As we engage with libraries eager to embark on their fundraising journeys, it's clear that excitement and enthusiasm abound. However, amidst this eagerness, it's crucial to embrace "The Power of the Pause." Taking a moment to clearly define your goals and understand the urgency behind them can significantly impact the success of your fundraising efforts.
In this blog, we will explore essential questions to consider when setting your fundraising goals. By addressing these questions, you can ensure your library's needs are well-defined and effectively communicated to potential donors. We'll also provide examples from past projects, discuss the importance of attaching prices to each element, and offer strategies for building urgency and momentum in your fundraising campaign.
Let's dive into these critical questions and set the stage for a successful fundraising project or campaign for your library.
Questions to consider when you’re defining your goal
Each library will have many factors to consider when defining your fundraising goal, but these will set the stage for efficiently defining your project.
Here are some questions to consider when defining your goal:
Using a gift table to work smarter
A gift table/calculator is one of the more scientific aspects of giving involved in fundraising. The gift table is an important step in assessing the financial capability of your library.
You can learn about the basics in these two blogs:
How to use your goal now that it’s defined
Now that your goal is defined, where and how do you communicate your needs? Whether you have a mini case statement, a one page overview document of your project, or a full case statement, your list of needs should be placed here. You can also consider creating a separate web page that outlines your project, the specifics of the project, and the costs associated with your needs.
Additionally, you can include your list of needs and associated costs in your solicitation letter.
Here’s the general format:
Be sure to set a reminder for yourself to follow up when you said you would. It’s very important!
How to build urgency in your ask
As we mentioned, you shouldn’t raise money for your library unless your need is urgent. Every fundraising project depends on urgency and momentum. Be sure to clearly communicate to both your current and potential donors that __ number of mothers per week won’t have a safe and private room to feed their child(ren) if you’re not able to make a lactation space or X number of school age children won’t have access to further literacy programming to support their learning over the summer to prevent learning loss.
Stick to the facts, and wherever you can, provide clear and understandable proof of your need. Again, it may likely take time for you to gather the reporting to outline your need, but your need will be exponentially strong with the facts and statistics.
How to build momentum in your project
Building momentum early and often is a key success factor in whether or not you achieve your fundraising goal for your library. Again, The Power of the Pause is very important here. Before you start raising money, think about ways that you can engage your audiences to celebrate with you and want to continue supporting your cause.
Here are a few ways we’ve built momentum with past projects:
We don’t recommend hosting penny drives or crowdfunding events simply because your time is better spent strategically building relationships with donors. This doesn’t mean that small donations are unimportant. Every donation matters, every donation counts, but when it comes to raising large amounts, being strategic and thinking big will help you reach your goal faster and thus meet your library’s needs faster too! Is that ultimately the goal?
Try namestorming to build your prospect list
If you reach a stage in your project where you feel like you’re reaching out to the same people over and over, we encourage you to try a fundraising skill known as namestorming. Ask four to five people that know, love, and support your library if they can help you identify new donors. Please note, the four to five people should be people of influence and affluence.
Hold one to three meetings and ask people to think of 10 or more people, this is the beginning of your prospect list if you don’t yet have one.
Here are some ways to generate names:
And last but certainly not least, when it comes to building relationships with people intentionally, consider outlining specific steps that can help you reach a person. This fundraising approach is called a connection strategy. Remember, connection is about creating a feeling. People want to see themselves as an extension of your library. The emotional bond you form with donors can serve as the lasting reason that keeps them returning.
Here’s one way to create a connection strategy:
Let’s review at a high level what we covered, setting clear and actionable goals is a crucial first step in any fundraising endeavor. By pausing to define your needs and effectively communicating them, you set the stage for a successful campaign or fundraising project.
Take the time to answer the critical questions and outline your needs in writing. Attach tangible prices to these needs to make them more relatable to your donors. Remember, urgency and momentum are key drivers in fundraising, so be sure to convey the immediate impact of your project.
Engage your audience early and often, using strategies like matching grants and regular updates to build excitement. Avoid time-consuming methods like penny drives, and instead, focus on cultivating relationships with influential supporters through namestorming and personalized connection strategies.
By thoughtfully planning and executing these steps, you can create a strong foundation for achieving your library’s fundraising goals, ensuring that your library continues to serve as a vital resource for your community.
Happy fundraising, and remember, every step you take brings you closer to your goal!