How NONPROFITS Can Benefit From the Power of Data Analytics?
How NONPROFITS Can Benefit From the Power of Data Analytics
Data, in short, is a collection of raw information, including text, numbers, images, audio, or video. The contacts in your email list, the number of received donations, or the records you are keeping in your volunteer spreadsheet are all examples of data you might have in your nonprofit.
If your organization can decrease overhead and increase success, you will definitely be better off during (and after) the crisis of COVID-19. In addition, to boost your nonprofit's fundraising efforts, measure and monitor the impact of your activities, build predictive models, optimize the allocation of funds, and more, you can use DATA ANALYTICS. Data analysis can help you make sure that you are putting your time, effort, money and energy into the right channels.
Vijay Computer Academy will present how you nonprofits can make use of data analytics in their every day work.
1. Monitoring and implementing specific activities
Data analytics can help nonprofits accurately measure the performance of their activities, and help them tailor their processes towards better results. Data analysis and visualization can also play a huge role in real-time tracking during crises and optimizing relief efforts.
2. Marketing campaigns
Nonprofits have huge datasets that they can exploit to develop statistical models that can help them optimize their marketing strategies. Data insights help NGOs identify and segregate audience based on various factors, using which they can drive their marketing efforts more effectively. Data analysis also helps charity organizations discover relationships, that can help them develop specific incentives.
3. Promote effective fundraising
With regards to fundraising, data analytics can be used to see each prospective donor in a more comprehensive view in order to individualize interactions between nonprofits and potential donors. Because relationships with donors are among the most important factors in marketing, these insights can be used to drive decision-making in fundraising and marketing efforts, both to boost visibility of the nonprofit and to drive donor contributions to the nonprofit organization.
One of the best examples is location-based marketing and IP targeting, especially during the COVID-19 pandemic. Due to the pandemic, necessary social distancing measures have tied many to their homes. To put it simply, IP targeting allows you to locate the IP addresses of your target audience (for example, certain demographics or postal addresses of known supporters) and serve ads to those supporters on their technology devices.
4. Work smarter, not harder
When you use your database to its full potential, you can be more strategic in your work because you know where to focus your efforts. Data gets you on the right track, helps save time so you can focus on growing your mission. For instance, when running a fundraising campaign, targeting large donors can be costly, labor-intensive, and sometimes ineffective.
Moreover, nonprofit technology helps organizations identify the prospects that are most likely to give with a high degree of accuracy.
5. Make better decisions
Data is not an end in itself, but rather the starting point of a process whose ultimate end is to empower you to make informed decisions for your nonprofit. By analyzing the data you already have, you can identify patterns and opportunities that will help you better understand your supporters and the impact you are making. For instance, email marketing metrics can help you understand which email received the highest open rate or the most engagement.
6. Streamline funds
Allocating funds based on insights from analytics helps NGOs make optimal use of their resources, which is primary to its smooth functioning.
7. Natural Language Processing to Examine Social Media Habits
Natural Language Processing (NLP) can be used to analyze people’s social media behaviors and develop better marketing and fundraising strategies. Online resources can be exploited in the digital age to power decision making via big data. Unstructured data from social media platforms can be used for fundraising, as well as characterizing and identifying audiences.
Natural Language Processing (NLP) can be used to analyze text from social media postings to understand how audiences view and talk about an issue or topic. Data analytics can also be used to create targeted marketing campaigns for specific demographic groups, e.g., to identify a subgroup of people who may be most interested in the nonprofit’s cause. Sentiment analysis can be conducted using NLP to ensure that the campaign is effective among audiences, and can track social media discussions via analytics and conduct “spread the word” campaigns on social media platforms such as Facebook and Twitter.
Fortunately, to help you, VCA is forming public and private partnerships with non-profits and government agencies to train employees in data analytics and IT, equip them with proper access to internet tools and help them navigate the latest digital innovations and trends.
Vijay Computer Academy offers Data Analytics Bootcamp in just 9 to 18 weeks.
The best part? We offer customized Data Analytics program for nonprofits.
If you want to get a taste of our Data Analytics Bootcamp, check our FREE demo/trial Data Analytics class.
To know more about prices and how you can contribute, just click on this link and schedule your call!
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