Start Off on the Right Foot: Preparing for 2024

As a nonprofit organization, streamlining your fundraising process is crucial to attracting more donors in 2024 and beyond. Keep reading to learn how to optimize your fundraising strategy and adapt to a constantly changing world.

Fundraising Trends for 2024

You can expect many fundraising changes in 2024. These changes are primarily based on the economy, digital advancements, and a donor’s need for transparency from organizations.

Embracing customized donations

The global increase in the cost of living has presented challenges for consumers, businesses, and charities. Higher living costs might result in fewer donations from individuals who don’t have as much spending money, and a decrease in donor funding means nonprofits must adjust their approach. One way to do this is flexible donations. 

Flexible donations allow donors to donate what they can afford. While the contributions might be lower, nonprofits still receive funding. Donors can use digital payment platforms to change their giving rate depending on their finances. This way, donors set realistic budgets for donations and continue their relationships with nonprofits during challenging and prosperous times. Flexible donations also offer donors a personalized giving experience, giving them more control over their contributions. 

Increase in inverse donations

Inverse donations are another trend to look out for. There are two definitions of inverse giving. The first involves supporters giving money to a cause after seeing a negative headline about it. Donors might feel responsible for protecting a cause they believe in or aiding a charity impacted by adverse comments, especially when the comments come from higher authorities like politicians. For example, if a politician criticizes how a hunger relief organization manages its finances, and the organization sees a boost in donations as a result, these donations are inverse donations. 

The second definition of inverse donations entails an increase in donations due to larger issues affecting a charity sector, such as economic downturn. While this may seem counterintuitive, businesses and consumers may give more to nonprofits during challenging times. These trends are especially prevalent among younger generations. 

Encouraging smart payment solutions 

Innovative payment solutions like digital wallets are becoming more popular, and with them, nonprofits can offer more convenient, transparent, and secure payment solutions. Features like contactless payments allow donors to transact by scanning a QR code with their smartphone. These features can enable faster and more convenient transactions instead of collecting donations at events. 

Innovative payment solutions also offer instant receipts for better transparency and security. These solutions can make fundraising more seamless and beneficial for donors and may attract digital and tech business people, influencers, and innovators. 

Focus on data-driven fundraising 

Inflation significantly impacts fundraising amounts. When nonprofits factor in inflation, they may be able to do less with the money than they thought. The gap between the funding amount they receive and the actual currency value may affect their projections or event estimations. For this reason, software that integrates analytics is becoming more sought after. 

With innovative digital fundraising platforms, nonprofits can analyze their profits versus currency value to understand their financial health better. Nonprofits can use this data to make accurate estimations and informed decisions when planning fundraising initiatives.

Leveraging generative AI 

Nearly every industry and profession can benefit from AI, including nonprofits. For example, with AI copy-generation tools, charities can create faster and more focused copy in their marketing campaigns. Generative AI can help nonprofits create copy that resonates with businesses and consumers from all walks of life. 

Integrating AI via chatbots is another excellent way for nonprofits to communicate with donors. Plus, with 24/7 functionality, nonprofits can communicate with donors consistently, helping them build relationships with new businesses. 

Gaming for good 

Gamers on streaming platforms like Twitch can add a payment button on the stream and collect donations from viewers throughout the game. Gaming for good is becoming more popular and is a trend nonprofits can take advantage of in the new year. With global streaming, nonprofits can reach international audiences and receive more funding. 

2024 Fundraising Ideas 

Nonprofits can take advantage of many new and traditional fundraising strategies in 2024.

Give out discount cards 

Whether you give coupons for grocery stores, retail chains, or restaurants, everyone enjoys a good bargain. You can organize a fundraiser and sell coupon books that offer discounts at lots of businesses around the community, or you can give away single coupons as a thank-you for donating. 

Elevate your campaigns with digital or virtual discount cards. Many tech-savvy donors will appreciate the convenience!

Host fitness fundraisers

Fitness events are excellent ways to get people involved. Select an event like a walkathon, fun run, obstacle course, or sports match like soccer. Depending on the weather, you can pick an indoor or outdoor fitness event and incentivize teams or winners with small prizes at the end. 

You can get participants to sign up, RSVP, and pay an entry fee using a fundraising app and payment solution. This way, you can make the process more organized and secure. 

Work with restaurants 

Working with a restaurant may involve coming to an agreement where they agree to donate some of their profits to your organization over a period of time. In exchange, you may hand out coupons or promote their new menu on social media. You can also offer help with tasks like welcoming diners at the door or promoting specials in the parking lot. A digital fundraising platform can help manage and divide the night or day’s profits.

Set up a raffle 

Who doesn’t love a raffle? You can create multiple themed baskets — think cozy movie night, camping weekend, local sports teams, and fun accessories — and invite the community to come and try to win their favorites. Simplify, collect, and track raffle entries using a digital payment solution so donors can make instant and convenient payments. 

Ask for direct donations

Ask community members and businesses for donations by sharing your fundraising website via email, SMS, or social media. With a digital fundraising platform, you can create and manage your website and offerings. 

Get sponsored 

A sponsor can help fund your event and ensure it’s enjoyable for participants. You can use sponsorship funds to purchase supplies, create prizes, buy games, and more. 

Consider corporate giving 

Corporate matching is an excellent way to get corporations to support and create awareness for your initiative. Set your initiative up on a digital fundraising platform. Donors can search and get their company to match donations online. This way, you double your donations and raise more money. 

Offer a rewards system 

Rewarding donors with food, supplies, or gear is a great way to encourage donor participation. Use an online fundraising platform to streamline the process. You can track prize winners on your digital platform to track who gets specific prizes. 

Host events to raise awareness 

Hosting events for a specific cause is an excellent way to raise money. For example, if you work in an environmental nonprofit organization, hosting an event like a dinner or concert can attract numerous donors. To make the event-planning process easier, use a digital platform to send out invites and collect entry fees and donations. 

Rely on GiveSmart to Enhance Your Fundraising in 2024

Donors who have control over their donations and access to faster and safer payment solutions can build better relationships with your organization. Unorganized, inefficient, and vague fundraising processes can make them question your credibility. Which option sounds better to you?

If you’re looking for transparent and streamlined fundraising, we can help. GiveSmart offers comprehensive digital fundraising solutions to help facilitate your funding. With mobile bidding, silent auction, analytics, data tracking, and cashless payment solutions, you can create long-lasting and valuable relationships with your donors in 2024 and beyond. 

Schedule a free demo of GiveSmart today.