Historically, presidential election cycles, domestic economic uncertainty and international threats have a direct effect on the fundraising environment. As we fully shift into 2024, we are in the midst of these factors and expect to be for the next 12 – 18 months. Inbloom supports leaders to thrive and move their mission forward. Our team is continually analyzing and advising how nonprofits, especially those considered “small” or “midsize”, can leverage best practices to drive fundraising success amid an environment of donor uncertainty. Over the past decade we have observed nonprofits under stress often complicate their donor engagement and make reactive decisions to change their fundraising trajectory. And while change can be good, our guidance is often to lean into concrete, time-tested fundamentals that enable organizations to effectively connect with donors who are most likely to give.
1. Know Your Donors
Donors today seek personalized and meaningful connections with the cause they support. Successful fundraising efforts in the coming year will revolve around tailoring campaigns to resonate with individual interest and values.
This focus on knowledge is a hallmark of Inbloom’s approach to our Development Audit, which provides an assessment of an organization’s development efforts and its donor population coupled with recommendations for effectively leaning into gaps to connect with donors more effectively.
One of the first things we do in a Development Audit is examine donor giving histories to define “very important donors” and identify who these donors are. This simple step is critical and empowers small teams to focus their efforts where they are most likely to see results.
2. Communicate Effectively
The presidential election and robust news cycle will result in information overload in the digital space. Additionally, the digital transformation – specifically AI – will impact donor perceptions. It is critical for organizations to cut through the noise and create clear and on-brand messaging that resonates with donors and invest in right-sized online platforms and leverage effective social media and marketing communications to succeed.
3. Create Cohorts
While acquiring new donors is essential, retaining existing supports is perhaps even more important. To be successful in 2024, organizations should emphasize donor stewardship, focusing on building long-term relationships through personalized communication, gratitude campaigns and regular updates on the impact of contributions.
Because retained donors often become advocates of the mission, Inbloom recommends a cohort-based stewardship model. We work with our clients to analyze donor giving patterns and develop effective cohort-based engagement strategies to elevate fundraising now and create a foundation for meaningful engagement in the future.
