Successful fundraising requires a commitment to learning as much as possible about your donors so you can be more effective in how you communicate with them, whether it’s through direct mail, over the phone, or during a face-to-face visit. That’s where the science of fundraising comes in.
The science of fundraising is based on collecting and analyzing measurable, objective data that allows you to develop a more effective plan for prioritizing and engaging your donors. The purpose of data analysis is to get answers to your biggest questions.
The Science of Fundraising: Objective and Actionable Data
Developing an intentional strategy for analyzing your donor file can reveal a wealth of information and answer some questions every nonprofit organization should be asking. For example:
- How recently and frequently are donors giving and how much are they giving? Giving data such as a recency, frequency, and monetary value (RFM) has been the age-old standard for nonprofits when it comes to analyzing donors.
- Are there donors who have the capacity to make more significant contributions to your organization? Marketplace data has become increasingly valuable to further prioritize donors. It enables organizations to leverage third-party sources, such as wealth overlays, to identify donors who have the ability to give more than what they are currently giving. Marketplace data also provides key demographic insights that reveal information you may not know.
Are you ready to take a smarter approach to fundraising?
If you want to learn more about how to identify donors through the science of fundraising, you don’t want to miss our latest resource, Balancing the Art and Science of Fundraising.