonprofit sector during the year, including many wealthy major gift donors. Throughout my time working with nonprofits, I often get asked and tell others what I see on the horizon. Recently, I wrote about a nonprofit crash that’s on the way. What's next? I see a big governmental money redirect. It’s no secret that zombie philanthropy took root in the sector. According to the National Philanthropic Trust’s "2020 Donor-Advised Fund Report," these funds, also known as DAFs, have approximately $140 billion under management by money managers at institutions such as Fidelity Charitable Trust, Schwab Charitable and Vanguard Charitable. Because these organizations are set up as 501(c)(3) organizations, donors receive immediate tax deductions.

Fundraising

Article | July 15, 2022

Although we recommend talking directly with your donors to learn what matters to them, one-on-one conversations aren’t the only way to gain valuable information about your donors. Through analysis of the donor data in your fundraising software, you can obtain insights that will help you create a better experience for your donors, and motivate them to give more over time. Here’s what you can learn from the numbers and how you can apply this knowledge to improve your donor experience. Biographic and Demographic Information: This particular donor data isn’t snazzy, but it provides you with important tools to use in donor communications. Here’s what you can do with it. Preferred Name: Even something as simple as addressing your donors by their preferred names or nicknames will go a long way toward building a meaningful relationship. Employment: Improve the timing of your emails by sending to full-time individuals when they’re at work. Age: Millennials are more likely to check social media or text messages for communications, while Baby Boomers are more likely to use email or even snail mail. A multi-channel communication strategy, however, is the best thing to help you reach your donors where they’re at. Educational Background: While someone’s education level may provide insights about their capacity to give, consider looking at what your contacts were involved in while in school. Did they join clubs that provide a clue about their interests? Did they hold certain leadership positions that tell you what they’re committed to? What community service projects were they active in? This information can help you customize your communications more meaningfully. Involvement History: Monetary giving isn’t the only indicator of a donor’s interest in your organization. When you’re putting together your campaign lists, don’t forget to look at other historical indicators as well. Note: If you’re already using Network for Good’s simple, smart fundraising software, demographic details, like the ones above, need to be individually added as “Custom Fields” to a constituent’s record. Involvement in Advocacy Work: If an individual advocates for charities or causes, he or she is usually serious about making a difference and seeks to do so in other ways. Corporate Sponsorships: If someone has organized a corporate sponsorship for her or his place of employment, the individual has demonstrated a willingness to go the extra mile foryour organization. Showing Up at Events: If you have regulars who appear at your events, they’re prime candidates to get more involved. An events platform that integrates directly with your fundraising software can be a key tool here in making sure you’re following up with the right people. Network of Connections: Prospective donors will always be more willing to respond if a friend or business connection has introduced your organization to them. If you think an individual would be willing to contribute to your nonprofit, look at who in your donor database is connected to that person and ask for an introduction. This strategy can also be used for raising corporate sponsorships. Hobbies: Hobbies and interests will tell you who’s most likely to participate in your events. They’ll also give you ideas about what types of events will be most popular with your contacts. Here are a few ideas: Games: Trivia night, bingo, or board games. Outdoors: Run/Walk, golf or fishing tournament, or softball. Food & Drink: Wine tasting, celebrity chef or bartender, or profit share at a restaurant. Music: Benefit concert, talent show, or Battle of the Bands Arts & Culture: Group night at the theatre, charity poetry reading, or author meet-and-greet. Timing of Gifts: When do individuals give? If someone tends to make donations at a certain time of year, your request will probably be welcomed (and successful!) if you ask at that time. Using tools such as the “Giving” filters to conduct donor analysis can help determine if there are trends around a particular time of year for one (or multiple) donors – and knowing the timing of gifts will also help you spend your marketing dollars more wisely. If someone has given within a year-long time period, that person is much more likely to give again than someone who gave two years ago. You can allocate your marketing resources more intelligently if you know who is more likely to donate. These are just a few ideas on how to use your data to not only build a stronger donor experience but also increase your fundraising revenue. Learn why the donor experience is vital to a successful organization and how to implement an effective donor experience program by downloading “A Better Donor Experience: Is it the Cornerstone of Donor Loyalty?”

Article | April 10, 2020

As the country adapts to the unique circumstances created by the COVID-19 pandemic, nonprofits are being faced with new challenges as they continue their important work. Fortunately, there are hundreds of emergency relief funds at the global, national, and local levels, offering individual and organizational funding for basic needs, direct services, and other immediate concerns. Since Voqal cannot offer emergency funds for direct services like other funders and partners, we thought we would share a compilation of resources where organizations can find these dollars. A special thank you goes out to Voqal’s grants and fellowships program manager, Mary Coleman, for putting this list together.