As of today, the ultimate effect of the Coronavirus Pandemic on the world economy is still unknown. But there is no question it’s having an effect on nonprofit fundraising efforts in real time. As events are being cancelled and public gatherings discouraged, we are entering uncertain times. A Chronicle of Philanthropy Fundraising Update summarizes it like this, “In 2008, charitable giving plunged 5.7 percent, marking the steepest decline charted by “Giving USA” since it began its survey in 1956. Nobody knows whether the economy will face as deep a struggle, but fundraising consultants and nonprofit experts [are urging] charities to start planning for a prolonged recession.“
What is the best path forward in times of crisis and recession? First, it is important to realize panic will not help your constituents. As a nonprofit, your services will be needed more than ever so clear heads and steady hands must prevail. At CheqrPay, we are here to support your efforts. We’ve pulled together eight key steps for keeping your fundraising efforts on track.
1. Adapt Your Story for the Times
Make sure you tell donors how their giving is making a difference TODAY. Are you supporting those affected by the COVID-19 Pandemic? How? Donors will want to know how those you support are being affected, how urgent is the need and what you are doing to meet that need now. Stick to the message and avoid talking about how your fundraising efforts are suffering. Donors don’t care.
2. Update Donors Frequently
In addition to solicitations, be sure to provide frequent updates. The situation on the ground is shifting quickly. Show how your organization is on top of the changes and putting resources where it matters. Current donors will feel good about their impact. Prospects will be inspired to give based on your demonstrated effectiveness.
3. Step Up Your Efforts Online
Feature your donate button on every page of your website, preferably in the header. The button color should pop – consider using bold colors like orange or red. The “Donate” button should link directly to a donation payment page – never to a page that lists multiple ways to give. Be sure the giving process is quick, mobile compatible and offers options for using mobile wallets (Apple Pay and Google Pay). Your goal is to make giving as easy as possible to capture every donation.
4. Make the Move to Social Media
If you haven’t embraced social media, now is the time. As events are being cancelled, nonprofits will be called on to come up with creative alternatives to public fundraising gatherings. As a start, make sure you are sharing the impact you are having in your community as the crisis unfolds. Posts that include graphics are the most effective. Consider using a tool like Canva to create appealing graphics with photos, inspirational quotes or powerful statistics. Include a short link to your donation page with every post. (CheqrPay provides a short link with every account.)
5. Offer Matching Grants
Ask a loyal donor or community organization to provide the match. Get the word out on social media and ask everyone to share!
6. Strategically Cut Fundraising Costs
It takes money to make money – an axiom that holds true for fundraising as well. In times of difficulty it is better to cut smart and just cut. Consider moving direct mail campaigns online to either email or social media. If you continue with direct mail, make sure there is a way for donors to give instantly from that piece of mail. Make your mail interactive by including a QR code “Scan to Give” option that links to your mobile ready, mobile wallet enabled fundraising page. Review how much you are paying for your online donation processing platform. CheqrPay has no monthly fees and a low per transaction fee of 2% + 30¢ for credit card transactions and 2% for bank transfers. Most platforms charge 4-7%. Reducing that fee can make a huge difference to your bottom line.
7. Think Outside the Box
Grants and individual donations aren’t the only way you can find revenue. By getting creative, you may be able to tap other income streams. If you have extra space, consider renting to another organization. Approach corporations and pitch a cause-marketing partnership. Explore the development of a Social Enterprise.
8. Stay in Touch with Grantmakers
Endowment based donors will more than likely scale back giving in a recessionary period. That doesn’t mean you should stop communicating. Be sure to keep them in the loop on your efforts and impacts and be first on their list when giving levels normalize.
As the economic and health situation continues to develop, the CheqrPay Team wants to have your back. We would welcome the opportunity to partner with you as you continue your work in these challenging times.
