Today we are evolving to digital-first social fundraising.
Why? It is due to people wanting less friction and an easy way to fundraising opportunities. In addition, people want to make donations right when and where they are. When the donation process is too arduous or requires too many steps, you're at a very high risk of losing fleeting interest.
Capturing recurring donations through social media and creating communities can easily reactivate to reengage participants and hosts with repeat fundraising events, allowing you to make more consistent, predictable revenue streams. Another reason repeat fundraisers are so beneficial is that it helps drive the all-important second action, which is the most significant factor affecting donor retention.
Also, having a matching program, like Meta's, can help capture recurring donations, which is vital to sustaining donations beyond holidays to further lifetime value. Sometimes even using emails, text, and social media chats can be effective in bringing forth individual interaction, thereby cultivating donations.
Here are 7 Nonprofit Trends to look out for in 2023
Digital Wallets gives an experience similar to buying and shopping online. The use of Apple Pay, Venmo, PayPal, etc., can be very helpful; it can offer nearly 1.5 times more when nonprofits offer ACH, PayPal, and Digital Wallet payments.
Crypto is a digital currency that runs on a virtual network and doesn't exist in physical form like paper money or coins.
Leveraging LinkedIn - This platform not only helps you build a network of like-minded leaders, but it also is a way to share your voice to a group of working professionals who coincidentally make up many potential donors.
E-Commercification of donations, If you look at the growth of e-commerce, nonprofits can take note of how to optimize online giving through tools that will upgrade one-time donors to recurring donors, flag abandoned cart donors, and pinpoint donor positions through location-based AI.
Hybrid Events, Instead of the usual in-person events, organizations can start leaning towards virtual. There is no seating capacity to consider or timebound in-person events.
Giving Experience, Subscription Boxes- Giving regular updates on programs and initiatives, VIP experiences or personalized relationship-building conversations.
SMS Comms, Using Text messaging- with text, you have a greater open rate than you would with emails.