Data analytics helps your team stay one step ahead
The 2016 Euro football championships are just around the corner and everyone is starting to go football crazy.
So what has playing football got to do with fundraising?
Well gone are the days when football was a simple game. Now the England team have an army of data specialists behind them giving them match analysis on every single player all with an aim of getting a competitive edge.
In 2016 more than ever before, it is vital that charities make good use of data in order to fully understand the motivations of their supporters and communicate with them in away that is inspiring and tailored to their interests. Charities can no longer operate a scattergun approach but need to tailor their efforts to ensure they delight their donors, keep hold of them and maximise value. Data helps inform your game plan.
So, what does a successful ‘game plan’ look like?
In the modern world of competitive fundraising it is the small percentages that make the difference between delighting donors and ‘mediocrity’. Much like in football where the margins of difference between the winner and the runner-up are very fine.
At THINK we see there are five key benefits of getting your ‘game plan’ right:
- Engagement. Data helps to build your understanding. Much like when football clubs analyse a player they are thinking of signing, charities need to know their supporters. Building up a pen portrait of their lifestyle choices, interests and motivations for supporting the charity enable you to personalise communications.
- Maximising lifetime value. Data helps smooth your route to the final – in European Championship football terms ‘the road to Stade de France’. In fundraising terms the group stages are the warming up and engagement of the supporter, the knock out stages are the initial gift from a supporter, the quarters and semis are regular committed support and the final is the supporter fulfilling their potential by doing the most they can for the charity.
- Loyalty. When you build a supporter journey and use tailored communications to talk to a supporter you build trust and deepen the relationship which leads to increased loyalty.
- Efficiency. Data enables you to segment and target, which means you can focus your effort where the best returns are.
- Hidden gold. Data helps you uncover untapped potential – those donors who are giving quietly and regularly but are often overlooked; what Liz Dixon at THINK coined as ‘the invisibles’ in her April Blog.
Never under-estimated the increased value to your organisation that a data-led strategy brings. It’s not always easy and may require a bit of time and investment but the prize at the end is well worth the effort.