There’s an abundance of metrics that show the growing influence of social media and social platforms on an organization’s ability to successfully attract, engage and retain donors. Yet the statistics reported in the 2012 survey commissioned by the Association of Fundraising Professionals and the Urban Institute, the 2012 Fundraising Effectiveness Survey Report demonstrated the continued downward spiral of donor retention.
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The survey found that the average nonprofit donor retention rate is only 41 percent, compared to a customer retention rate of 94 percent for businesses. The average new donor retention rate is only 27 percent. Why such a disconnect? If nonprofits continue to embrace social media platforms, why are they apparently failing to build-long term relationships with their donors?
One explanation is the inability of these organizations to truly embrace “The Power of One.” Specifically, one database and one view of the constituent. And I feel there is no better way to achieve this one view than fully embracing Social CRM:
Social CRM takes traditional donor management to the next level by creating one integrated database that captures and analyzes rich historical data and seamlessly includes new social data.
Today’s donors expect to be treated as unique individuals. Integrating the right data, such as demographic, transactional, and behavioral information, in addition to social media interactions, in one database will help drive improved operational excellence and allow nonprofits to better understand the “who is it” in their donor file. Armed with this knowledge and insight, nonprofits can engage with their donors on the donor’s terms. Centralized data will afford a more complete snapshot of a supporter. In the end, it’s about using data to enable donor-centered activities to create the dynamic engagements that drive participation and raise new funds.
Enjoy the new infographic, Social CRM—The Next Generation of Fundraising, to see recent trends in nonprofit adoption of social media and how to leverage this growing segment of data to implement a Social CRM strategy and drive new levels of donor engagement.