Why Donors Are More Likely to Give Time Than Money – Yearly
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When nonprofits think of donations, they usually think of monetary donations. These donations could be checks, cash, or even large endowments. Of course, financial contributions are important—they’re the foundation of any successful nonprofit. In fact, they’re one of the most essential components.
Despite the necessity of monetary donations, new research shows that stakeholders tend to be more generous with their time than their money. At first, this might seem concerning for nonprofits who rely on financial gifts. But, this new research is actually a great opportunity for organizations to audit their work. By tuning into why donors or more likely to give their time than money, charities have the opportunity to improve their practices.
So why are donors more likely to give time than money?
Donating time is less time-efficient for supporters. However, new research shows that contributing effort and time (volunteering, for example), gives stakeholders more control. Instead of donating online, or at a fundraiser, donors are sometimes more likely to contribute if they can see the impact directly, and have more control over it.
Why is this important for nonprofits to know?
The result of this research offers some rich information for nonprofits. In essence, monetary donations are not a thing of the past—though the strategy around the solicitation of donations is. Using this new information, nonprofits have the opportunity to be more strategic with their marketing.
Instead of being vague about where and how monetary donations are being used, it’s important for nonprofits to be crystal clear about impact. Because more donors prefer to give time than money, nonprofits will need to spruce up some of their fundraising and volunteer outreach/retention practices.
Five ways to improve your volunteer solicitation:
1. Provide an ample amount of opportunities with different time commitments and duties
2. Communicate the impact of their efforts clearly and effectively—who will it benefit? Why? How?
3. Invite them to do hands-on work (creating emergency kits, calling beneficiaries, etc.)
4. Give them the ability to opt-out of duties (to help put them back in control)
Five ways to improve your fundraising:
1. Frame donation “asks” as a chance for stakeholders to do something rather than give something
2. Emphasize their impact, not your nonprofit’s impact
3. Focus on transparency
4. Tie giving to specific measurements of impact
5. Allow for incremental and recurring giving options
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