Millennial Giving
One of the most important skills in being a successful fundraiser is segmenting your potential donor base and developing unique strategies for each pool of potential donors. One of the many ways to segment potential prospect is by age.
There are currently seven living generations in the U.S. right now and the largest is the millennial age group. I wanted to spend some time today covering who the millennials are, why focusing on a strategy to reach them is crucial to your success, what is important to them, and how to solicit new millennial prospects.
Background
Below are some facts on the millennial age group compiled by Goldman Sachs and Britannica:
Born between 1980-2000
Comprising roughly 72 million people
The biggest age generation in U.S. history
Most educated generation (Masters degrees are more common than other generations)
Grew up during the technology boom of the early 2000s.
Entering their prime spending years and professional development
Why Millennials?
A recent study by Giving USA provides good data driven reasons for your organization to focus in on a solicitation strategy directly aimed at millennials. For one, there has been a major increase in the total dollars given by millennials relative to other age groups during the past five years. Moreover, the millennial generation participated in the most hours spent volunteering – demonstrating they have a willingness to give to a greater cause. Finally, they are the only age group since 2016 to increase their attendance at worship services.
How to Reach Millennials
Clearly demonstrate your impact – While millennials are giving at a higher rate than other age groups, SalesForce notes they are more data driven than other age groups. Your solicitation strategy should give concrete evidence of the impact your organization has others. Consider using videos and/or testimonials to communicate your results!
Connect with their activism – Millennials need to see the bigger cause or greater good your organization serves. According to Giving USA, Millennials are the most responsive of all age groups to matching grants or programs. Do not discount this angle when trying to reach out to this age group.
Technology is key – As mentioned earlier, this generation grew up during the tech boom of the early 2000s. According to Giving USA, have also shown a 10%+ increase in the number of individuals giving to organizations using a smartphone or tablet during the past five years. Mediums like your social media and website will carry more weight with this age group.
Be mindful, that this does not mean you should discount traditional methods like direct mail. According to Giving USA, two-thirds have indicated they would welcome a piece of direct mail monthly from organizations seeking donations.
Examples of Great Marketing Campaigns
While these are not a fundraising appeals, the videos below demonstrate an interesting marketing appeals.
AirBnb created a video showcasing the impact hosts were having on sharing cultural traditions and experiences with their guests.
Click Photo to view full video
Nike released a multi-part mini-series to market some of its products to female millennials using exclusively digital mediums like YouTube and social media.
Clcik photo to view mini-series
Millennials should not be taken for granted. Create the strategy that will best connect with this audience because they will participate and have the potential to be involved with your non-profit organization for years to come.
To reach Chalk Consulting, please click HERE if you need assistance in creating a strategy to solicit and engage millennials or another target demographic.
Thank you and Keep Doing Good Things!
References:
https://www.goldmansachs.com/intelligence/archive/millennials/
https://www.britannica.com/topic/millennial
https://www.salesforce.org/blog/nonprofits-engage-millennials-genz/
https://econsultancy.com/four-great-examples-of-marketing-to-millennials/
