When I work with clients to plan fundraising campaigns, one question that frequently comes up is how to measure success. While a final dollar figure is usually the chief focus and public goal, how do you judge progress more broadly? In addition to setting the proper metrics, how do you go about the difficult process of changing course if things are not going well? In my experience, the most critical elements are building consensus around clear goals with key stakeholders, and using that consensus to create a problem-solving mindset. Planning for success while also anticipating bumps in the road helps to bring your team together to reach your goals.
Defining Metrics Beyond Dollars Raised to Clarify Success
I would never dispute that dollars raised is a critical metric—after all, these goals are set to fill an important need. But a sole focus on the bottom line can conceal issues such as a declining donor base and low engagement. What other things can you monitor? Some common measures include:
- Donor retention (I would argue this is themost important metric; you can read more here and here)
- Participation rate
- Number of new donors
- Number of increased donors
- Amount of new dollars raised
- Amount of increased dollars raised
There are many more but these are key. These indicators will give you much more comprehensive information about the health of your campaign and overall fundraising operation.
When setting these goals, it is important to make sure that your key stakeholders—especially your chief executive and board of directors—are engaged. Building consensus with them ensures that success is a clearly defined end point, not a guessing game. Having everyone on board with set goals helps to build a problem-solving mindset, which is critical if you are not achieving your desired results and need to change course.
Switching Gears and Managing Expectations
Even if things are not going well, it is extremely hard to change course. We all suffer from the sunk cost fallacy because it is such a deeply human tendency—how can we abandon plans if we’ve put so much time and effort into developing them? But, when you have done the work to establish clear goals and operate from a place of honesty about your progress, the work of changing course will be easier with everyone on board.
It is also important to manage expectations from the beginning of the process. A key part of campaign planning is identifying potential obstacles and forming contingency plans. Putting this on the table from the outset is crucial to your success and ability to lead. It also sets the stage from the start that changing course does not equal failure, and can be necessary in order to reach goals.