How to Set and Achieve Fundraising Goals with Mightycause
Fundraising is a crucial part of any nonprofit’s success. But setting clear, achievable goals can be the difference between a campaign that soars and one that falls short. Whether you’re planning for a year-long fundraising strategy or a specific campaign, having well-defined goals is essential. In this blog, we’ll teach you the most effective way to set fundraising goals and how to turn those goals into reality.
Review Your History to Understand Your Data
Before setting new fundraising goals, it’s important to analyze your past performance. Reviewing historical data helps you understand what has worked, what hasn’t, and where there are opportunities for growth. The more you know about your supporters, the better you can engage them and tailor your fundraising efforts. Here are key areas to review:
Past Fundraising Performance: Assess your previous fundraising campaigns. Did you achieve past goals? What was the average gift size? How many donors or donations did you receive?
Donor Retention Rates: How many donors did not return back last year? How many donors continue to give?
Successful Campaign Strategies: What fundraising approaches (peer-to-peer, recurring giving, matching grants, etc.) have been the most effective?
Engagement Metrics: Review your email open rates, website views, and social media engagement.
You can access your donor and donation information right from your Mightycause account! Utilize the Donations Report, Recurring Report, and Retention Report to easily pull key metrics and sort through your donor data. Learn more about our reporting tools and features here.
Missing Key Data Points?
As you review past donor information, keep a tab on the data points you are missing. This is a great opportunity to audit your donation process. Are you collecting all of the information you need regarding your donors? If not, utilize Mightycause Checkout to add additional custom questions to your donation flow so that you can collect the donor data you need.
Define Your Fundraising Goals with the SMART Method
Setting clear, measurable fundraising goals is the first step to success. The SMART method is a proven framework for goal setting. It takes into account specific factors for determining your goal. Here are the factors you should consider:
Specific: Can you clearly define what you are raising funds for. Is it for a specific program, general operations, or a particular initiative? Define exactly what you need.
Measurable: What data do you need to measure success? How much do you need to raise, and what milestones will indicate progress?
Achievable: Set a realistic goal based on past fundraising, donor engagement, and available resources. Is it doable for you and your team? Do you have the necessary skills and resources?
Relevant: Does your goal align with your nonprofit’s mission and strategic objectives? Why is your goal important?
Time-Bound: Define a clear deadline for achieving the goal. It should be realistic to the campaign you are planning.
Examples of Fundraising Goals
“Our fundraising goal for the year to raise the number of recurring donors by 25% by December 31st.”
“Last year’s spring campaign raised $15,000. Our goal is to raise $23,000 this year spring event on April 14th”
“Our average gift size last year was $116, this year we plan to increase our average gift size to $125.”
“Our GivingTuesday campaign had a 2% email conversion rate. Our goal for this year’s campaign is to increase the email conversation to 4%.”
Once You Have Set Your Goals, Now What?
Once you have a goal in mind, you need the right strategies to achieve it. Consider what fundraising strategies align with your goal. Here a few examples:
Peer-to-Peer Fundraising: Empower your supporters to create their own fundraising pages and reach out to their networks. Peer-to-peer fundraising expands your reach and brings in new donors who might not have otherwise engaged with your organization. Use Mightycause’s peer-to-peer fundraising tools to make it easy for your supporters to get started in minutes.
Recurring Giving Programs: Encourage long-term donor support by promoting monthly giving. Recurring donors provide a steady revenue stream and more engaged over time. Tools like Mightycause’s embeddable form make it easy to encourage recurring giving by enabling to be a default donation option.
Event Fundraising: Whether virtual or in-person, events can boost engagement and fundraising efforts. Mightycause’s event fundraising tools allow you to seamlessly manage fundraisers, track participation, and sell tickets through Eventbrite.
Giving Days or Timed Campaigns: Organize a 24-hour giving challenge or a short-term crowdfunding campaign around a specific event like GivingTuesday or a milestone anniversary. These campaigns create urgency and drive donations quickly.
Track Your Progress
Throughout your campaign, you will want to track your progress to make sure you are hitting your milestones. Mightycause makes it easy to set, monitor, and adjust your fundraising goals. Utilize goal thermometers to visually track progress and motivate donors. Keep track of key fundraising stats with your donations report. And use our automated donor engagement tools to keep supporters easily updated.
Take Your Fundraising to the Next Level
Setting fundraising goals is essential, but achieving them requires the right tools and strategy. Mightycause provides everything nonprofits need to plan, execute, and optimize their fundraising campaigns. Ready to hit your next fundraising goal? Get started with Mightycause here!