The biggest challenge for a nonprofit is finding ways to raise funds to support its cause. With thousands of other charity organizations fighting for the same resources, it can be difficult to reach your targeted funds. The secret is setting yourself apart by taking the time to find creative ways to structure your target fundraising models. Many fundraisers come up short of their targets because they don’t set realistic goals. Then, they use generic fundraising tactics to achieve them.
It is possible for a nonprofit to get the most out of its target fundraising. But this is only if it uses the right resources to do it. Several elements will influence how you go about setting your objectives, such as your intended audience and required income. Whether it’s your first fundraising drive or you are looking to increase donations, this guide provides useful tips to succeed.
General Information about Target Fundraising
Fundraising targets give you a goal that directs all your activities. Say, you want to raise $30,000 in two years. It means that the nonprofit has to get donations worth $15,000 in a year. The kind of work a foundation engages in is one of the aspects that dictate its target fundraising. Some causes have more support than others, and that influences the chances of achieving your goals. In most instances, charities look at their income history to set new targets.
Your past donations can tell you how much donors are willing to give to the cause. However, income history should only be a guideline and not the deciding factor when establishing donation targets. Over the years, the field of philanthropy has changed a great deal with gift vehicles assuming new shapes on the web. The increased methods of giving improve the chances of reaching your targets. But you have to set them correctly.
5 Effective Approaches to Target Fundraising
1. Be Realistic
Regardless of how well your fundraising campaigns have been in the past, don’t be unrealistic with your expectations. The line between being ambitious and unrealistic can get a bit blurry. Target fundraising is about establishing goals that you have a probability of achieving. It is better to raise money and beat the target than come up short because it was too high. You can always adjust milestones over time to meet your income demands.
For example, compare a target of $5,000 and 2,500 for a fundraising drive. Now imagine you managed to get donations worth $2,000. If your target is 2,500, it means you have 80% funding, but if your goal is $5,000, then it means you have only collected 40%. Donors are more willing to get you through your target when there is only 20% to go as opposed to 60%.
2. Be Specific
Another common mistake when target fundraising is to have general goals. Saying you need to raise more money than you did the previous year is not a specific goal. If you raise 5 dollars more, it means you have met that objective. It is not the same as saying you need to raise $1,000 more than you did the previous year.
Take some time to define your goals adequately. For example, you can state that your target fundraising this year intends to bring in five new donors, in addition to raising $15,0000. Specificity gives fundraisers something concrete to work on. Besides, it will make it simpler to tell if you have accomplished your objectives when they are clearly defined.
3. Give It Time
Never assume that you target fundraising will start to receive funds immediately you announce it. Even large organizations that have built up a reputation over time need patience when working towards their targets. After deciding how much the foundation requires, set a reasonable period to get it. For one charity, $20, 000 in one year may not be a problem. But it may be impossible to another one.
The task of identifying, cultivating, and soliciting donors is a lengthy one that may take a considerable while, particularly if it’s a new nonprofit. Expecting immediate results from your target fundraising is inviting disappointment. Remember you are relying on the goodwill of the donors to get you to the finish line. Some people prefer to give a little over time while others donate one large sum. Many other variables will dictate how long it takes to accomplish your targets.
Just because target fundraising takes time doesn’t mean that you shouldn’t have a timeline to work with. Deadlines keep people grounded. Individual fundraisers can put off their objectives indefinitely if they don’t have a timeline to stick to. Think of deadlines as motivators for everyone involved in the target fundraising. A schedule also adds to the specificity of your objectives.
Knowing that you have a month to raise $2,000 gives you a definite goal to guide your donation efforts. You can plan your events around that particular timeline. Additionally, it is easier to gauge progress when fundraisers have a deadline. If they are three months into a 6-month schedule with 70% donations, then you know they are doing very well.
5. Know Your Backers
The ability to reach your fundraising targets depends on the donors you have in your corner. You can set an excellent goal for your target fundraising but fail because you did not account for your audience. Analyze your donors. Are they the type of individuals who donate large amounts all at once or small ones over a certain time frame? Does your cause generate enough supporters? You may have a short donor list but one that consists of generous givers.
Consider how the type of donations to ask for. Should every donor give a specified figure or is it according to one’s ability? The capabilities of your donors determine how well you can achieve your fundraising targets. Besides the power of your current donors, research your potential backers to get a clear picture of what they can do.
To the Target
Raising funds for a nonprofit requires a lot of hard work and tact. Fundraising targets are necessary to help charity organizations to attain its income.
However, not every entity out there understands how to approach target fundraising. With a few tips, you can improve your goal setting and consequently, your fundraising abilities.