Every year, Masterworks lays out our convictions for what we see in the ever-evolving fundraising landscape. Here’s our fourth conviction…
Conviction #4: Your audience doesn’t use a checkbook.
Technology is constantly evolving and so is the way we engage with the world around us. Gone are the days when check writing was the primary means of paying bills. In fact, over the past 20 years, the number of checks written in America has declined by over 300%.
In addition, recent news around check fraud and mail theft is likely decreasing consumer confidence that their check will arrive. From 2020 to 2021, check fraud reports jumped from 350K to over 680K, and mail theft saw a 100% increase.
Consumers are increasingly turning to online giving platforms. And although the fundraising space often moves at a slower pace than the consumer world — it is also moving away from check writing.
Our clients saw check transactions drop from 54 percent of total transactions in 2022 to 49 percent in 2023, while credit card donations went up from 28 to 34 percent.
Even though we have not seen the same steep decline in check writing, we are seeing a decline, and the reality is that younger generations are less and less likely to have a checkbook. As we continue to head into a world that relies far less on paper, we need to continue to build the assets that increase our participation in the evolving online landscape.
One place where that starts is with a renewed focus on emails — both the quality that you send out and the work you put into capturing the email addresses of the people you have on file. Emails not only increase communication with your donors but they also help link online activity. Additionally, 48 percent of donors self-report that email is their preferred method of hearing from an organization. And 26 percent say that email is the tool that inspires them the most to give.
Next, build out your online content. Create blogs, infographics, stories, and videos that share your success and talk about how unique your mission is. As mentioned in conviction 1, donors want to hear stories of your accomplishments — make these easy to find online!
In a world without checkbooks, how would you change your fundraising tactics? And how might you reallocate your budget, time, and energy?
As we say goodbye to the era of checkbooks, it's crucial for nonprofits to adapt their fundraising tactics to meet the evolving preferences of their audience. Embrace the power of online platforms, prioritize email communication, and invest in compelling online content to forge deeper connections with your supporters
Is your nonprofit organization actively taking steps to keep up with these changes? Are you unsure about where to start? We’d be happy to help!
