Turning Data to Strength
Hi everyone!
I hope your month is off to a good start. I'm not a fan of the cold so I am having to adjust. I miss being able to throw on shorts and go outside. I thought I would use this month to reinforce a few important things as we kick off the year. I recently read some great stuff from Carey Nieuwhof on what to do with data and I thought I would share a few of his highlights. Many of us can relate to Carey when he says he has gone through heaps of research and sifted through tons of data. You know what? Data is cool, but the real impact happens when you put them to work.
So what do we do with lots of data? Well, we can use it to run our organizations better. Let's take some time to explore this. What can we do with good data?
1. Let Data Guide Your Choices
Once you've got the lowdown, let it steer your decisions. Dive into the stats and your fundraising history to shape your plans. Understanding stuff like digital donations, recurring giving, and who's chipping in can help you fine-tune how you ask for funds. Use this data to set budgets, make financial moves, and kick off stewardship efforts.
2. Understand Some Donors Like Covering Overhead Costs
One small example are extra fees Ask your donors to step in with you. Many don't know how pricey those processing fees are, but once they do, they're often willing to cover them.
Don't be shy about making a reasonable ask for something that is not as easily packaged and that is part of the DNA of your organization. Help your donor personalize the supposed overhead costs to the point the see them as mission critical and personal. Admin support often has a name, maybe its Jim, or Mary, or Ted. And Jim, Mary or Ted are creating impact as part of your process of change, it just looks different than the direct program expenses that are neatly packaged. Spend time translating and have helpful conversations with your donors.
3. Tap into Outside Help
Riding the waves of change? There are loads of online tools to lend a hand. Find creative resources to help you paint great pictures of impact with your donors. Whether it be videos, whiteboard animations, informational pieces or visual translation, don’t underestimate the need and impact of getting good outsource support in building your case.
4. Make Money Exploration Talks Normal
Take a moment to explore with your relationships the impact of money in your organization. Allow volunteers, staff, board, and your donors to see the impact of a dollar, and where you need a dollar and why. You don’t have to focus on an ask to talk about money. Money is part of the value of your organization and how you change lives.
Some leaders dodge the money talk, thinking people don't want to go there. But let's be real. Who doesn't chat about money every day?
Families are mulling over bills, house buys, new wheels, and the minivan saga. They are hashing out grocery shopping dilemmas, deciding between brand names and generics. Money's on everyone's mind daily.
Break the silence on money matters. Your relationships are already talking about it—its okay to give them productive ways to relate to money and your cause.
5. Get more creative with your donor offers
You may not be comfortable with digital currency but a lot of your donors probably are. Consider how you can incorporate things like stocks, mutual funds and crypto options into your donation channels. 97-99% of all assets are held in the USA in non-cash giving and a majority of the quantity of giving from non-cash giving is from gifts of $1,000 or less but 33% of stock donors give more than $1,000 at a time. Donors use it, so should we.
Warmly,
Jamie
