Thursday, October 13, 2011

Ways To Increase Revenue

Finding consistent streams of revenue can be a challenging task for a nonprofit. Donors come and go, and sometimes special events don't go as planned. Organizations must constantly find new ways to increase their revenue if they are going to survive in this competitive market. Here are some tips that were gathered at the 2011 Bridge Conference:

-Find creative ways to increase operating dollars. For example, the National World War II Museum offers free admission to vets. It is able to do this because it launched an online "$10 For Them" campaign, which resulted in more than $100,000 in one fiscal year.

-Go beyond Recency Frequency Monetary Value (RFM). Make sure you are getting donors who have responded in the past.

-Know what you have in your database(s). Run a quarterly merge/purge so that your messaging is reaching the biggest and best targets.

-Review your past results. What can you learn from your previous successes and failures?

-Don't try to beat your previous efforts. Instead, improve on them.

No comments: