Running a tertiary academic institution requires a lot of money, the state tries to subsidies these costs but their contribution is just not enough, the student s fees too can t cover all the academic costs. As an academic institution, there are always research projects taking place that may require expensive labs and money, some facilities will need to be improved or maintained, the institution may want to expand to be able to cater for all student s need and the quality of education should be constantly improved. These institutions have come up with ways of raising money from third parties, one way of doing that is through higher education unique fundraising events.
Some organizations that need donations from the public have adopted the use of new technologies to make things easier for people who want to donate. An example is Amazon, it uses data analytics and statistics to improve their customer experience. That is what the institutions should do if they want people to continue donating to them, they should reduce the donor s efforts. If they don t, other organizations that do that will become their competition.
Hence, institutions have to adopt the use of data science, predictive modeling, statistics and etc. To build models which will help them identify people who are likely to donate money to their cause and individualize their marketing. Time and money should not be spent on marketing in the wrong direction.
Another important thing to look at is how the institutions connect to possible donors. Fortunately, in this age, messages can be passed around throughout the world in just a matter of seconds, but will it reach the right people? Over two billion people are on social channels like Facebook and Linkedin, so digital advertising and social media pages may be used to reach these people. For personalized marketing, institutions may go directly to sending emails to targeted donors.
Caution should be taken to avoid scaring first-time donors. When asked, people say they don t donate to some organizations because they have a lot of requirements and force them to commit in the long run, it s like they are signing a contract with them. They run away immediately when they hear that there is a minimum donation they should make each month or year.
How can you support something that you don t know anything about or have a limited understanding about, it is very unlikely that people will donate money if they don t see what benefit the accepting institution will give to the world.
One survey results revealed that people think when they donate to varsities, they are paying for students fees and that s why others are reluctant. But, if they know that that money may be used for researching a cure for cancer, they might understand that donating to university is just like donating to other charity organizations. In fact, it might produce a permanent solution for other charity organizations.
When the above-mentioned devices are followed and technology is used, higher education fundraising becomes a little easier for academic institutions.
Some organizations that need donations from the public have adopted the use of new technologies to make things easier for people who want to donate. An example is Amazon, it uses data analytics and statistics to improve their customer experience. That is what the institutions should do if they want people to continue donating to them, they should reduce the donor s efforts. If they don t, other organizations that do that will become their competition.
Hence, institutions have to adopt the use of data science, predictive modeling, statistics and etc. To build models which will help them identify people who are likely to donate money to their cause and individualize their marketing. Time and money should not be spent on marketing in the wrong direction.
Another important thing to look at is how the institutions connect to possible donors. Fortunately, in this age, messages can be passed around throughout the world in just a matter of seconds, but will it reach the right people? Over two billion people are on social channels like Facebook and Linkedin, so digital advertising and social media pages may be used to reach these people. For personalized marketing, institutions may go directly to sending emails to targeted donors.
Caution should be taken to avoid scaring first-time donors. When asked, people say they don t donate to some organizations because they have a lot of requirements and force them to commit in the long run, it s like they are signing a contract with them. They run away immediately when they hear that there is a minimum donation they should make each month or year.
How can you support something that you don t know anything about or have a limited understanding about, it is very unlikely that people will donate money if they don t see what benefit the accepting institution will give to the world.
One survey results revealed that people think when they donate to varsities, they are paying for students fees and that s why others are reluctant. But, if they know that that money may be used for researching a cure for cancer, they might understand that donating to university is just like donating to other charity organizations. In fact, it might produce a permanent solution for other charity organizations.
When the above-mentioned devices are followed and technology is used, higher education fundraising becomes a little easier for academic institutions.
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