Well, you made it. You’re officially into a new year and for fundraisers that means a fresh start. But, as one of our very wise clients said the other day, “you’ve got to look back before you look forward.”
That’s right, it’s time to evaluate last year’s fundraising program! And we don’t just mean did you or didn’t you make goal? We mean, really understand what worked and what didn’t so you can figure out what to do next.
Here are 5 tips for analyzing 2014 so that 2015 is better than ever:
1. Take the long view.
One of the biggest mistakes routinely made in the nonprofit sector is the tendency to look at fundraising year over year. As a good fundraiser, you know that it can take years to turn a prospect into a donor and even longer to turn that donor into a major contributor. Educate your board and yourself by looking at how your results are trending over time. Check out the Three Year Fundraising Analysis in our Toolbox as a starting point.
2. Compare apples to apples.
We strongly suggest you use a standardized system to measure every fundraising activity. Jim Greenfield’s 10-point performance index has been a go-to tool for us for years. Measuring events, direct mail, face-to-face and other activities according to the same metric really shows you where your efficiencies lie.
3. Understand how much your donors love you.
Don’t forget to look carefully at donor behavior. Measure your renewal and retention rates, see who is upgrading, and figure out who your most loyal donors are. Remember, our number one job as fundraisers is to keep the donors we’ve got! Our interactive Leaky Bucket workbook, also in the Toolbox, can help you crunch these numbers and develop strategies for keeping the love coming your way.
4. Identify your feeders.
Where are your donors really coming from? Are your events feeding your annual fund? Is it your board bringing in new faces? Are your acquisition efforts most successful online or through the mail? It’s critical that you know which ponds are best for fishing and focus your efforts there. It’s equally important that you know if something’s not working so you can stop doing it!
5. Ask yourself, what did we leave on the table?
How many major gifts prospects did you not get to visit with last year? How many foundation proposals were you unable to submit? What government grants did you have to pass up? Of course, you can’t do everything. But what were the real missed opportunities and how can you make time for them this year? Figure out the things that aren’t working so you can make room to try focus on the productive stuff.
Armed with data and a solid understanding of your donors, you’re ready craft a fundraising plan and get the rest of your organization to buy into it with enthusiasm. Here’s to a fantastic 2015!
