4 Data-Driven Strategies for Department-Specific Fundraising
As your school faces financial challenges and budget constraints, it’s important to ensure that each department has the resources it needs to provide quality education to students. However, with so many schools and organizations competing for support, it can be difficult to stand out. That’s where data comes in.
By harnessing the power of data, your school can make informed decisions and develop effective fundraising strategies that help each department reach its goals.
In this guide, we’ll explore four ways data can play a role in your school’s department-specific fundraising. Let’s get started!
1. Conduct prospect research
Departments in need of major funding require more advanced skills and strategies to identify the right donors. Whether you’re creating a tuition fund, expanding your research initiatives, or building a new facility, use prospect research to guide your efforts.
AlumniFinder defines prospect research as the process of assessing an individual’s capacity and willingness to become a major donor. It involves using publicly-available records, social media, and other data sources to collect:
- Wealth data: Conduct a wealth screening to gather information about an individual’s income, stock ownership, and home value and assess their financial ability to give.
- Philanthropic data: Review an individual’s charitable giving history, including the frequency, amount, and causes they have supported in the past, to determine their willingness to give to your specific department.
Even if a prospect can’t make a major gift, you may find through your research that their employer offers matching gifts or that they have the propensity to become a monthly donor, both of which can provide your school with sustainable revenue streams.
2. Segment donors for greater personalization
As you begin reaching out to donors, one of the most effective strategies you’ll have at your disposal is segmentation. Donor segmentation is the act of grouping supporters based on shared characteristics—such as demographics, giving history, or geographic location—and developing personalized asks that align with their preferences.
Here are some common segments to get you started:
- Alumni of the department: Alumni have a direct connection to your department, so consider specific appeals related to alumni networking, mentoring, or creating scholarships to engage their sense of pride and loyalty.
- Previous supporters of the department: Individuals who previously volunteered, donated, or spread the word about your department’s work are more likely to take an interest in it again. Acknowledge their past contributions and explain how their ongoing support can make an impact.
- Parents of current or former students: Parents who have children enrolled in or have graduated from the department are often invested in its success. Engage this segment by highlighting the impact their support can have on their child’s education and future.
- Industry professionals: Identify donors who work in a similar field or have professional affiliations with your department. Position their support as a way to drive innovation, nurture talent, and make a meaningful impact in their industry.
Regularly review and update these segments based on new data insights, evolving donor behavior, and changes in your fundraising priorities. For instance, you may choose to further segment alumni by graduation year, involvement history, and engagement level for greater personalization.
3. Supplement storytelling with data
Storytelling is a key component of department-specific fundraising, as it allows you to connect with potential donors on an emotional level and inspire them to take action. For the best results, back your stories up with data so donors understand the tangible impact their support can have.
Keep these steps in mind as you craft a data-driven story:
- Collect relevant data. Collect data that quantifies the impact of your department’s initiatives, such as student success rates, research breakthroughs, and community outreach numbers.
- Supplement data with stories. Combine data with personal stories and narratives to create a powerful impact-driven storytelling experience.
Here’s an example of how to integrate data points seamlessly into your narratives, using them to illustrate the progress made and the positive change brought about by donor support:
“Meet Sarah, a first-generation college student with a passion for scientific research. Growing up in a disadvantaged community, Sarah faced numerous obstacles on her educational journey. However, her dream of pursuing a degree in biology remained unwavering.
Thanks to the generous support of donors like you, Sarah was awarded a $10,000 scholarship from our Department of Biology. This financial aid not only relieved the burden of tuition but also allowed her to pursue groundbreaking research on environmental sustainability.”
4. Track fundraising performance
After launching a campaign, NXUnite recommends monitoring its success through performance tracking and analysis. Doing so will help your department refine its strategies and continually improve its fundraising outcomes.
In addition to collecting common metrics like total dollars raised, you can track fundraising performance through the following marketing channels:
- Website: Use tools like Google Analytics to track the performance of dedicated landing pages on your school’s website. For instance, you might monitor the views, bounce rates, and average time spent on your donation page to identify areas for improvement
- Social media: Assign unique tracking URLs or campaign codes to posts promoting your fundraising initiatives to measure the traffic generated from social media platforms.
- Email: Set up conversion tracking in your email marketing platform to track the number of donations raised as a result of your messaging. This allows you to attribute specific actions to individual email campaigns and measure their impact on fundraising outcomes.
As you collect this information, be willing to adjust your strategies accordingly. For instance, if your email conversion rate is low, you may need to segment a different group of donors or improve the personalization of your messaging.
Now it’s time to launch a data-driven fundraising campaign. Remember to leverage and maintain a comprehensive donor database to guide your efforts. With the right tools and strategies in place, your departments can maximize their fundraising outcomes, deepen donor relationships, and make a lasting impact on students.