Whether you’re looking to understand your current donors or prospects, expand your reach or build your pipeline of qualified prospects, you need a well thought and well-executed strategy. The most often overlooked tool in small fundraising departments might be the most important: Data. Analytics play an important role in donor strategy, recognition, and launching new revenue streams. In essence, numbers when correlated with possibilities, can tell a compelling story. Check out our top recommended data investments to grow your revenue below.
Wealth Engine for your Database
Wealth Engine tools allow you to review constituents to systematically understand who to target, what interests them, and how much to prospect for future contributions. Information from wealth engine tools can include the individual’s net worth, income, giving history, relationships, education, businesses owned or employment, affiliations, interests and more. By aggregating this information from multiple data sources, analytics provide a recommendation on how much to solicit or the likelihood of securing a donation from the prospect donor. Donor analytic solutions are only as good as the underlying data so training staff to harness these resources is very important! Wealth engine tools can support fundraising operations for organizations of all sizes and types and will enable your organization to save money identifying new prospects by focusing on the best prospects already connected to your organization.
This useful tool combined with an active donor strategy can help unlock new supporters that are already familiar with your organization and provide fundraising staff a leg up to transition constituents from a year end donor to a future event sponsor. Every database has a unique plug in for wealth engine tools, in 2023 consider making this critical investment to grow fundraising exponentially!
Segmentation & Automation features
As your nonprofit grows, manually handling all tasks can be time-consuming and often ineffective. The data in your database paints a full picture of how your nonprofit is interacting with donors. In order to make sure you’re maintaining an active relationship with each supporter automation and segmentation is key. Donor updates or meeting follow up messages can be personalized through segmented lists and email plug-ins tracked within your database system. While the database is saving you time by automating communications it is also providing insight into donor trends and preferences. Look for your database’s email integration tools before year-end to help with donor thank you notes!
Although many organizations already use auction software for their fundraising events, most are not capturing the data from this important tool and translating that into action plans for future fundraisers. Auction software enables organizations to track every aspect of your fundraising events from ticket sales and registration to night of fundraising results and auction donors. However, the robust reporting and analytics features can give you additional insights into your auction’s performance and your bidders’ behavior that often goes overlooked. Capture this data and you can pinpoint areas where you’re falling short and can refine your strategies for future events. Toast of the Town works with many auction software solutions for events, if you have questions about which one offers the best reporting solutions contact us for support!