As a fundraiser, you put efforts to convert your fundraising campaign into a success. A number of people work behind the curtains to strategize the campaign. Right from defining the funding cause, researching custom fundraising software, and buying fundraising software, to collecting funds for the campaign - Every action is crucial to secure the triumph.
But does a successful funding event mark the end of your campaign? Definitely Not!
It is essential to analyze your campaigns based on different metrics. It helps to ensure the continuity of such successful campaigns and prevent shortcomings in future campaigns. These metrics are also known as KPIs (Key Performance Indicators). Using these metrics, you can measure the success rate of your campaign for different parameters. You can also take appropriate steps to avert the fallouts in the upcoming campaigns.
Key Performance Indicators (KPIs) of nonprofits refer to measurable values that determine the nonprofit’s efficacy in achieving its objectives. To give a proper guideline for your campaigns, you must understand why it is essential to incorporate them into your fundraisers.
When you employ key metrics to measure your campaigns, you can easily measure the success of your fundraisers. If there are no proper measurable metrics in your campaigns, you have to assume even for the smallest activity.
For instance, you have employed a number of communication channels to interact with your donors. Now, you do not have a KPI tracker to measure the interactions in each channel. How would you know which medium is working? In this case, you end up spending additional cash on streamlining the channels with no clear information on the engagement rate. Inverse case, having a KPI tracker records and analyzes your donor interactions across all the platforms. This gives insights into the channels with higher engagement rates. You can allocate the funds depending on these insights.
In this section, we have listed some of the best practices to opt for while measuring the KPIs of your fundraisers. By leveraging these practices, you can effortlessly strategize your campaigns for success.
There is no advantage in measuring the values for metrics that have no relevance to your campaigns or causes. Though you might feel encouraged to measure several metrics, it is best to sit down and list the metrics that match the objectives of your campaigns. Based on these metrics, you can measure the success of your fundraisers.
We recommend tracking the metrics for a longer period than a shorter period. Because the values measured for a shorter time may not reflect the true performance. Hence, it is better to have patience and wait to collect the data for a longer period. Based on the longer period of data, you can restructure your campaigns.
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All these measurements become incomplete without implementing them. Alter your campaign strategy, depending on past metrics, and evaluate if you can achieve the desired goals. Keep optimizing your campaigns based on these values to understand current trends and make smarter decisions.
Here, we have listed some of the top fundraising metrics that you must consider before analyzing a campaign.
This metric determines the average amount of gifts that you have secured after the completion of a campaign.
Average Gift Amount = Total Number Of Gifts/Total Number Of Donors
It is another way of tracking the growth of your donation. Ideally, this value should increase with the increase in the number of your donors.
Through this metric, you can understand if you have gained any profit based on the investment you have put into a campaign.
Cost Per Dollar Raised = Expenses / Gross Revenue
Ideally, the cost per dollar raised value should be low. It indicates that you have earned more than the invested amount. It also means that you have successfully raised funds.
This metric is important to calculate the success of your future campaigns. The Donor Retention Rate refers to the number of donors from the previous campaigns you were able to bring back to the current campaign.
Ideally, the Donor Retention Rate should be higher as it acts as evidence for the success of future fundraisers.
This metric lets you calculate the efforts that you put to interact with your donors. This metric plays an important part in boosting your donor retention rate. Unless you maintain a cordial relationship with your donors, it is difficult to measure their support for your fundraisers.
So, make proper efforts and measure every interaction to assess the outreach rate.
The Conversion Rate focuses on donor acquisition. It measures the success rate of your tactics to convert a possible lead to a donor. With this KPI, you can also know the effective rate of a particular method that you have employed for conversion.
By including the above metrics - Cost Per Dollar Raised, Average Gifts Amount, Donor Retention Rate, Outreach Rate, and Conversion Rate, along with your fundraiser-specific metrics, you can get a clearer picture of the success probability of your future campaigns. GivingX has all the essential tools that a fundraiser needs to streamline fundraising.
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