It’s a B-O-Y!
January is the perfect time for every nonprofit to execute a Beginning-of-Year (BOY) strategy to ensure the achievement of annual fundraising goals and the building of donor loyalty. Now is time to evaluate your progress toward this year’s objectives (including if you’re working with the right prospects), make course corrections, and focus on raising recurring contributions. Here are FIVE strategies to consider:
- Evaluate and Adjust. Do a mid-year assessment of your fundraising efforts. Measure the responses to and results of each solicitation — What proportion of your pool has given? What’s the average size gift, and how do the amounts compare to the estimated potential (ratings)? Consider using the remainder of your research budget to do additional prospecting by way of wealth screening or filtered list acquisition.
- Act Fast. Be sure to send your calendar year-end donors a Thank You note as soon as possible, and include a suggestion that they make their gift recurring. Use economic terms to appeal to them, such as the charity saves money, the donor gets the convenience of not having to think about it, and giving becomes painless.
- Be Specific. Tell the stories of the good that their gifts are doing, and, give them specific examples of what their steady giving will achieve, like, “$20 a month will make sure each child has lunch every day.”
- Make it Easy. Market the value of joining a monthly giving program on your website and make it easy to sign up online.
- Send an Annual Statement. January is the month that donors are gathering up the documents they’ll need to do their taxes. Send donors who gave over $2500 in 2019 their own itemized statement of the year’s contributions to your organization.
Take these simple steps, and you will continue to build donor loyalty and raise more.