6 Ways Technology Can Improve Your Corporate Fundraising Initiatives
It’s no secret that we’re living in a digital age—we’ve become dependent on technology, which comes with its benefits and drawbacks. For example, the Internet of Things (IoT) technology has been a game-changer in the fight against the COVID-19 pandemic.
Many companies have made a digital transformation to automate routine tasks, achieve higher productivity levels and positively impact their operations over the past few years. Using new technologies is something every organization can benefit from, and the companies that are willing to adopt tech are more likely to outperform their competitors.
When you hear of a tech-savvy organization, you may think of startups in Silicon Valley or new social media apps like TikTok gaining massive popularity. However, companies in various industries can leverage the latest technologies to fuel their corporate fundraising efforts.
The COVID-19 pandemic has created a slew of disruptions, shortages and problems for virtually every type of organization. The pandemic accelerated digital transformation for many businesses, and the trend is likely to continue.
Large companies invest heavily in corporate social responsibility to give back to their communities, help those in need and be more sustainable in their most common business practices. How do they do it? How can corporations improve their fundraising initiatives?
There may be more than one answer to this question, but we know that technology has and will continue to make a sizable impact on how organizations approach fundraising.
Here are some of the latest and greatest technologies that can bolster your corporate fundraising efforts.
1. Donor Management Software Helps Foster Relationships
Corporations can leverage donor management software (DMS) in the same way they leverage customer relationship management (CRM) software. Many companies already use CRM software, whether Salesforce, Freshworks, Zoho or HubSpot, to easily manage customer relationships and analyze large amounts of data.
Organizations can also easily connect with and build relationships with potential donors, reach fundraising goals and organize volunteer opportunities for corporate fundraising. Using a centrally accessible database with all fundraising information makes processes more efficient and enables teams to collaborate better. Consider using a DMS to build and maintain relationships with current and potential donors.
2. Automated Marketing Platforms Increase Efficiency
It’s common for nonprofits to use automated marketing platforms to manage their marketing strategies, deploy campaigns and reap the benefits. Additionally, enterprises in different industries can also use these solutions for various reasons—and fundraising is no exception.
Automation offers benefits such as improved efficiency and reaching more potential donors in less time. A good, automated marketing solution can also help companies save on resources. Fundraising campaigns that use these platforms typically require fewer team members to accomplish tasks. For example, automatically scheduling posts on social media to encourage donations can save companies time and money.
3. Mobile Apps Make Giving Easier
Financial apps, like Venmo, Cash App and Zelle, make earning donations much easier for organizations. Companies that create accounts on these applications can allow donors to easily send their contributions in a matter of a few seconds.
Think about how easy it’s become to make payments using Apple Pay or PayPal for all types of products or services. Donors can seamlessly use this technology without entering contact information or payment details, such as credit card numbers. On-demand donations can be made using any of these emerging digital platforms, so consider utilizing them to power your fundraising initiatives.
4. Cloud-Based Infrastructure Reduces Costs
Businesses can leverage a cloud-based infrastructure to better manage fundraising data. Companies use the cloud for many reasons—it is flexible and scalable, drives collaboration, prepares companies for disasters and helps with business continuity. In addition, it is simple and cost-effective.
Cloud infrastructure consists of hardware and software, like servers, storage, management tools and other types of service. Companies that leverage cloud technology will benefit from reduced costs, increased collaboration opportunities and more accessibility to sensitive donor data.
5. Virtual Reality Builds Emotional Connections
Virtual reality (VR) is becoming commonplace in many types of industries. Some nonprofits have used VR to host virtual events so donors can give, especially during the ongoing COVID-19 pandemic, when meeting in person was not possible. Your corporation can unleash its creative potential by using VR technology to build emotional connections with potential donors. Just be sure to follow up with attendees after the event to boost your chances of success.
Compared to nonprofits, corporations trying to fundraise have an advantage because larger companies have the resources to pay for VR upfront. With enough capital, companies can invest in VR and use it to reach a broader audience of donors.
6. Use Social Media Channels to Garner Donors
Storytelling is at the core of social media and describing your company’s mission to raise funds for a nonprofit is essentially telling a story. Your business can use social media channels to share your fundraising initiatives by creating stellar content, such as videos, images and other posts.
Be sure that your marketing team understands which social media platforms will be the best for fundraising. Take a look at where most potential donors are spending their time, whether it’s TikTok, Facebook, LinkedIn or Instagram.
Consider Adopting Tech to Improve Your Fundraising Efforts
Corporate fundraising is an effective way for companies to give back to charitable organizations. In addition to adopting new technologies, many companies are becoming more aware of the impact their business and industry have on the global economy, the environment and the communities they operate in.
New technologies are always emerging, and it’s important for companies trying to improve their fundraising success to leverage them. It’ll be interesting to see how large companies adopt technology to fuel fundraising and how nonprofits will benefit from these donations.