Data and analytics has become the backbone for all organizations. For nonprofits, data is essential for tracking and reporting on fundraising, marketing and program outcomes, providing further insights on organizational trends for your board. The right data can guide organizations on making informed predictions, conclusions and decisions. And without the much-needed data that today’s technology provides, organizations simply would not know the impact of their hard work.
When working at a nonprofit, time and resources are limited, which is why it’s important for you to work smarter and not harder when it comes to fundraising. By doing so, you’re setting your organization up for success by making data-driven decisions and when reporting to your board. But, of course, that can be easier said than done. Unfortunately, while nearly all nonprofits are collecting data, only 5% of these organizations are making data-driven decisions.
For nonprofits, perhaps the biggest roadblock is because of their data collection practices. According to the Nonprofit Hub, nearly half of nonprofits don’t know how their data is being collected. And that could come from having a complicated reporting tool, not having an accessible database for everyone on your team or having too many segmented data reports. At GiveSignup | RunSignup, we understand these common data challenges and have developed a powerful insights analytics platform that every member on your team can easily use and understand.
Data is such a useful tool to help you understand your donors and your fundraising efforts. Deciphering data analytics can be frustrating at first, but once you understand what the data is telling you, you’ll be relying on it to make all of your decisions. Read on to learn three ways you can use data to make a big difference for your organization.
Understand Donor Behavior
As the nonprofit sector grows and flourishes, so does the competition between organizations with similar missions and purposes. A growing pain for many nonprofits is as they expand over time, they aim to retain more valuable donors and those who give on a recurring basis. If you’re a nonprofit looking to attain that goal, you need to build better relationships with your supporters and give them better experiences.
Having informative data about your supporters lets you understand their interests, preferences and behaviors. For instance, let’s say you send direct mail appeals and email appeals. Looking at the data for both channels, it shows that email appeals are more effective at engaging your supporters and getting them to donate to your campaign. With that hard evidence, you know that your supporters prefer to communicate via email, so moving forward, you send more email appeals — lessening your spend on the less effective communication channel.
With the right data reports, you can identify which channels your supporters are communicating and interacting with most and how long they are engaging with your organization. It even lets you know more about how much and how frequent they donate and fundraise. GSU | RSU offers nonprofits the opportunity to create fundraiser reports, in which you’re able to collect information about your fundraisers — which fundraising pages they’ve created, how much they’ve raised and how to contact them.
Additionally, many of our nonprofits have further engaged their supporters by also using our straightforward Facebook Fundraiser integration tool, allowing people to further their commitment to your mission by giving them the opportunity to engage with their social networks and raise more money for your organization.
Optimize Fundraising Efforts
Data has been a game changer for fundraising, as it enables nonprofits to further maximize on their campaigns and events. Analyzing the data can inform nonprofits on campaign performance, giving them a bird’s eye view of where their weak points are and what needs improvement for future success.
With the ability to learn from past experience and understand which tactics are more effective allows you to create better experiences for your supporters and generate more fundraising revenue for your organization in the process. Especially with today’s fast-growing technology giving us easy access to valuable data, it’s important for you, as a nonprofit, to have an analytics tool that is simple to use and robust in scope.
GSU | RSU has two layers of analytics for your nonprofit to optimize your marketing spend and targeted communications:
- Integrations with Facebook Pixel, Google Analytics, Google Adwords and dozens more tracking and ad conversion platforms enable you to directly measure your ad spend.
- A powerful insights analytics platform that helps you monitor how your marketing strategy correlates to page views, ticket purchases, donations and registrations with a simple and real-time event dashboard. These analytics can determine key points during ticket purchase and donations to maximize your visibility through strategic marketing and communications.
Having an all-encompassing analytics tool can save nonprofits time and money, creating an all-around effective and efficient process for everyone on your team. For instance, Epilepsy Foundation of Colorado saves time by using GSU | RSU because the platform is self-serve, allows for easy shared access between team members and holds all of its supporter data in one central location.
Share Information With Board Members
Because boards have such a heavy influence in the decision-making within nonprofit organizations, it’s important that you come equipped with both financial and performance reports during board meetings. Data reports can show board members the impact and success of each of your fundraising programs. Plus, these reports can act as strong evidence if you and your team are looking to expand your budget or invest in a new channel.
For example, your organization is seeing tremendous growth and engagement on social media, and it’s looking to invest in a social media strategist to grow it even further, but you’re getting pushback from your board. Showing them hard data on the success of your current social program could go a long way in making your case.
With GSU | RSU, you have easy access to a variety of data reports. In addition to general participant reports, donation reports and marketing reports, you also have access to campaign-specific data, such as page views, signups, transactions, registration and more. To learn more about our suite of technology tools for your nonprofit, click here.