Debunking 5 Common Fundraising Myths
Did you know that 69% of total giving in the US comes from individuals, not corporations or foundations? This surprising statistic goes against the grain of several misconceptions that persist about fundraising. These myths often cloud the reality of philanthropy and impede the potential of many noble causes. Let's take a closer look at five common fundraising myths and unveil the truths that can transform your fundraising strategy.
Myth #1: Fundraising is All About “The Ask”
While it's accurate to say fundraising involves soliciting donations competently, successful fundraising extends beyond this simplistic viewpoint. It requires building genuine relationships and narrating compelling stories that resonate with potential donors. Consider the story of an animal rescue organization that recently shared heartwarming stories of animals they saved - their compelling storytelling resulted in a 60% increase in their fundraising. Asking confidently and correctly is definitely important, but overall it is about relationship building and who is making the ask. Remember, it's about connecting people with a shared vision and inviting them to be a part of something greater.
Myth #2: Only Wealthy People Can Make a Difference
Philanthropy knows no boundaries, and it is not exclusive to the wealthy. While larger donations certainly move the needle, every individual has the power to make a difference, regardless of their financial status. Small donations can be a great way to create new relationships from first time gifts, and in time can certainly add up and create a substantial impact when combined with the support of a passionate community. More donations (even smaller ones) can also draw more attention to a project or mission, inspiring others to donate as well. Fundraisers should strive to engage a diverse range of individuals, emphasizing that every contribution matters, regardless of its size.
Myth #3: Fundraising Events are the Best Way to Raise Money
Fundraising events can indeed be exciting, and they have the ability to generate a buzz. Beyond this however, they're usually not the most effective or efficient way to raise funds. Modern fundraising strategies have evolved to embrace various methods, including online campaigns, peer-to-peer fundraising, and targeted donor cultivation. It's important to adapt your strategy to your specific audience's needs and preferences, rather than relying solely on events. Relying only on event fundraising can lead to a vicious cycle of not expanding out into more lucrative revenue streams.
Myth #4: Fundraising is a One-Time Effort
The journey of fundraising is akin to running a marathon, not a sprint. Building relationships with donors is a long-term commitment that goes beyond a single campaign or event. Successful fundraisers understand the importance of donor stewardship, ensuring continued engagement and nurturing the relationship even after the initial gift.
Myth #5: Fundraising is Only About Money
Fundraising is also about fostering a sense of community, raising awareness, and encouraging volunteerism. Fundraising reaches beyond monetary transactions; it's also about in-kind support, volunteer assistance, and partnerships. Engaging supporters in different ways allows them to contribute their time, skills, and networks, strengthening the overall impact of the organization, financially or otherwise. While our jobs are to generate revenue, we cannot look at fundraising only as transactional. Do the right things with relationship building, cultivation, and stewardship, and the money will come.
By dispelling these five persistent fundraising myths, we aim to empower your philanthropic efforts with a fresh perspective. Fundraising is a multifaceted endeavor that relies on building relationships, engaging diverse supporters, and recognizing the value of every contribution.
Need more fundraising dollars for your nonprofit organization? Reach out to us! We specialize in maximizing fundraising revenue for nonprofits just like yours and would love to chat.
