“Data. Data. Data.“ is a common refrain that confuses more than it defines. But despite the confusion, it is vital to success and most nonprofits are not entirely sure where to begin. Fortunately, there are organizations like Plenty that help nonprofits dig out meaning from mounds of fundraising data that creates insights to analyze.
In conjunction with MADD and Peer-to-Peer Professional Forum, Plenty presented the key tactics to help nonprofits with every type of mission, gather the right data and focus on the right analyzation goals.
While listening/downloading the presentation is highly recommended, here are a few takeaways:
1. Focus on segmentation
Understanding your donors are a fundamental necessity in a fragmented space. Nonprofits are competing alongside hundreds of similar organizations for the same money. Knowing who donates, what quantity and how will help you grow…exponentially.
2. No number crunching…Analyze
The goal is not to have the most data, but the most actionable data. If what you gather doesn’t help improve your fundraising, it is not the right data.
3. Get beyond behaviors to connections
A great point and needs to be a focus: behaviors are great but ‘why’ those behaviors occur is more potent. Always ask: Why?
4. Know what data you need before you start to acquire it
In other words, spend the time upfront identifying the actions you will want to take and define the information that will aid in those actions way before launch.
The image below provides a nice visual reference for guidance. While the information is generic, it can easily be applied to your initiatives to help you plan for your upcoming campaigns.
Definitely register and listen to the webinar. The information provided is invaluable and will truly push your organization beyond current fundraising to creating much more impact!
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