Tuesday, September 18, 2012

5 Ideas For Financial Growth

Finding ways to achieve financial growth in this tough economy sometimes seems futile. While there has been significant progress since the height of the Great Recession, some nonprofits are still struggling to find their way. The temptation to curl up in a corner until things get better can be very strong, but organizations must resist if this urge if they are to succeed.

During a recent DMA Nonprofit Federation conference, Neoma Harris of St. Joseph's Indian School spoke about steps her organization has taken to strive for growth in the aftermath of the Great Recession. She offered the following advice:
  • Bond with your new donor. Use thank you packages and second-gift mailings. Go back with a premium or theme similar to what grabbed them first.
  • Add an outsider's voice. The school tested a “mock” newspaper article insert in its Matching Gift house special and got a 40 percent lift and $9.64 higher average gift.
  • Coordinate mail and online. The school's May "Graduation" house appeal received a 3.65 percent response and $20.12 per gift with mail only and 5.7 percent and $29.25 per gift through mail and email. Email brought in $4,000.
  • Remember new markets and programs. The school has found fundraising success in Europe, and it launched a stand-alone mail program for Cheyenne River Indian Outreach.
  • Test, test, test. The school had success with coupons and “super sized” coupons.

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