Technological innovations, such as donor management software, have made it easier for charitable organizations to keep accurate accounting records of the money that flows into and out of the organization. However, when it comes to finding ways to encourage more financial contributions from donors, it's a very daunting task for many nonprofits.
Millennials, classified as adults between 18 and 33, are the largest demographic that exists today. According to Barkley, an advertising agency based in Kansas City, Missouri, millennials are 80 million individuals strong and account for 25 percent of the population in the U.S.
Additionally, this group has a buying power of $200 million annually. For charitable organizations looking for ways to increase the amount of financial contributions it receives, it may be wise for them to create strategies that draw millennials' attention to their particular causes.
The diversity of millennials
According to the Pew Research Social and Demographic Trends report, millennials are extremely distinct from their predecessors, the Silent Generation, Baby Boomers and Generation X. The people that compose this group have a strong knowledge of and affinity for technology, are optimistic that things will improve in the future and use social media as a way to stay connected with others of like mind.
Armed with this information, a nonprofit can use it to create campaigns around causes that people in the millennial group feel a connection with. This would also likely encourage them to contribute both their time and financial resources to help further it as well.
John Haydon, an authority when it comes to helping nonprofit organizations improve their marketing techniques, lists a number of helpful tips on his blog that charities can use to attract millennials and bolster their fundraising efforts.
Best practices for nonprofits to collaborate with millennials
According to the Pew Research study, one of the key characteristics of the millennial demographic is they're very distrustful. Of the four generational groups responding to the research company's Social and Demographic Trends survey, millennials had the lowest level of trust when it came to dealing with individuals.
Additionally, Haydon states that these individuals are also distrustful of institutions. However, they are much more likely to rally around specific causes they believe in. He surmises that nonprofits and charities have a better chance of connecting with the demographic and convincing them to make donations by showing them how their help can improve the lives of others.
This theory can be tested using donation tracking software that reveals how much money was given before a charity changed its approach toward collaborating with millennials, and what the group gave afterward.
Nonprofits can make a connection with millennials using visual methods
When it comes to marketing, one of the best ways any organization can connect with people and influence their decisions is by the creation and deployment of a compelling video. According to the Pew Research survey, millennials are the most tech-savvy group of all because they didn't have to adapt to the use of technology; they were born in an era where it was already widespread and have a keen understanding of how to use it to their advantage.
Haydon writes that nonprofits can make an impact with this particular generation through the use of video that inspires them to further the cause by sharing, making financial contributions or even volunteering their time. For a charity adopting this strategy, volunteer tracking software can be used to chart trends that encouraged more millennials to help out, as opposed to the ones that didn't, and continue pushing those causes visually.
This particular demographic can be a powerful ally for charities, and these methods can be used by nonprofits to help foster strong relationships with millennials.