The State of Fundraising in 2024: Insights from Our Latest Development Directory Survey
In the fast-evolving world of professional fundraising, staying ahead of trends and understanding industry benchmarks is crucial. Recently, we conducted a comprehensive survey among our network of professional fundraisers to uncover the latest insights and trends in the development landscape. Here are the key findings and what they mean for your fundraising strategy in 2024.
Cultivating Donor Relationships: Time-Consuming but Essential
It's no surprise that cultivating donor relationships is the most time-consuming aspect of fundraising. Our survey found that the majority of successful solicitations happen in person. This reinforces the age-old adage that building and maintaining personal connections is crucial for successful fundraising.
Key Insight: Despite the effectiveness of in-person solicitations, 88% of development officers reported traveling for work less than 25% of the time. This suggests a potential opportunity for more strategic travel planning to maximize the impact of face-to-face interactions.
CRM Systems: A Double-Edged Sword
Customer Relationship Management (CRM) systems are indispensable tools for modern fundraisers, yet our survey revealed a significant pain point. Development officers who reported that their CRM was 'costing' them time predominantly used Salesforce as their primary CRM. This highlights a common issue: while CRMs are designed to streamline processes, they can become time-consuming if not managed properly.
Key Insight: To optimize CRM usage, consider regular training sessions and audits to ensure the system is being used efficiently and to its full potential. Streamlining workflows within your CRM can save valuable time and resources. BONUS: Consider switching to a more business-user CRM like HubSpot.
Rising Revenue Targets Amid Staffing Constraints
The outlook for 2024 is ambitious, with 90% of respondents reporting that their total revenue and new donor targets are set to increase. However, only 44% plan to add staff in the coming year. This indicates a potential strain on existing resources and highlights the need for more efficient processes and possibly technological solutions to meet these rising expectations.
Key Insight: Given the rising targets and limited plans for staff expansion, investing in tools and strategies that enhance productivity is crucial. Automation, better data management, and effective donor engagement strategies will be essential to meeting these ambitious goals. Oh, and hiring a partner like Optimize Consulting can go a long way in making up the bandwidth gap.
Putting it All Together
Our survey illuminates the current state of fundraising, highlighting both challenges and opportunities. Cultivating donor relationships remains essential, and while CRMs are vital tools, they must be managed effectively to avoid becoming a time drain. Additionally, with rising revenue targets and limited staffing plans, efficiency and strategic planning will be more important than ever.
As we move into 2024, fundraisers must adapt to these insights, leveraging technology and refining strategies to meet their goals. You can navigate the evolving landscape and achieve fundraising success by focusing on relationship building, optimizing CRM usage, and enhancing productivity.
If you need a little help along the way, Optimize Consulting is here to help.
