6 Tips for End-of-Quarter Political Fundraising
2020 was an exceptionally significant election year for the country, but every year brings contests that have the potential to make a great impact. If your campaign is one of those on the ballot in 2021, then you likely are aware of a major milestone approaching at the end of this month: the close of the first quarter. Even if you’re not on the ballot until 2022, the end of Q1 2021 marks the first major opportunity to demonstrate the fundraising prowess- and, by proxy, the early signs of viability- of your campaign.
This period represents a major fundraising opportunity for campaigns and this article offers some tips for taking full advantage:
Tip #1: Welcome people back to political giving
Many people who gave to political causes in the 2020 cycle were- understandably- “tapped out” by the end of that cycle. Use this first quarter deadline as a chance to welcome them back into the fold. Those that gave generously in the past may have temporarily experienced some donor fatigue, but they did not stop caring about the issues that motivated their earlier political involvement. The end of the first quarter of 2021 is a very appropriate time to get in touch with those donors, thank them again for all they did in the last cycle, and start amping them up for all the work there is left to do this cycle. Especially if you have run for office in the past, now is the time to start getting back in touch with donors who have given to you previously.
Tip #2: Focus on re-solicits who have a lot of outstanding capacity
Speaking of going back to prior donors, a quarterly deadline is the prime opportunity to reach back out to existing donors that have the capacity to give even more. “Re-solicits,” as they’re known, are highly efficient because it is usually easier to get these people on the phone, the conversations tend to be quite brief, and the rate of “yes” is typically very high. That makes them perfect for an approaching deadline.
But don’t fall into the trap of just asking people who have already given to give again at the same level. We regularly see big gaps in a donor’s giving and their potential, and this is a great time to close that gap. The CallTime.AI software leverages artificial intelligence to generate recommended ask amounts, based largely on that person’s past political giving. This is a great tool to help spot if a donor is under-performing in their contributions to your campaign, and these should be your top priority during re-solicitations.
Tip #3: Be frank about the importance of the deadline
Political donors want to feel like the money they are spending on your campaign is having an impact, and they also tend to like feeling like they are an “insider” on your campaign. You can help them on both fronts by being transparent about the importance of this deadline. The fact is that an early quarterly filing deadline actually can have a really big impact on the trajectory of a campaign. Explaining that potential impact to a donor will help them understand why their dollars mean so much, and why they mean so much now.
This is especially true early on in a cycle, like this first quarter deadline. For many campaigns, this will be the first time that their financial picture becomes public this cycle. A strong report can generate early positive press that establishes the campaign as the frontrunner, and can even change the landscape of competitors who decide whether or not to jump into the race. And, of course, early dollars can be invested in significantly growing the overall campaign operation in a way that late dollars cannot.
These are facts that are second-nature to you, but may be foreign to your donors. By letting them in, you are giving them a new and sound justification for investing in your campaign at this time.
Tip #4: Target end-of-quarter donors
During this end-of-quarter period, a good universe of donors to target are those that have a demonstrated history of giving to several candidates during prior ends-of-quarters. Using an automated donor research tool like CallTime.AI you can quickly see if a donor typically distributes a good deal of cash to many campaigns in the final days of a quarter. These individuals are often savvy donors that understand the significance of this time period and the quarterly reports. That said, they are also clearly on the receiving end of a lot of solicitations, so it is smart to identify who in your network meets this criteria sooner rather than later.
Tip #5: Don’t miss a beat on pledge fulfillment
Chasing pledges can be very time consuming, and time spent chasing a pledge is time you could have spent procuring a new donation. So taking steps to minimize that need can really boost your final numbers, while also reducing the amount of money that accidentally comes in after a deadline, or never at all.
Sometimes you can take a donor’s credit card information right over the phone and complete the transaction while they’re on the line. As online giving has become so simple, however, donors have increasingly gravitated towards completing the transaction themselves. To help ensure they do so right away, send them a quick follow-up text message in real time. Over 80% of pledges are fulfilled within an hour of being made if the donor receives a text message with the link to donate immediately. That takes a big bite out of your list of outstanding pledges, ensures those dollars count towards your report for the quarter, and frees you up to focus on raising new dollars, rather than chasing old ones.
Tip #6: Don’t lose sight of the long-term
Deadlines can create a sense of urgency in your donors, and spur some innovation on your part as you seek to bring in as much as you can before that first report. But they can also narrow your thinking to the short-term, at the expense of the bigger picture. Remember, a successful fundraising operation is one that invests in relationships, which are long-term endeavors — don’t let your excitement about hitting a short-term goal undermine them.
So while you chase after low-hanging fruit, don’t forget to still make some time to connect with colder leads that may not be ready to give prior to this deadline… but who will need to be warmed up so they are ready to give prior to the next one. And generally be mindful of any messages or tactics you deploy that may yield some immediate burst of funds, at the cost of your credibility with donors that you will need later. For example, if you over-sell and exaggerate the importance of donating before the deadline, you will undercut your future solicitations that come after the deadline. Because while early money is important, the most important thing is that you are being mindful about the long-term financial health of your campaign.
