The Masterworks team is always keeping an eye on what's ahead in order to to secure a bright future for ministry partners. We cherish the multitude of different vantage points and perspectives our team members offer, and here's a glimpse into what they're contemplating...
What is the single most crucial thing organizations should focus on today to ensure a promising future for their organization?
“Always first: PRAYER. Prayer for direction, wisdom, energy, and grace to navigate today’s complex world. Secondly, I believe it is crucial for organizations to develop a position on how they manage their first-party data. The data people share with organizations is increasingly viewed as “currency”—an exchange of information that has value. Organizations must steward it responsibly and carefully and generate even more value for their constituents by using it well.”
"The single most important thing organizations should focus on in order to ensure a promising future is creating (and executing on) a meaningful and purposeful supporter experience. The supporter experience begins the first time they hear about an organization, through their first gift and how the organization responds to that gift, and culminates with the supporter becoming an organizational Super Fan, where they are giving of their time, talent, treasure and influence. If they are creating a flock of Super Fan supporters, they will continue to grow into the future. "
"The single most crucial thing organizations should focus on today is DONORS. Understanding who they are — their behavior, their preferences and their reasons for giving (and not giving). That means the greatest threat to nonprofits today is their self-focus — an inability to see themselves, their all-important work and, especially, their donor communication the way their supporters do. And central to all of this is developing irresistible offers that donors will gladly give to."
"Be brave - take the next step. I think this is the single most important thing organizations should focus on in order to ensure a promising future. In today’s marketing world we need to be brave and walk into channel’s we’ve never tried. Utilize the opportunities available in co-targeting through all channels; CTV, print direct mail, email deployments, text, and display/digital ads. Different people prefer different mediums, so diversifying your storytelling methods can help you reach a wider audience."
"I’ve always believed that ministry longevity is only as viable as their acquisition strategy. To have a strong donor experience and retain donors with high LTV’s, orgs need to truly understand their donor experience. They beed to walk through every communication journey as an actual new donor, experience it first hand, and use your learnings to dynamically manage your team to fix and optimize your experience. THEN, when you have a donor experience that you believe in, it’s time to invest in acquisition. At this point you have the systems in place to retain the donors you’re investing to acquire."
"The first answer that came to mind is staying true to the mission and culture of the organization and never compromising on the values that make your organization great. We live in a world where the average employee moves to another company every three years and media trends are changing faster than we can keep up with them. I think in this world of fast-moving change it is crucial to never compromise on the values and culture that make your organization what it is, even if it comes at the expense of being counter-culture."
"We are at the cusp of the greatest generational wealth transfer the world has ever known. The biggest challenge nonprofits will face in light of this is in how that family legacy will be passed from one generation to the next — this will affect major and mega donors the most.
Which causes (and thus, which non-profits) incumbent generations will choose to support may or may not be the same as their parents/grandparents.
Families are anxious about whether the causes they are passionate about will continue to be supported by their next-of-kin and are looking for nonprofits to partner with them and walk alongside them to help them navigate their legacies and find common intergenerational purpose. Very vew nonprofits are engaging their donors on this subject — but the clock is ticking.
Nonprofits need to start turning their attention to ensuring their ministries remain relevant and resonant with incumbent generations and not solely rely on planned giving to protect their major donor portfolios as this upcoming wealth transfer happens."
We hope these insights inspire and encourage you. We'd love to continue the discussion on how you think about your organization's future- feel free to reach out here!
