In a survey of more than 3,200 people, Fidelity Charitable discovered two important metrics when it comes to what holds donors back from giving. Over 70% of respondents said they would give more if their finances allowed. However, a surprising 65% said they would give more if they knew the impact of their donations.
People love supporting organizations they care about. When donors understand specifically what their hard-earned money is going towards, they’re likely to give more and share about it with their network.
Here are a few suggestions for weaving regular thanking and reporting into your fundraising cycle:
- Break down dollar amounts into relatable outcomes and highlight it on your website, social media, welcome letters, response devices, etc.
- Inform donors how their gifts are being used
- Practice financial transparency by maintaining clear communication, distributing annual reports to donors, posting financial statements on your website, etc.
Why This Matters
Most nonprofits exist to change or impact the world for the better in some way, and they do this through building genuine relationships with the people they serve. The same approach should apply to those who support the ministry financially. When donors feel appreciated and like their money is making a measurable impact, they’re more likely to continue supporting your organization and share about your ministry activities. It’s also worth mentioning that retaining an existing donor costs much less than acquiring a new one, so the extra work of thanking those who support your cause and letting them know how you’re using their funds—and how it’s furthering your mission—will always be an effective use of your time.
Click here to read more key findings about Overcoming Barriers to Giving.