Did you know that nearly 3 out of every 4 millennials have donated money during the pandemic? It is crucial to understand their psychology to plan your ask and engage with millennial donors. Here’s a quick how-to!
A Gallup report included data about their preferences – how this generation seeks purpose over a paycheck and prefers ongoing conversations over annual reviews. Understanding the thought-process of your millennial donors can help you discover what they want and what that means for the future of your organization.
With Gen Y constituting 72.1 million of the total world’s population, they are a huge pool of potential donors. Using social media to engage with millennial donors today will help your nonprofit raise thousands of dollars over time and gain a loyal supporter base.
Monologue or dialogue?
Attention-Contingent Advertising Strategy is a method to plan your marketing based on the appropriate level of audience engagement.
Why should you care?
According to Prezi’s State of Attention Report, millennials’ attention spans are selective in what they want to read and engage with. The attention span only shrinks while on mobile devices because a single notification is enough for distraction.
62% of millennials say that they are more likely to be a loyal customer for a brand that engages with them on social media. A two-way conversation is more likely to earn their attention, and at the same time, make them feel an essential part of your nonprofit’s purpose.
Ways to do it
a) Optimize your social media strategy so that it presses more for relationship-building. Influence your donors through interesting tweets, polls, and sweepstakes to keep conversations going.
b) Spotlight your cause in unique ways to this newest generation of donors. 72% of all Generation Z and millennials consider influencers on social media to make decisions. Rope in relevant personalities to promote your cause and generate more loyalty.
c) 42% of donors report that they donate to whatever inspires them at the moment. Capitalize on their spontaneity through creative storytelling techniques driven by videos, photos, vlogs, and real-time engagement.
Less is more, right?
Even though millennials make up the largest workforce today, they will not be a significant source of donations. Not right away. For now, tweak your ask and focus on micro-philanthropy instead.
Ways to do it
a) Communicate your NPO’s end goals and the impact of small and frequent donations. Motivate young donors to contribute $5, $10, or $20 per month and describe how each contribution creates actionable impacts
b) While using social media to engage with millennial donors, focus on marketing recurring campaigns. Build a donor community so they collectively strive towards your BIG purpose
c) An IBM study reveals that the Gen Y generation loves to work in groups and do activities in a social bubble. Focus your efforts on peer-to-peer fundraising through birthday fundraisers, donation gift cards, and more
Spark a giving relationship with Echo Boomers through a four-pronged approach—Inspiration, Monthly Giving Options, Transparency, and Peer-to-Peer Engagement.
How about a give back?
Millennials value a good incentive. When Millennial donors were asked what motivated their long-term support of specific nonprofits, 23.3% said they wanted to be recognized for their contribution.
Ways to do it
a) In a survey about workplace giving and matching donations, 69% of millennials said they are more likely to give if they know their employer matched their donation. Takeaway? Try to leverage a partner or sponsor who can match donations for your upcoming fundraising campaign
b) Millennials value their time above all things. Their interest in volunteering for your nonprofit means they are sincerely connected to your cause. Offer volunteer signs up through your website, Facebook forums, and sign-up forms during a fundraising event.
c) Create a junior board and give your millennial donors a chance to represent your board or leadership committee to guide and create future strategies
d) Young donors will highly appreciate something as simple as a shoutout on social! Think of special recognitions or badges for them such as ‘super donors’ or ‘champions’
How does your nonprofit engage with this newest generation of changemakers? Let us know any specific strategies that worked for you!