Study trends because it helps a business sustain through time. Always remember that any nonprofit organization is a business. Trend study is important because it could indicate changes on the horizon that could affect your organization. Note that for any business, change is inevitable, continual, shapes our lives and world, and impacts our organizations.
Trend study also keeps us aware of economic and social change plus prepares organizations for potential opportunities. Studying trends helps the nonprofit professional and organizations continually evolve business approaches. Trends indicate change and nonprofits must respond to change to grow in a positive direction.
As we turn to the new year, Funraise proposes its top 2023 nonprofit fundraising trends. These include digital wallets, greater use of cryptocurrency donations, leveraging LinkedIn to a greater degree than ever before, ecommercification of donations, increased focus on hybrid- in-person- and virtual-dedicated events, enhanced giving experiences involving digital donation experiences, and SMS comms, which increases the text for giving experience.
Start US 2023 nonprofit trends to watch include the employment of inclusive marketing to enhance awareness plus raise greater amounts of funds, digital fundraising that provides complete traceability of donor funds, invoice generation and faster transactions. Utilizing artificial intelligence and integrating cloud-based services saves money and time. Nonprofits will be seeking greater virtual collaboration that removes physical or location barriers.
Cloud computing will be employed to a greater extent to automate data processing transactions. Cloud hosted software will allow nonprofits to engage with donors, train staff and manage employee workflows. Nonprofits are also creating HR management platforms that allow organizations to streamline administrative tasks. These systems are providing content libraries that improve employee and volunteer performance.
Another trend to watch is the greater emphasis on cybersecurity through the development of cost-effective cybersecurity solutions. Financial data transparency is important for nonprofits to ensure legal compliance. Data management platforms now ensure transparency through blockchain-based systems. To save funds and assure future reliability, technological advancements continue to be an important trend moving forward.
With respect to fundraising in 2023, trends in technology, communications and the economy can affect major decisions made by nonprofit organizations and individuals. You need to stay on top of current trends, especially as it relates to keeping and acquiring new donors. For the new year, flexible giving and participation options will be the new norm.
Donor retention strategies will help your nonprofit focus to improve recurring giving programs. Emphasize personalized giving experiences and extend your nonprofit’s mission through workplace giving. It is important that in 2023, you communicate with your colleagues, management, and board of directors to ensure everyone is on the same page.
Nonprofit professionals need to finish 2022 strong with an eye on 2023. When you are planning fundraising campaigns next year, keep these ideas in mind. These are: do not expect pandemic-era results, recapture lapsed donors, look for a sustainer upswing, continue prospecting, be careful about attribution, understand printing expectations, relate your cause in a connected world, focus on building trust, think about millennials, and invest in the future. Provide resources for social media and focus on marketing. Never forget your donors and stay in constant touch with them.
As stated earlier, nonprofit organizations are businesses and must operate as a business. It is important to study trends from a business perspective. A recent Forbes article noted that, on a macro level, businesses will have to continue to deal with the aftereffects of the global pandemic, Russia’s invasion of Ukraine, economic challenges and technological advancements.
In 2023, be prepared for accelerated digital transformations to enhance business operations. There will be economic uncertainties, inflation and supply chain security issues. Sustainability will be successful if businesses have the correct environmental, social and governance processes in place. Next year, the consumer will crave experience above everything.
Use social media to promote your brand and be creative in messaging to a broader range of current and potential consumers. Consider hiring a chief experience officer to improve external and internal organizational experiences. Put a premium next year on providing attractive careers, expanding hybrid work, enticing the work environment, and improved company culture.
Take the time now to evaluate prior trends, 2022 results and design a 2023 strategy based upon projected trends. Prioritize your operations based upon the projected resources available to you. Understand your organization in terms of return on investment (ROl) and be prepared to make hard choices. Nonprofit leaders need to understand their organization is a business and utilize business modeling.
Soon, we will be in a new year filled with uncertainty. Prepare for luck, knowing that according to Seneca, Roman philosopher, “luck is when preparation means opportunity.” Are you ready for the challenges of 2023? It is imperative that nonprofit leaders study future trends and adjust strategic and operational plans accordingly.