and how to ride the wave of what’s working – [Part One]
There’s no turning back now – and let’s be honest: When it comes to fundraising, would anyone really want to return to pre-pandemic paradigms?
Driven by technology, which was poised to act and quickly morphed to meet changing social and cultural requirements, the “new normal,” once referred to with disdain and trepidation, has fast become the modus operandi… and with impressive results.
Mass adoption of live-streaming platforms, engagement on social media and a greater dependence on digital communications has pushed these mediums into the mainstream for all demographics, compelling older donors to become more comfortable with technology and realize the convenience of digital options, while also incorporating younger donors’ preferred methods of communication and giving.
New tools of technology allow fundraisers to be flexible in their response to political and economic conditions, impacting donors’ charitable partnerships.
Which brings us to the economy. In December 2021, JP Morgan, Wells Fargo and Goldman Sachs all predicted the S&P would reach above 5,000 at the end of 2022. Philanthropic giving is highly correlated to the strength of the stock market.
But with the strength of technology and strong economy working in their favor, fundraisers can ride the wave of what’s working to cultivate solid results in 2022.
In our three-part series, Summit Marketing examines how fundraisers can ride the wave of what’s working for the best results in 2022.
1. Enhanced Mobile Giving
The move to a more virtual reality, so to speak, found donors completing more transactions on mobile devices than ever before and gave teeth to the need to adapt to their preferences and desire for more giving options. The emergence of 5G, smartphone facial recognition and other burgeoning technology has increased the reliability, security and convenience of transactions, making way for the scope and frequency of mobile donations to continue to grow.
Ride the Wave:
Payment apps like Venmo and PayPal will drive increased action from supporters who have already established trust and accounts with these platforms, suggests Classy CEO Chris Himes, as will digital wallets like Google Pay and Apple Pay, which automatically populate information on a donation form, eliminating the need to leave the page or search for a check or credit card. And cryptocurrency (like Bitcoin) is gaining worldwide acceptance as a digital payment option. While it can be challenging to navigate these exploding technologies, the payoff will be worth it in ensuring donor satisfaction, generosity and loyal support.
Donating through PayPal or Venmo captures the interest of 55% of donors who share they would likely donate if nonprofits presented these options. – Classy
2. Subscription or Sustained Giving
From meal kits… to movies… to food for our fur babies, subscription services are flourishing. While they’ve been around for ages, they took on new relevance during social distancing mandates. As we embraced the ease and convenience of having our needs fulfilled consistently, month after month, with a single online transaction, those who might have been hesitant also became more comfortable with automatic payment processes.
Ride the Wave:
All indications show the population of subscription services will continue to swell. Successful nonprofits will have a strategy in place – such as a monthly giving program – that mimics the benefits of this powerful trend. “Donors want to be a part of something bigger than themselves, and sustainer programs allow them to do just that,” says Francie Hughes, Summit Marketing’s Director of Client Services. “In an increasingly virtual world, it’s important to keep the process easy, safe and convenient, with online enrollment and automatic process options.”
Summit Marketing leads the industry in custom and signature sustained giving programs. Align with us to better understand the importance, principles and infrastructure for monthly giving.
3. Flexible Giving Alternatives
Already showing steady growth, online giving became more prevalent during the pandemic as donors, now forced to rely on technology to meet many social and essential needs, found a comfort zone in the digital world. According to Galaxy Digital, nonprofits have reported a 77% increase in online revenue over the past five years, due in part to the uptick in direct donation platforms like Instagram, Facebook Fundraisers and Tik Tok for Good.
Ride the Wave:
While donors continue to harness these new platforms, fundraisers can’t afford to ignore the skeptics and late adopters, often a nonprofit’s bread and butter, who still prefer more traditional methods of giving. Don’t discount the importance of including QR codes, donation URLs and even 1-800 numbers throughout your donation channels. The key is something for everyone. Remain agile, flexible and innovative in providing donors opportunities to give in the way they want to give.
This is just the tip of the iceberg when it comes to the exciting opportunities for fundraisers in the year ahead. Check back next week when we talk about trends in Events, Volunteerism and Corporate Partnerships… and tips for making the most of them.-