1 June 2021 | Article | Ryan Teo
Measure the Success of Your Digital Fundraising with These Key Metrics!
Digital fundraising can be a lucrative way to fundraise, especially in a time when social media is an integral part of our lives. Being able to target your campaigns directly to potential donors is great, but it’s equally important to track the performance of your ads/posts. Consider the following metrics to assess the effectiveness of your digital fundraising strategy.
Conversion Rate
Looking at the conversion rate is one of the best ways to track your campaign’s performance. It shows how motivated your audience is to perform the desired action you are tracking.
Formula:
*Results: The number of times a desired outcome (e.g. a successful donor sign up from a website, or the obtaining of a lead from a landing page) was obtained.
*Metric of Campaign Goal: This can be anything you are measuring to reach your set campaign target. For example, number of clicks or number of impressions.
Examining your conversion rate helps you to see:
- Which of your ads/posts are performing the best (in terms of achieving your desired outcome)
- How does the best performing ad/post differ from your lowest performing ad/post
- If you can apply key learnings from best performing ads/post to your future campaigns
Cost per Impression
Your ads/posts should channel compelling messages depicting your charity causes when shown to your potential donors. The incurred cost of delivering your ads/posts forward to every 1,000 potential donors is known as Cost per Impression.
Formula:
Looking at your cost per impression supports in answering the following questions:
- Which of the social media platforms your ads/posts are on, provide the best ROI?
- Should you focus on a specific ad/post platform?
- Should any ad/post platforms be considered for removal for the campaign? (e.g. remove printed ads for a digital campaign)
Click-through Rate
Digital fundraising allows you to reach potential donors in just a click. However, it is also necessary to ensure the ad/post engages potential donors in a way that encourages them to react towards the content, with the hope that they’ll eventually respond to your campaign’s call to action, like visiting your non-profit’s landing page to donate.
Formula:
*Impressions: The overall number of times the ads/posts were shown.
A quick analysis of your click-through rate helps to answer:
- How are the potential donors engaging with your ads/posts?
- Is the messaging of your ads/posts clearly defined?
- Do you have a clear call to action?
When it comes to digital fundraising, with its endless list of things to keep track, measure, and optimise – it can get overwhelming. This is where we come in to support you with developing proper digital strategy: to make the best use of your budget and harness the right data that can help your non-profit to make beneficial decisions.
About SG Support
Managing over 3 million donor records, SG Support exists to make fundraising easy for charities. We work with them to acquire new donors, retain existing ones and win back those who have left. We do this through our complete suite of services that range from data-driven strategy and consultancy, all the way down to the operational aspects of payment processing, contact centre and financial reporting.
Contact us at consulting@sgsupport.com or drop us a message at here.
