Mark Schulhof Speaks About How Advanced Data Analytics Supercharges Fundraising Campaigns
Fundraising campaigns require careful planning and tactical implementation. An ever-increasing number of nonprofit organizations rely on data analytics to streamline planning and donor targeting. According to Mark Schulhof, a Chief Evangelist Officer, analytics makes identifying donors who are more likely to donate or pledge larger gifts easier.
Schulhof recently took some time off his busy schedule to discuss the benefits of advanced data analytics in optimizing fundraising campaigns. He urges nonprofit organizations to tap into their databases to achieve specific fundraising goals. Charities can glean critical insights from donor databases.
The best part is that nonprofits now have access to sophisticated statistical tools. As a result, it is easier to conduct complex analyses and take advantage of analytics services offered by vendors.
Mark Schulhof stated that, although data does not provide answers for every aspect of fundraising projects, it uncovers insights that enhance donor stewardship. For this reason, he recommends leveraging online fundraising opportunities. This approach yields a significant amount of donor data.
Thankfully, advanced analytical tools enable charities of varying sizes to handle a large amount of data without getting overwhelmed. These tools also help nonprofits identify the right information to act on. On the other hand, Schulhof believes that charities can still derive meaningful insights from data sources of any size.
Another key consideration is that data analytics tools eliminate the need to enlist the help of data scientists to glean valuable insights. When looking to gauge campaign success or set goals, Mark Schulhof recommends focusing on quantitative data. In addition, you should also tap into interviews, experiments, and surveys. These measures can help your organization formulate balanced fundraising strategies.
Understanding Fundraising Data Analytics
Data analysis is a practical way to understand donors’ behavior and optimize fundraising strategies. Data appearing on social media pages, websites, and other platforms can play a meaningful role in shaping strategies. However, according to Mark Schulhof, performing shallow data analysis compromises nonprofits’ ability to draw meaningful insights.
Thus, it is important to collect data from a wide selection of sources. Mark believes that proper analysis reveals donors’ behavioral and emotional patterns. In turn, you can craft direct mail messages that appeal to your target audience. By reaching out to potential donors with inspirational messages, you are more likely to convert audiences into ambassadors and long-term supporters.
Analytics for fundraising come in three key variants. These components include:
- Prescriptive analytics
- Predictive analytics
- Descriptive analytics
Mark Schulhof urges you to familiarize yourself with these components to ensure successful fundraising campaigns. Descriptive analytics makes it easier to streamline donor classification, while the predictive variant allows you to map out your nonprofit’s relationships with donors. You can leverage prescriptive fundraising analytics to improve strategy formulation.
Schulhof said charities should not underestimate the power of clean data in databases containing donor profiles. It is vital to classify your organization’s supporters into various segments. Doing so simplifies the analytical process. During the segmentation process, start by collecting data capable of sharpening your understanding of the donors. Key aspects include donation frequency, gift sizes, and donation methods.
About Mark Schulhof
Mark is a dynamic businessman who hails from New York. In the early 1990s, he attended Franklin and Marshall College and Rutgers University. During this period, he earned a Bachelor of the Arts degree before receiving a Master’s. This educational background prepared Mark for a successful career in various capacities, including a chief executive officer.
Schulhof is also a social activist and a fundraising expert. It is no surprise that he is part of an organization supporting nonprofits to achieve their fundraising objectives.