The changing circumstances in 2020, due to the COVID-19 pandemic, caused numerous changes in the social sector. Fundraising events were also affected by the changing circumstances in the industry. The non-profit sector should align itself to new trends in which some will continue in 2021. The following are three fundraising trends to expect in 2021:
There was a cancellation of physical fundraising events since the outbreak of the pandemic. Since fundraisers needed funds, organizers became creative and organized virtual fundraisers. Non-profitable organizations were able to raise a lot of funds through the new approach. For instance, Upaya Social Ventures raised $283,000 in a week, a rise of 142% comparing to the amount estimated.
Virtually fundraising is not new to people as it existed before. However, the only difference is that organizers have transitioned fully to virtual fundraisers. People have learned how important it is, and even after COVID-19, the world will continue holding events virtually. Non-profit organizations prefer virtual fundraiser to eliminate geographical limitations and reduce the cost incurred through transport, hotel booking, and venue hire. The number of participants has increased as people can attend the virtual meetings in their homes’ comfort.
Recurring online donation programs
Non-profit organizations are working towards creating a revenue stream and avoiding waiting until a certain period when they appeal to philanthropists for support. Many fundraisers have identified monthly subscriptions as a promising approach for creating a fund that will always be available in case of an emergency.
However, it doesn’t mean that the organizer has to abandon the annual drive to collect funds. The approach creates a recurring donor and, at the same time, holds the yearly funds drive. The State of Modern Philanthropy has already established the recurring donor program, and they have been able to raise 26% of their anticipated online revenue collection.
Strong partnership between Nonprofit and For-Profitable organizations
Throughout 2020, there was a strong connection between profitable and for-profit organizations. Much needed support and For-profit organizations came in number to support the Non-Profit organizations in offering relief services to those affected by misfortunes.
In 2021, the connection between For-profit organizations and Non-profit organizations will continue. Even companies’ employees and stakeholders are urging organizations to offer more support for the philanthropic work carried out by NGOs.
As the world solves the problems caused by the pandemic, Non-profitable organizations have much to contribute to in 2021. They will be required to continue solving welfare issues affecting disadvantaged communities. Therefore, there is a need for more funds to be made available for this noble task.