Return on Investment for Nonprofits
What type of return are you getting on your fundraising spending? Are you tracking your dollars spent thoroughly enough to understand whether you should continue spending in this way? Every nonprofit is using direct mail, will that provide the best return for your organization? Are you using Facebook, Linkedin, Instagram, and Twitter beyond organized giving days like #GivingTuesday? If you’re not, why are you not considering alternatives? There are good returns to be had from social media.
More Touchpoints, Call to Action, and Simplicity
One good way to think of it is in terms of touchpoints. It often takes 5-6 touchpoints to convert someone to becoming a member. As an example, you have direct mail and speaking at events. This is only two. Social media needs to be a part of that equation. Social media can rapidly increase touchpoints and reach. Within social media, utilize a call to action in order to direct viewers to become members. Typically nonprofits are only using mission-driven statements and imagery on their social media accounts. If you’re not telling your followers what you need them to do then you are missing your opportunity. Social media also provides the added benefit of ease of use for potential members. The are far more steps to respond to a mailer, but with social media, a member can sign up in a few clicks. With social media, there may be no need to go get checkbooks, cards, computer (already have it), or walk to the mailbox.
Know Your Numbers
Knowing what it costs you to acquire a new member/donor is critical for budgeting for your future. Likewise, it is also critical for you to minimize your spending and maximize your return. When we work with clients, we dig in to understand what you’ve been doing to succeed, but also where there is opportunity. We use data analytics to measure and improve your future returns. This work allows you to continue your daily efforts while getting a better return on your dollars spent. All too often, focusing on data analysis seems too far away from the mission, but we have found that these can work hand in hand.
NMBL Strategies has worked with nonprofits for years, helping in some of the greatest nonprofit developments of the previous 20+ years. In that time, we’ve raised more than $100 million, developed millions of dollars more in earned income, and most importantly, developed the strategies and insights behind these efforts. Let us bring that experience to your nonprofit today and ensure your financial future is in good hands.
