What You Didn't Know About Millennials and Fundraising
When I meet with my new clients, one of the most important things we talk about is their target audience.
Who are they trying to reach and why?
Often, the answer might be millennials. I get it. Millennials are the largest generation in U.S. history (surpassing baby boomers) and very active on social media, so cultivating a long-term relationship with this generation of donors makes sense.
But, it’s also important to remember that the way you develop relationships with millennial donors might be widely different than Baby Boomers or GenX.
IMPACTS surveyed donors of cultural institutions why they chose to donate to an organization, and separated the data by millennial and non-millennials. The findings were compelling.
A key takeaway: The top 3 reasons an individual makes a donation to a cultural institution (museums, art, performances, zoos, etc.) is dramatically different for millennial and non-millennial adults.
Let’s break it down. The top reasons millennials chose to make a donation:
“They wanted to be a part of something.” Meaning, they wanted to join a movement, be part of the greater good, make a collective impact.
“Support the mission.” The organization’s cause was clear and resonated with them deeply.
“Internal satisfaction. Made them feel good.” This is a critical part of your value proposition — a key component to your fundraising success.
Non-millennials chose to make a donation because:
“Asked by a friend or family member”
“Asked to give by a board or staff member”
“To set an example for others”
A key takeaway here is that millennials are emotionally-driven when making donation decisions. They want to feel good. They want to be part of creating a greater good, whereas a personal one-on-one ask for a non-millennial is much more powerful than any other tactic. Good to know, right?
So, next time you have a fundraising goal or call-to-action, take a moment to decide WHO your target audience is. If it’s a millennial, go all-in on creating content and copy around feelings-driven storytelling, your value proposition, and impact.
In my free, on-demand workshop, the 3 Keys to a Buzzworthy & Profitable Online Fundraiser, I take a deeper dive into this concept and how to apply it to your nonprofit. Watch it instantly, here.
If it’s to a non-millennial, you still need to be marketing (this doesn’t mean you get a pass on social media!), but it does mean that your strategy needs to incorporate grassroots efforts: a phone call, an email, a newsletter, a direct ask!