One question I get all the time is, “Where do I find new donors?”
And while that might feel like the most logical question to ask when you’re looking to boost donations, it’s not necessarily the best place to start.
Why?
One, because donor acquisition takes a lot of effort.
And, two, because if you’re constantly looking for new donors instead of cultivating donors you already have, you might have a “leaky bucket” problem that indicates a lack of focus in your outreach and cultivation stages.
That has to be fixed before you go on a big donor acquisition push.
So, how do you fix it?
I’m so glad you asked! 😄
If I were given a dollar, I would spend 90 cents of that dollar retaining and upgrading current donors rather than going after new ones.
That being said, if you want to fix your bucket so you can fill it up with a high-yielding, high-quality donor acquisition, here’s what you need to do:
- First, check your retention rate. 50% is not good.
- Get specific about who your ideal donor is.
- Focus your funnel: Use social media to spread awareness, your website to attract and repel, and email to converse, convert, and add value.
- Increase the volume of your outreach.
- Provide ongoing value to your donors and steward their contributions well.
I know, I know. It’s easier said than done, especially when your board members have their own opinions about launching grass-roots fundraisers, low-quality social media campaigns, and keeping the message palatable to everyone and their mother.
But high-yielding, long-term fundraising is narrow, specific, and donor-centric.
It’s a shift in mindset where you begin to view donors as partners who elevate and fuel your organization just as you help them find fulfillment and purpose in your mission.
And it’s only the start to developing an individual donor program that can 2X, 10X, and 40X your revenue.
For more details and specifics on how you can fix your leaky bucket and find new donors, check out this week’s podcast episode, “Ep: 269: Where Do Donors Come From?” Listen to the full episode here 🎧: https://podcasts.apple.com/us/podcast/269-where-do-donors-come-from/id1436858854?i=1000641709895
This episode is just a sneak peek at the P in my signature SPACE fundraising methodology I’ve used as the framework for my revamped Big Asks Gifts Program to transform your Processes. I’m launching my Big Asks Gifts Coaching Program that helps nonprofits take their fundraising to the next level over 6 months. I only work with a limited number of EDs and DoDs each round, so check it out here if you’re ready to launch or transform and 10X your individual donor program.
