Everything you need to know about end of financial year campaigns3 June 2021
It’s hard to believe that there are only 27 days left before the end of the financial year, where has the year gone!
With the EOFY fast approaching, it is now time for not-for-profit organisations to start implementing their EOFY campaigns so donors can receive charitable deductions from their tax returns. It is also the perfect time for organisations to make a last strong attempt to reach their donation amount goals.
Don’t worry if you haven’t started planning yet, here is all you need to know about what an EFOY campaign is and how to implement it effectively to increase donations and new donors.
What is an end of financial year campaign?
An EOFY campaign is a tax-deductible campaign run just before the end of June, this offers an advantage for your donors to donate and reduce their taxable income. All your organisation has to do is inform your donors that you have a Deductible Gift Recipient (DGR) status and provide them with a tax invoice after their donation so they can claim it with their tax return. It is also important to note that in order to claim a donation at tax time it needs to be over $2.
EOFY campaigns are different from any other campaign you run throughout the year because they are short and provide a huge incentive for donors to give generously. Although EOFY campaigns are short if run correctly they can be one of the most successful. Donors are more likely to donate during tax time than any other time of the year.
How to run an end of financial year campaign?
Running an EOFY campaign can be difficult if you don’t know where to start. Here are some tips to get your campaign running and make it as successful as possible.
- Be clear with your messaging
It is important when planning a EOFY campaign that you provide clear messaging to your donors. Make sure they know exactly what they are donating to and how their money is being used.
When explaining what the money is being put towards, make an emotional appeal and support it with videos, images and facts to entice your donors into making a larger donation. You can even include a personal message from a leader in your organisation to show how passionate your organisation is about the campaign and how crucial every dollar is in helping change lives. By being clear with your messaging and using emotional appeals donors will be able to see the importance of your cause and their donation.
- Set a Target
Setting a target for your EOFY campaign will remind your donors of the urgency of their funds. Make sure when communicating the target for your campaign that you explain to your donors what you are trying to achieve and what that amount of funds will mean for your organisation’s impact. It is also extremely important to explain to your donors the deadline for donating to an EOFY campaign in order for them to lodge it with their tax return.
- Send Reminders
After you have set a target for your EOFY campaign it is important to send reminders to your donors using email campaigns. If you have set a clear goal and deadline you must continue to follow up with your donors to remind them of the urgency of your campaign, make sure you include reasoning to why you need that set amount to achieve the right outcome. When sending reminders it is also important to explain to all donors why it is beneficial for them to give to your campaign by the EOFY.
- Be active on your social accounts
While you’re sending out campaign details through email it’s also important to update your social accounts to make sure your campaign has the highest reach possible. Your social accounts should include posts with videos, images and links to make it as interactive as possible and appealing for your audience to share with their friends and family to boost your reach. To remind your followers of your deadline you can also try including a countdown and a progress update to the EOFY campaign to create urgency and get people excited for when you reach your goal.
- Send Thank Yous
Throughout your campaign it is important to send donors thank you but also after the campaign is finished, follow them up with a special thank you via email and social media to make sure your donors know how much they are appreciated. You could also include a video or a quote from a leader in your organisation if you reach your goal to show how grateful you are. It is also nice to update your donors after the campaign to show how the money was spent and how it made a difference. By going above and beyond to thank your donors and show appreciation it will help to create recurring donors for future campaigns.
- Deliver Incentives
To help encourage donors to give more, why not consider creating an incentive like matching a donation. This can be done through your organisation or maybe consider creating a partnership with another company that supports your cause. Matching donations creates more motivation for donors to donate big amounts in small windows of time. Make sure if you plan on creating incentives you make it clear in your giving form and marketing how it works and of any guidelines.
When should I start running an end of financial year campaign
There are a lot of things to consider when running an EOFY campaign so here is some information to get you started on planning and setting a timeframe to achieve your short and long-term goals.
It is important to start planning your EOFY campaign as early as possible even though it is a short period of time. If you haven’t started yet, that’s okay you can still have a successful campaign or start planning next year.
The most important part of planning your EOFY campaign is making sure you have a strong digital marketing strategy. EOFY campaigns are short so you need to be able to get the word out there as quickly and efficiently as possible. Before your campaigns start you should have email marketing and social media content planned and ready to roll out. If you are super organised you may even want to think about creating some teasers to build hype before your campaign starts. The more organised you are and the stronger your strategy and target are mapped out the better your chances of running a successful EOFY campaign.
- Time frame
There is no set time to start an EOFY campaign but it is important to receive all donations before June 30 for them to be lodged in donors’ tax returns. But you don’t want to start your EOFY too early because you want to create a sense of urgency in reaching your goals to push donors to donate quickly and more than usual. The most ideal time to start your campaign is in mid-May or the start of June then you can create countdowns and build hype while achieving your set goals.
- Long Term
Although EOFY campaigns are short it is important to also think about the long-term goals you want to achieve afterward. Some of the goals you could work on are building strong relationships with your donors, creating more awareness for your organisation, or gaining more long-term givers. You can achieve these goals by keeping your donors in the loop long after the campaign is over and updating them on your progress, letting them know all about any other campaigns you’ll be working on in the future.
EOFY campaigns are a great way for both organisations and donors to benefit. So now with tax time almost upon us, it is time for your organisation to start thinking about implementing an EOFY year campaign or planning one for next year.
Remember that your organisation will not be the only one running an EOFY campaign, so make sure you use as many tips and tricks as you can to stand out from the rest and reach any current or future goals at the end of your campaign.
Thinking about starting a EFOY campaign? Take a tour to find out how Generous can help you get started.