Diversifying Revenue Streams: Tips from the Experts 

Looking for impactful ways to increase revenue? With two out of three organizations saying they need more revenue streams than just two years ago to maintain their organization’s mission, it is a topic on many nonprofits’ minds.  

We’ve brought together a panel of partners, ready with ideas to help your team tackle increasing revenue efficiently and sustainably.  

We asked our panel, “What advice do you have for organizations looking to diversify their revenue streams?” Experts from our on-site event management, donor engagement, and marketing partners shared tips for increasing consistent funding and corporate engagement as well as tips for revenue enhancers at galas and donor communication. 

As you’re mapping out your upcoming year of events and campaigns, it’s important to look at your past fundraising and donor management journey. Did you have the right revenue enhancers, donor engagement … and snacks?  

After answering just six questions, this tailored guide will offer resources, videos, tips, and templates to support you.

Chris Barlow, Customer Happiness Director at Beeline

After year-end, take a look at all of your donors who gave $1,000 or less-these are the most likely donors to lapse. Create a series of four emails, following this framework: 

Email 1

Thank them for their gift, making mention of the specific amount they gave last year. Don’t be afraid to describe in detail how meaningful or helpful the donation was and how it helped further your mission. 

Email 2

Tell them about your organization’s vision and how you want to expand your reach. Tell them how difficult this is to do when you can’t plan, but with committed funds, you can not only ensure your main programs are covered, but you can also start to budget and plan for additional programming. Share with them that a great way to have consistent funding is from people who are in your monthly giving program. Invite them for this year, to instead of giving the same amount they gave last year, to give that amount incrementally, as a monthly gift this year. 

Email 3

Tell them more about your monthly giving program, how you communicate with members, and again share the value proposition of why a small, consistent monthly gift is more powerful than a larger gift at the end of the year. 

Email 4

Remind them of all you accomplish through your current programs through their partnership. Remind them of the vision you shared in Email 2. Propose to them that if they join your giving program, you don’t have to pick between which one to make happen. The power of a monthly, consistent gift means you can continue to fulfill your monthly programs while having the space and support to plan how to make your vision a reality. 

Grace Green, Senior Partnership Specialist at Double the Donation

Maintaining a diverse portfolio of incoming revenue sources is essential for effective and sustainable fundraising. For organizations looking into alternative funding channels, our number one recommendation is corporate matching gifts. 

Not only are matching gifts the most popular form of corporate philanthropy (meaning tens of thousands of companies offer these programs, with more being added daily), but they’re also the most accessible source for nonprofits of all shapes and sizes. 

To get started with this funding opportunity, we suggest actively promoting matching gift opportunities to your donors and prospects. After all, nearly 27 million individuals work for companies that match gifts, but the vast majority remain entirely in the dark about their employers’ programming. 

By integrating matching gifts into your ongoing fundraising and communication efforts, you can inspire more donors to get involved⁠-ultimately driving additional revenue for your cause. 

Ryan Scanlan, Co-Founder at GOAT Events

Don’t be afraid to explore innovative and engaging methods, especially during gala events.  

Consider leveraging the unique skills, hobbies, or professional services of your supporters by offering them as auction items. This not only adds variety to your auction but also personalizes the experience for attendees.  

Additionally, incorporating fun activities, such as a wine toss ring game, can create memorable moments and encourage participation. These strategies not only enhance the event experience but also open new avenues for revenue, making your fundraising efforts more dynamic and successful. 

Lauren Batterby, Founder and CEO of LIFE Event Staffing

Consider stating exactly what the revenue will be used for. In our world of social media, people are much more likely to invest time and resources into something when they can tell the world they did it. As you are reaching out to people and corporations, be specific in how their dollar will be used. I think you will find many things like computers, books, or even photography services can be donated and you don’t know need as much actual money as you think you do. People just need to know how their specific skills can be of service.  

Kelly Rio, Founder & CEO at Ace the Event

Build rapport with attendees by sharing how their donation has positively impacted your organization’s efforts. This can be done with a personalized thank you letter, on the event website, via personal reach out from your high-level volunteers, or on social media throughout the following year.  

Allison Geisinger, Vice President of Development and Events
at Powered by Professionals

Make sure to keep the donor engaged throughout the year by sending updates on what the organization is up to and how their donations are being used. As personal as you can get with the updates is best, but even a general email. By being able to let the donor know what progress has been made by the donation they’ve received, the donor can see the impact they’ve made. 

The increased pressure to add and enhance your revenue streams is ever-present. While most organizations are leaning into donations, grants, and events, opportunities like enhancing your events, recurring giving and memberships, and corporate giving offer scalable opportunities to grow your mission.  

GiveSmart’s fully featured fundraising, events, and donor management platform offers its highest impact, easy-to-use features in every plan. These include, but are not limited to:  

• Text-to-donate
• Unlimited users/admins 
• Unlimited peer-to-peer campaigns
• Customizable, embeddable donation forms
• Digital wallet payments
• Robust knowledge base
• Dozens of included integrations
• And more!

These features enable your organization to add revenue enhancers, virtual opportunities, recurring giving prompts, and more for no additional cost with our standard plans. Explore our features to learn more.