As a higher education institution, your alumni are an essential part of your community. Not only do they represent your school’s legacy, but they also have the potential to be valuable donors and advocates for your institution.
Alumni fundraising is a crucial aspect of any higher education institution’s development efforts. It not only helps to raise funds for important initiatives but also strengthens the relationship between the school and its alumni.
But donor relationships can be difficult to manage, especially as the student loan debt balance has increased 66% in the last decade. Many former students might be reluctant to give more than they already have to your institution. Even if they can afford to, they might feel that they’ve given enough.
In this article, we’ll explore some effective strategies for successful alumni fundraising and how they can benefit your institution.
Why Alumni Fundraising Matters
Alumni fundraising is an essential part of any higher education institution’s development efforts for several reasons.
Increased Funding Opportunities
Alumni fundraising provides an opportunity to secure additional funding for your institution. Alumni donations can bridge the gap between rising education costs and student need for financial aid.
Alumni can also be more interested in giving to specific campus needs. For example, they might support the department they majored in, athletics, or study abroad programs. They will be more interested in these funding needs than broader grant providers.
Strengthened Alumni Relationships
Alumni fundraising is not just about raising money; it’s also about building and maintaining relationships with your alumni. By engaging with your alumni, you can foster a sense of community and loyalty towards your institution.
Enhanced Reputation and Visibility
Successful alumni fundraising can also enhance your institution’s reputation and visibility. When alumni see the impact of their donations, they are more likely to speak positively about your institution. If you can show that their donations improved the academic and social lives of students and faculty, they may even recommend their alma mater to others.
Effective Alumni Fundraising Strategies
Now that we understand the importance of alumni fundraising, let’s explore some effective strategies for success.
Personalized Communication
Personalized communication is key to engaging with your alumni and encouraging them to donate. Instead of sending generic mass emails, take the time to personalize your messages and tailor them to each individual’s interests and giving history. Try to send information on the programs they were a part of, or the departments they graduated from. Ask student volunteers to send messages or call alumni to put the impact of their dollars at the top of their minds.
Share success stories about your institution, like recent graduates getting accepted into competitive programs or jobs. Showcase the impact of alumni donations and the importance of their continued support.
Another important aspect of personalizing communication is preference. You should survey your alumni to discover if they prefer digital communication over direct mail, or if they don’t want to receive phone calls. If you respect these preferences your alumni will be more likely to view your communications favorably.
Donor Research
There are tools out there that can report on publicly available donor information, like DonorSearch. This information can tell you if any of your alumni have recently given to causes that might overlap with yours. They might be more willing to give to your fundraising initiative.
Your own data can help too. If an alum hasn’t donated recently, see if their previous donation(s) went to specific initiatives or programs. They might be more interested in similar causes rather than your general fund.
Put your student volunteers on researching alumni on LinkedIn or in the news. Mark alumni in lucrative careers as potential major donors.
Engaging Events
Hosting engaging events is an excellent way to bring alumni together and create a sense of community. These events can range from formal galas to casual networking events, depending on your institution’s culture and the preferences of your alumni.
Events can also serve as a platform for fundraising, with opportunities for alumni to donate during the event or pledge their support for future initiatives.
Homecoming events are a popular time for fundraising. See if there are alumni in major cities willing to volunteer to host their own local homecoming events. Not everyone will want to return to campus after all.
Crowdfunding Campaigns
Crowdfunding has become a popular fundraising method in recent years, and it can be an effective strategy for alumni fundraising as well. By creating a crowdfunding campaign specifically for alumni, you can tap into their sense of community and encourage them to support a specific cause or project.
Crowdfunding campaigns also provide a platform for alumni to share their support and spread the word about your institution’s fundraising efforts.
Alumni Giving Societies
Alumni giving societies are a great way to recognize and thank your most generous donors. These giving societies tend to be reserved for alumni who donate a certain amount annually. Membership at many starts at $2,500 per year.
By creating different levels of giving and offering exclusive benefits to members, you can encourage alumni to donate and foster a culture of giving within your alumni community.
Giving societies can also serve as a platform for alumni to connect and network with other donors, further strengthening their relationship with your institution.
Matching Gift Programs
Matching gift programs are a great way to increase the impact of alumni donations. By partnering with corporations or foundations, you can offer to match a percentage of alumni donations, effectively doubling their contribution.
This not only encourages alumni to donate but also provides an opportunity for your institution to build relationships with potential corporate or foundation donors.
Real-World Examples of Successful Alumni Fundraising
Let’s take a look at some real-world examples of successful alumni fundraising and how they have benefited their respective institutions.
Lake Forest College’s Forester Day
Lake Forest College’ annual Forester Day set a new record in 2023. With a goal of reaching 1,753 donors (the current number of enrolled students), LFC raised a $676,352 from 2,035 donors.
2023’s fundraising day included its first ever live telethon, as well as career advancement talks by alumni. Students on campus played college trivia to win a chance to have donations made in their name and attended livestreamed talks with college leaders. The successful day of giving culminated in a party for faculty, staff, students, and alumni.
McPherson College’s Billion Dollar Gift
People scoffed at McPherson College President Michael Schneider’s goal of increasing the institution’s endowment to $1 billion. Thanks to an anonymous donor willing to match up to $500 million, this tiny Kansas college’s endowment jumped from $53.4 million in 2022 to $1.59 billion in 2023.
These funds came largely from estate gifts, a fitting form of donation as the generous anonymous donor promised another $500 million from their own estate on top of their match goal.
Schneider points out that these relationships don’t happen: they take work to nurture. Moreover, he believes that donors were confident in their giving because his team laid out exactly how this money would help combat student loans and give back to surrounding rural communities.
Tips for Implementing Successful Alumni Fundraising Strategies
Now that we’ve explored some effective alumni fundraising strategies and real-world examples, let’s look at some tips for implementing these strategies successfully.
Utilize Technology
Technology can be a powerful tool for alumni fundraising. From online donation platforms to social media and email marketing, technology can help you reach and engage with your alumni more effectively.
Consider investing in a fundraising platform specifically designed for higher education institutions, which can provide features such as personalized communication, crowdfunding, and alumni giving society management.
Leverage Social Media
Social media is an excellent platform for engaging with your alumni and spreading the word about your fundraising efforts. Use social media to share updates and success stories, promote events, and encourage alumni to donate.
You can also use social media to showcase the impact of alumni donations and recognize your most generous donors, further incentivizing others to donate.
Foster a Culture of Giving
Fostering a culture of giving within your alumni community is crucial for successful fundraising. This can be achieved through personalized communication, alumni giving societies, and recognition of donors.
By showcasing the impact of alumni donations and creating a sense of community and pride in giving back, you can encourage more alumni to donate and support your institution.
Conclusion
Alumni fundraising is a crucial aspect of any higher education institution’s development efforts. By utilizing effective strategies and leveraging technology and social media, you can engage with your alumni and encourage their support for your institution.
Remember to personalize your communication, host engaging events, and foster a culture of giving within your alumni community. By implementing these strategies, you can strengthen your relationship with your alumni and raise much-needed funds for your institution.
