How to Find New Donors During a Recession
This post is not exactly about insurance, however it is about finances. Without tending to the income side of the balance sheet you will have nothing to insure. Thus in the spirit of trying to help our Non Profit friends and clients we thought we would incorporate some insightful fund raising tips. When we see something that has merit to our NY Non Profit Insurance audience we will deliver it.
Non-profit organizations are experiencing low response rates from direct mail endeavors and aren’t sure if reducing donor acquisition is the best solution. Cutting back on acquisitions may save a company money, but only temporarily because revenue will be lost in the long run. It is estimated that 20% of donor acquisitions each year will continue to contribute five years later. Donor acquisitions is an important investment. Some advice for those of you who are contemplating cutting back on donor acquisitions:
- Keep a steady number of acquisitions to protect direct mail revenue from declining
- Report acquisition appeals when donor response rates are at its highest.
- If you are forced to cut back on donor acquisitions, drop the list with the lowest performance. Organize your performance list by cost and analyze how much you can save by cutting the donors at the bottom.
- Contact as many multi buyers as often as you can through mail
- Re-using better performing donor lists can save costs in list rental and may not affect your performance. Consult your list broker about this to see if it is beneficial to you.
- Mail old donors
- Ask your corporate partners for donor names
- Reduce acquisition package costs without affecting revenue
- Look to vendors who provide a service and derive and income from your Non Profit.
- Never discount the family and friends network.
- Utilize and Facebook & Linked In and Develop a robust Social Media Strategy. It’s low cost and high return!
If you need some assistance with the last one we would be more than happy to have a quick meeting to show you how to accomplish this. Click here to contact a Risk Advisor
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