5 Critical Steps for Successful Giving Tuesday Now Follow Up
These 5 critical steps for your Giving Tuesday Now follow up will increase your fundraising beyond what you capture from initial donations.
As many nonprofits send appeals for donations to help in their response to the massive economic downturn caused by COVID-19, most will not know the true potential of their donors. You can fix this. Use these steps to generate bigger donations from your Giving Tuesday Now follow up efforts.
1. Share Your Impact in #GivingTuesdayNow Follow Up
You may have a set of thank you letters to use in your initial Giving Tuesday Now follow up. Send your emails and letters out quickly to acknowledge donors for their contribution. If you received donations electronically, send your follow up by email. For paper check donations, respond in kind with a printed letter.
Mention the impact you are having. Donors want to feel that their contributions are making a difference.
For more messaging ideas, use WealthEngine’s Giving Tuesday Now Toolkit, which contains many templates that you can copy/paste and edit to customize your words.
2. Screen Donors to Know Who Can Give More
You will get donations of all sizes, $10 or $1000 or more. How many can – and would – give far more than $100? How many are millionaires and should be targeted for major gifts? There’s a very strong likelihood that if you nurtured these high capacity donors properly, they would donate more.
Find the Major Gift Donors Hiding in Your #GivingTuesdayNow List
Nurture donors with high estimated giving capacity and propensity.
Leslie VanSant, Chief Philanthropy Officer, at the Rainforest Trust had a donor who regularly gave a small donation, under $500. She did a simple check in their WealthEngine account to see this donor’s estimated giving capacity. Leslie saw that the donor had much greater potential than her past donations. This was an opportunity for building a stronger relationship.
Through personalized engagement resulting from her wealth screening using WealthEngine, the Rainforest Trust soon got a $25,000 donation from this donor.
After your donations from Giving Tuesday Now are in, it’s time to investigate. You now have the opportunity to nurture many new donors who can give much more than they gave.
Screening your donors for their actual giving capacity and propensity will be the most important thing you do in your Giving Tuesday Now follow up. It can double or triple the funds you raised.
If you use Salesforce, get the WE Insights for Salesforce connector to append your donor record with these details instantly. For other tools, use WealthEngine’s API to save time and get all of the information you need right inside your CRM/DMS.
3. Take a Closer Look at Your DAF Donations
Fidelity Charitable reported that during the first 4 weeks of lock downs and economic turmoil, donors of their Donor Advised Fund gave $90 million to help nonprofits deal with COVID-19 issues. So, they challenged their donors to hit $200 million by today. Compare this to $60 million that was donated in all of 2017 in response to the seven natural disasters that year, such as the California wildfires and Houston floods.
Donors who participate in a Donor Advised Fund generally have a higher giving capacity than what they donated to your organization. Fidelity reports that their average donor has $17,000 in their DAF. Vanguard’s minimum amount to deposit in their DAF is $25,000 whereas Fidelity and Schwab have a $5,000 initial minimum.
When you receive a donation through a DAF of $50 or $500, it’s time to learn more about your donor. They should get special attention in your Giving Tuesday Now follow up. The simple fact that they used a DAF indicates that they likely can give more.
People use DAFs to set aside cash for future donations while taking the tax deduction on the total set-aside amount at once. This allows donors to decide which charities they want to support over time. With the havoc caused by COVID-19, DAF donors are being quite generous.
DAF donors often include their personal name in the donation. Use this to research the donor’s actual giving capacity.
This adds to the information in your donor segmentation analysis so you get a clear picture of where to put your efforts.
4. Use a Donor Pyramid to Project Your Fundraising Potential
It is time consuming to nurture major donor prospects. With limited bandwidth, you and your team want to focus on the most promising opportunities for growth and expansion. Donor segmentation can be hard.
A donor pyramid is a wonderful solution. It can help you segment your new donor list to create a prioritized list of prospects. For many organizations, this is a manual exercise that requires knowing the scores, capacity, propensity and other information about donors.
WealthEngine’s upcoming release makes creating your donor pyramid very easy. Rather than manually sorting and segmenting your donors, our new Donor Pyramid Modeler allows you to see which donors fit into each giving tier instantly.
This saves you weeks, even months, of grueling hours manipulating spreadsheets and digging into the backgrounds of your donors.
The Donor Pyramid Modeler can automatically screen your Giving Tuesday Now list for appropriate follow up. Using data from WealthEngine’s scores and insights, you will know which new donors to nurture for additional giving. Appropriately assign them to your major gift or planned giving officers, or keep them on your annual fund campaign list.
You will also see the total giving capacity of your Giving Tuesday Now donors so you know your full fundraising potential. Try it and see how quickly it can help you find your best donation opportunities.
5. Identify the Shortest Path to Reach New Connections
WealthEngine’s connections enable you to see who in your circle of close contacts can put you in touch with others you are trying to reach.
You can find common connections through personal relationships, other nonprofit board members, and professional activities.
Our client constantly report high ROI and big increases in fundraising once they start using WealthEngine. Even in a climate with tight or frozen budgets, bringing in donations is the key to your survival. A tool as powerful and easy to use as WealthEngine can mean the difference between funding new initiatives or turning off your lights.