I recently found this article on the news aggregator site Data Science Central and found the parallels between the role of analytics in fundraising and the telecom industry as described by the post’s author to be very revealing. It’s a good read and offers some good perspective on our work and the importance of data-driven decision-making in fundraising.
First, the author’s description of the telecom industry’s decreasing revenues and difficulties acquiring & retaining customers should sound familiar to just about anyone in the fundraising space. The need to combat this using a data-driven approach is absolutely critical for anyone who finds themselves resource limited (read: all of us).
Real-time (or near real-time) communication is key to success. Just as in the telecom industry where the customers’ patience and attention span is extremely short, our donors are constantly being pulled in different directions. The ability to connect with them at the right time with the right message can be informed by data science techniques such as text & sentiment analysis, natural language processing, and connecting to social media activity.
Data Science for the benefit of all. Using data to make better business decisions can help resource limited fundraisers (again, that’s all of us) do more with less, thereby increasing efficiency and allowing more resources to go towards our missions. It can also directly benefit our donors. When we allocate the appropriate amount of resources towards the correct segments, and communicate with them in a timely manner with the correct messages, we are more likely to hold their interest and increase the chances that they will invest in our organizations.
Follow the link above to this insightful article and start putting these elements to work for your organization today!