Work on attracting the right donors for your organization.
Based on your answers, your organization needs to shift its strategy for attracting large and long-term donors. The top goals of any charity should be to make sure it is worthy of the gift, to make donors feel good about contributing money, and to ensure a good return on the charitable investment. Worthy causes attract money. People like to donate to success, and the best way to showcase your organization’s success is to share it with your current and potential donors. By not openly sharing your business plan, finances or success stories, you’re missing opportunities to instill confidence in your organization and attract long-term and legacy donors who will deem your cause worthy of their gifts. Transparency and open communication are two key elements to attracting quality donors to ensure your charity will be around for generations to come.
Follow these tips to improve your chances of attracting long-term donors:
- Be transparent
Donors are much like investors: they like to give to successful organizations versus those they think might be out of business in a year or two. What better way to showcase your achievements and forward momentum than by sharing your financial statements and your business plan? Outlining your business plan with long-term goals for the future and the concrete steps you plan to take will instill the confidence in donors to give more.
- Promote success stories
Sharing success stories about your organization is one of the top ways to attract long-term donors and retain current donors by offering a satisfying sense of return on investment. Sharing case studies or testimonials on your website, in a newsletter, or in direct-marketing materials connects your mission with donors and potential donors on a personal level. Social media platforms such as Facebook and Twitter are also excellent ways to put a human face to your cause.
- Build donor relationships
A donation should never be the end of the transaction – it should be the beginning of a relationship. By regularly communicating with your donors and showing your appreciation for their gifts, you open up the potential for new opportunities, such as creating champion donors who will enlist friends and family to support your cause or starting new conversations about the available tax benefits for charitable giving. If you’re just starting out, consider starting a Legacy Society. A Legacy society can help you start your charity, promote and engage donors.
Read my book Finding Your Money’s Greater Purpose: How to Make Your Legacy Count for more insight.
Share Your Experience
We’d love to hear how your charitable organization is making a lasting impact on the world. Follow me on Twitter at @PatRenn and use the hashtag #MoneysGreaterPurpose to join the conversation!