My elders had a saying, the best job in the world was a Weatherman because you only had to be right 1 day a week. Anyone would enjoy a job where you only had to achieve 15% of your goal. Most of us are not that fortunate and would not last in our roles if we managed those statistics.
With respect to meteorologists (Weatherpersons) today, they have come a long way. Our forecast are much more accurate. However, I think they all own stock in Milk and Bread companies and when they need some extra cash, they throw out that four letter word, SNOW. But I digress…
Meteorologists, now have over 100 years of data that help them to understand patterns in the weather.
In fundraising, there are still many organizations that operate on a hope and a prayer. I had one organization that I worked with that was nearly 40 years old and the board had never approved a budget for the organization. Another organization I worked with the fundraising goal was the difference between what program fees brought in and what expenses were. On top of that, the organization had never raised the amount in that gap and therefore really didn’t believe they could. As a result, they just stopped doing mission related activities towards the end of the year.
Rectifying these issues was not complex and the solutions were relatively simple, they just needed to ask for it. However, we would not have known that had we not collected and evaluated the data. Like in the meteorological world, the power of data and history has empowered our industry and made the once unpredictable, predictable.
Meteorologists, now have over 100 years of data that help them to understand patterns in the weather. In addition, they have satellites that feed them information to match to the historical weather patterns and improve their accuracy.
Thanks to donor management systems and industry research, fundraisers are equipped more than ever before. Here are some things that can help you predict your fundraising revenue for the coming year.
4 ways to make the unpredictable, predictable
- Review your MONTHLY contributions history – research your giving history on a monthly basis. Understand why spikes occur (events, large bequest, grants, etc). A 3 year review should help you in predicting what your revenue flow will be each month. (HINT: it won’t be a consistent number)
- Establish a giving society – or some other form of sustainable/ monthly giving. Invite people to give this way. Monthly donors give on average 20% more than one time donors.
- Do your research before initiating a campaign – Set realistic expectations. Whether we are talking about capturing lapsed donors (LYBUNTY, SYBUNTY) or attempting an acquisition campaign, there is plenty of research to help you forecast your results. There are no guarantees, but the formulas provided through research often are +/- 10%.
- Make sure you are using all your tools. If you have a donor management system, are you taking advantage of all the tools available? Many of these systems have amazing online guides and regularly provide webinars or online classes to support their features. There may be an opportunity for an online giving page, email marketing, or peer-to-peer fundraising. In addition, they will have the results of what has been accomplished with their system. Taking advantage of these features are often already included in your expense, so why not use them.
Information is power. History, sustainable gifts, research, and tools can make you a meteorologist rather than a weatherman. This can help your organization fulfill its mission and plan its growth.
If you need help analyzing your data or discovering the tools of your donor management system, PB&J marComm is here to help. Contact us.
