There are plenty of challenges that every non-profit company faces, and it doesn’t matter how large or small it is. However, there is one thing that most non-profits have in abundance that often isn’t getting used as well as it could be: data. Whether it’s data of potential customers or volunteers, a deep understanding of how the system works, something niche-specific, or everything and everything in between, learning to make data collection and use a central part of the non-profit’s systems will make sure they are more effective in every part of their mission.
What Is The ROI?
Getting a solid measurement on the return on investment(ROI) has always been one of the more challenging aspects of running any company. What is actually getting the best return on your investment? What looks good on the surface but isn’t producing in the way you really need to – where it matters? What things sound like a good idea but in reality aren’t giving you much of a return at all?
For many years it was often very difficult if not impossible to really get an accurate ROI in many fields. At best, it was an educated guess. Many of these guesses become industry standard “truth” regardless of whether or not the information was accurate. However, with all the online tools, software, and tracking systems available today, it is possible to get an accurate look at ROI.
You can see what media pushes, social media sites, and advertising is actually getting results for the non-profit, which programs are looking good but doing very little outside of that platform (Facebook ads are notorious for this in some fields) and therefore put up numbers that look good but don’t move the barometer towards what you need. This data is absolutely invaluable to make sure limited resources are used where they are of the most benefit and not being squandered.
Tracking What Matters
Just having data isn’t enough. There’s more data than ever, and even a moderately well-trained team can become overwhelmed in many situations. This is where a good strategy put together by data strategy professionals is crucial. There is so much information out there and it is important to track what actually matters to your mission as opposed to information that makes you feel good but doesn’t move the needle or just isn’t important at all.
The smart use of data can actually help reveal these things to struggling non-profit organizations, as well. Read more on this website. They might show that certain actions aren’t having the downstream effect desired or other actions that seem to be helping are actually taking up too many resources for the return they’re giving.
These are problems that can be fixed once you know about them, but the organization needs to know these problems exist before they are going to be able to fix them. Being able to pick out the right data is just step one. Building an entire plan around that to get the most out of the non-profit’s efforts takes even more work.
However, when the plan is backed by a good data strategy, chances are far better than not that the results are going to be excellent.
Not Just for the Profit Sheets
Giant corporations like Google, Facebook, and Amazon have become dominant over competitors, even those once bigger than them with a larger market share, because they understood how to fully collect data and use strong modern strategies to give the best user experience with that information. Good data strategy isn’t just for giant corporations but can be used by charities and non-profits of all sizes to get better results. Learn more here.
Data strategy is too often ignored when it comes to making long-term plans. As strong leaders of non-profits know, often times the job ahead is challenging due to limited resources, limited outreach, and plenty of challenges coming from all sides. Taking a look at getting the most out of the manpower, money, and information an organization does have from smart strategic use of data is one of the best ways to turn weaknesses into strengths and get the most out of the best assets that are just waiting to help the non-profit achieve its mission.
Any non-profit not already taking advantage of this type of planning needs to get on board to make sure their mission stays solvent and as successful as possible moving forward into the future.