Tis the season to… take control of your charity data. Yes, really.
With 2024 fast approaching, if you’re thinking about making new years’ resolutions, we promise that taking the necessary steps to take control of your charity data management is one resolution you won’t regret.
Why? Let’s look at the stats: for starters, businesses using data-driven strategies report five times more ROI than those that don’t, and over half of charities rank using data effectively as a priority.
Your charity data is the key to unlocking successful fundraising. It enables you to find the right supporters to reach out to, get to know them, and engage with them properly too.
Plus, it also provides you with the information you need to deliver engaging fundraising campaigns and – you guessed it – boost ROI.
If you want to start the new year with a bang and make a resolution that’s worth keeping, read on to discover four reasons to take control of your charity data and turn it into insight in 2024…
4 reasons to make 2024 the year you take control of your charity data
1. You can identify new gaps and opportunities
One of the biggest benefits of charity data is that it enables you to get to know your supporters so you can start to connect with them in a more holistic way.
By accessing key information and data points, you can get to grips with your existing supporter demographics and use clever profiling and segmenting to split your donor database into specific subgroups so you can truly understand your audience.
Not only can accurate donor data enable you to analyse your donors to understand the profile of your best supporters so you can target them effectively, but it can also help you gain an understanding about who you shouldn’t target so you can suppress these contacts from your activity.
Doing so also enables you to discover new gaps and opportunities and understand who your ideal supporter should be, so you can work out exactly who you should be speaking to and how you should be speaking to them.
2. You can make sure your fundraising is effective
Once you’ve got a better understanding of who your supporters are, you can then make sure your fundraising is effective by utilising your data to provide structure and strategy to your programmes and ensure you target your supporters with the right asks and products.
Whether you’re engaging with your supporters through direct mail, online, in-person, or over the phone, accurate data will ensure that your fundraising is as effective and efficient as possible.
Delivering personalised campaigns which appeal to the needs of each of your customer segments is the best way to ensure your fundraising is effective, with marketers who use segmented campaigns reporting as much as a 760% increase in revenue.
When you leverage your data and use it to inform your decisions, you can create targeted, personalised, donor-centric communications that engage with your supporters, strengthen supporter retention, and maximise your fundraising.
3. You can enhance supporter experience
The heartbeat of any charity is its supporters, and their experience is woven into your charity data. The fact is that supporter experience has never been more important, with 93% of charities saying supporter experience is important to them and two thirds making it a priority.
Despite the importance of supporter experience, only 25% of charities believe they are delivering a good supporter experience. To get ahead in 2024, you need to use your data to your advantage.
With solid data, you can harness a deep understanding of donor behaviour and harness these insights to personalise communication, boost engagement levels, cultivate deeper and more meaningful relationships, and enhance the supporter experience.
4. You can improve fundraising and strategy
Finally, taking control of your data enables you to monitor your fundraising performance and strategy so you can evaluate what’s working and improve results across your campaigns and appeals.
Metrics such as donor retention and donor acquisition rates, campaign response, and click through rates, demonstrate which campaigns have worked and why – and you can also back this insight up with broader analysis, enabling you to scope out larger trends and inform future decisions.
Big decisions become easier when you can count on what your data is telling you. So, by taking control of your data, figuring out which campaigns are performing, and which aren’t quite hitting the mark, you can begin to understand the key patterns needed to improve your fundraising and strategy in the future.
Plus, understanding what resonates with your supporters can help you to improve targeting, response rates, prompt levels, and revenue in the future – and identify any cross-sell opportunities too.
Ready to make 2024 the year you take back control?
If you want to make 2024 the year you take control of your data, you’ve come to the right place. At Wood for Trees, we are experts in helping charities utilise their data to plan, monitor, and evaluate fundraising programmes, segment supporter groups, and manage campaign engagement.
Our team of awesome analysts make things happen through data analytics, insight, and systems, and are experts in modelling and presenting your data in enlightening ways to inform decisions and drive effective actions.
We’ll use a range of tools and techniques such as analysis, segmentation, machine learning, and forecasting, combined with storytelling and data visualisations, to help you unlock the power of your data so you truly understand your supporters and what drives them.
If you’d like to find out more about how we can help with your charity data management, simply get in touch with our team today.
