Fundraising is never easy. Asking for money from donors and stakeholders can sometimes feel like an uphill battle. It’s a constant obstacle that nonprofits have to face in their day-day operations. From getting creative with “asks” to designing engaging campaigns, nonprofit workers are familiar with the fundraising hustle.
This fundraising stress is only compounded by economic downturns and recessions. In times when money is tight, and people are less generous with their money, nonprofits can feel uneasy. Economic instability—no matter what your organization’s mission is—can throw a wrench in your flow of donations.
To fundraise in a recession, nonprofits should campaign with care. In this blog post, we’ll walk you through 6 ways to raise money during economic uncertainty.
6 Ways to Fundraise in a Recession
1. Acknowledge
While this tactic might seem simple, it’s crucial. In times of economic downturn, it’s imperative that nonprofits don’t continue “business as usual.” At least without acknowledging the struggle of donors. By recognizing that money might be tight, you’ll show supporters that you’re in tune with their world and take care in your relationship.
This prevents donors from feeling frustrated or stretched thin. Let them know that you understand what they’re going through.
2. Practice empathy
Donors allow nonprofits to make an impact and do the work they’ve set out to do. Without them, the nonprofit sector would evaporate.
In a recession, nonprofits should practice empathy and understanding when reaching out for donations or conducting campaigns. Tailor your “ask” to the real-world events around you, instead of ignoring them. Recognize that donors might be stressed, anxious, or downright worried.
3. Offer plenty of giving options
When running a campaign during a recession, it’s important to give donors lots of options. If they want to contribute to your cause, give them incremental contribution opportunities, ranging in value. From very small donations to huge gifts, donors should feel in control of their contributions. They should feel valued no matter how much they’re able to give.
4. Go digital
While going green is essential for a myriad of reasons, it’s also helpful in times of economic distress.
Not only will your nonprofit save money by sending out e-newsletters and running digital campaigns (vs. fundraising via snail mail), you’ll be making your supporters’ lives so much easier. With integrated donation links, persuasive social media, and more, donors won’t have to jump through hoops to give back. Everything they need to get involved will be right on their device.
5. Give thanks
You guessed it—an economic downturn means you need to take your gratitude up a notch. Instead of sending a text or even an email to thank someone for their contribution, consider getting more creative. Personalize your acknowledgment and recognize the hurdles they’re facing—it’ll go a long way.
6. Share good news
When the economy is in a tough spot, so many of us can suffer. That’s why it’s important that nonprofits share good news too. By sharing progress and impact, not only will you uplift the spirits of your supporters, but you’ll show them that they’re making a difference in the lives of those who need it most.