Stewardship Best Practices
As the most effective form of fundraising, development is the act of building relationships in order to raise funds. How do you establish strong relationships with donors? THANK THEM. You should always, always, always thank your donors — no matter how small the donation.
This is a truly critical aspect to any fundraising strategy. That’s why Cogeo has created a list of stewardship best-practices to consider as you continue to build relationships with your donors.
Stay Organized
Know your donors. Keep track off who donated, how much, and when. If this information gets lost or mixed up, you could very easily leave significant money on the table. That’s why it’s so important to keep a clean, task-oriented database or CRM (Customer Relationship Manager).
By separating out your donors or funders and organizing them into categories based on the type of gift they gave (annual gift, major gift, planned gift, etc.), you’ll be able to easily provide them with updates and data that will keep them informed and interested in supporting your organization.
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Recognize Donors
A simple, strategic, and significant way to steward donors and thank them for their support is to offer them recognition. This can range from a hand-written thank you note to a mention in your monthly newsletter to a name-plated plaque hung on a donor wall to an announcement or signage at an event (with their permission, of course).
Get creative with this stewardship tactic. Thank your donors in a way that represents your organization and offers gratitude for each donor’s generous gift. And always think about how a donor appreciates being communicated with — adjust your tactics accordingly.
Track & Report Your Impact
One of the most effective ways to steward donors, and keep their donations consistent, is to show the impact that your fundraising efforts (their donation) are making.
Allow the data to speak for itself. To do this, you’ll need to make sure that you’re continuously tracking the impact metrics within your organization. Consider providing quarterly, bi-annual, and annual data-driven reports. If your team is consistently reporting and reviewing analytics, donors should receive comprehensive updates with measurable results that will encourage them to continue making contributions to your organization.
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Use Creative Marketing Tactics
There are lots of creative options when it comes to stewardship and donor communication. Keep these individuals engaged by using different marketing tactics to deliver content and display progress.
Sending a weekly or monthly newsletter is a great start and a fairly standard approach. However, you should also consider a more unique approach. Here are some ideas:
A unqiue social media page or web page for organizational updates
Forums or channels for donors and VIP members to ask questions and connect
Invites to special, donor-only events
Share images, videos, case statement updates, testimonials, beautifully designed emails, and microsites to steward your donors. It will catch and hold their attention, allowing your message to make an impact and allowing them to feel confident about their donation and future donations.
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Stay Current & Consistent
Make sure to always be top-of-mind when it comes to donors. Don’t give them an opportunity to forget about your organization or wonder what’s come of their donation.
This kind of consistency usually comes in the form of emails, newsletters, quarterly, and annual reports. Stewardship is at the core of building and growing relationships with donors. It is truly the backbone of all fundraising best-business practices, and if properly executed, it will bring consistent, significant funding to your organization.