5 Ways to Spring-Clean Your Fundraising Strategy in 2024
As the season changes and spring (finally!) approaches, it's an opportune time for organisations to revamp their fundraising strategies to ensure optimal impact for the rest of the rest of the year. Just like tidying up our homes, refreshing and refining your fundraising approach can breathe new life into your plans and set the stage for increased impact. Here are five ways to spring-clean your fundraising strategy in 2024:
Evaluate Past Performance: If you haven’t yet, begin by assessing the successes and shortcomings of your fundraising activities in 2023. What worked well? What strategies fell short of expectations? Was there a goal that you reached with ease, or another that didn’t happen? Did that big fundraising event actually net a good (enough) return for the time, money and resources that went into it? Reflecting on past experiences can provide invaluable insights that inform your approach moving forward.
Set Clear Goals and Metrics: Define specific, measurable, achievable, relevant, and time-bound (SMART) goals for your fundraising initiatives in 2024. Whether it's increasing regular donations from individuals, securing a specific number of new corporate partnerships, or launching targeted campaigns, clarity in goals helps in channelling efforts effectively.
Learn from Successful Organisations: Don’t reinvent the wheel - look and learn from organisations similar in size or focus to you or those you admire. What do they do brilliantly that you also have the capacity to do? Analyse their strategies, campaigns, and donor engagement techniques. Adapt and implement what aligns with your organisation’s mission and resources.
Focus on Donor Stewardship: Donor retention is just as important as donor acquisition, if not more so. Show your appreciation to donors and supporters by prioritising donor stewardship initiatives. Express gratitude for their contributions, keep them informed about the impact of their support, and cultivate meaningful relationships beyond asking for donations. Personalised thank-you notes, exclusive updates, and opportunities for active involvement in your programmes can go a long way in nurturing donor loyalty and goodwill.
Consider Bringing in External Expertise Where It Will Add Value: Sometimes, an external perspective can provide valuable insights and expertise that can take your fundraising and donor engagement programmes to the next level. Consider partnering with reputable consultants and agencies who can offer strategic guidance, best practices, and customised solutions tailored to your organisation's unique needs and goals. OKC’s expertise is in building a relationship-based approach to fundraising and donor engagement by connecting great ‘people’ (that is...individuals, companies and institutional philanthropies) to great causes! We also often partner with other advisors and consultants to make sure we provide our clients with the full suite of services they require. Whether you're looking to refine or develop an impactful fundraising strategy, launch a capital campaign, optimise your major donor engagement or stewardship policies, develop sustainable corporate partnerships, or develop a culture of philanthropy within your organisation, we can support you in unlocking new opportunities for success. Find out more about how we can work together in 2024.
In conclusion, spring is an ideal time to reevaluate and refine your fundraising strategy for the year ahead. And remember - make sure that you’re regularly reviewing and testing your fundraising strategy to ensure that it’s still fit for purpose, effective and aligned with your organisation's goals and the evolving landscape of philanthropy. If you feel like you’re too ‘in the weeds’ to see it clearly, talk to someone - a consultant, a board member, or a colleague in the sector. Fundraising is an ongoing process of adaptation and innovation, and staying agile, responsive, and collaborative is key to long-term success.