Optimising Revenue Streams and Incorporating Modern Technology Drive Growth
LONDON, Aug. 22, 2024 /PRNewswire/ — Blackbaud (NASDAQ: BLKB), the leading provider of software for powering social impact, today released its 2024 Status of UK Fundraising Benchmark Report. This report provides essential data on current fundraising trends in the UK, helping social impact professionals understand the sector and benchmark their performance. With a research focus on emerging innovations and social impact technology ecosystems, the report also helps nonprofit organisations inform their digital fundraising strategies to maximise their impact.
“The annual Status of UK Fundraising Report gives a comprehensive view of the social impact community in 2024, helping nonprofits understand and benchmark their performance,” said Philip Hunt, Senior Manager, Marketing, Blackbaud International Markets. “The nonprofit sector is in a constant state of change with economic and political uncertainties, and the global pandemic aftermath. Despite this, we are seeing success in more intentional strategies that focus on maximising the potential of technology and driving sustainable growth through income stream diversification. AI, too, is shaping the nonprofit sector. These modern innovations propose exciting new opportunities, but also underline the need for accelerated policy making to ensure responsible and ethical use of AI.”
For this research, over 850 industry professionals completed an online survey, and additional virtual interviews with participants gave more in-depth insight into some of the key findings.
Key Findings
Diversified income stream portfolio helps nonprofits grow.
Growing organisations are more likely to have an evenly spread income stream portfolio.In turn, organisations relying on grants as their main income source are significantly more likely to say that their income decreased.
The current economic situation continues to challenge the sector.
79% of nonprofits reported feeling challenged by the economic situation, and subsequent fewer donations. 58% of those who struggled to grow rank the wider macroeconomic environment as the main reason behind income decline.Public perceptions of the sector and changing demand for services are also top of mind for participants.
Tech-savvy and innovative organisations are more likely to experience income growth.
Digitally mature organisations are significantly more likely to say that their income is growing, suggesting that these tech-savvy organisations are better able to capitalise on opportunities that help them grow.
Most organisations use AI, but many wish they had more resources to explore fundraising use cases.
57% of participants use artificial intelligence, and most feel positively about it. Despite this, many say they lack resources to explore how to maximise the true potential of AI in their organisation.While most participants use AI, only 5% have an AI policy in place, but a further 15% say that they are working on one.
Improved data management would bring the biggest value to fundraising strategies.
Most nonprofits use and are satisfied with their CRM system, but many recognise that additional training could help them realise the full potential of their software.60% of participants agree that improved data management would bring the greatest value to their organisation.
More research results can be found in the full Status of UK Fundraising report. This resource is offered for free as part of Blackbaud’s commitment to accelerating social impact.
About Blackbaud
Blackbaud (NASDAQ: BLKB) is the leading software provider exclusively dedicated to powering social impact. Serving the nonprofit and education sectors, companies committed to social responsibility and individual change makers, Blackbaud’s essential software is built to accelerate impact in fundraising, nonprofit financial management, digital giving, grantmaking, corporate social responsibility and education management. With millions of users and over $100 billion raised, granted or managed through Blackbaud platforms every year, Blackbaud’s solutions are unleashing the potential of the people and organizations who change the world. Blackbaud has been named to Newsweek’s list of America’s Most Responsible Companies, Quartz’s list of Best Companies for Remote Workers, and Forbes’ list of America’s Best Employers. A remote-first company, Blackbaud has operations in the United States, Australia, Canada, Costa Rica and the United Kingdom, supporting users in 100+ countries. Learn more at www.blackbaud.co.uk or follow us on X/Twitter, LinkedIn, Instagram and Facebook.
Media Inquiries
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Forward-looking Statements
Except for historical information, all of the statements, expectations and assumptions contained in this news release are forward-looking statements that involve a number of risks and uncertainties, including statements regarding expected benefits of products and product features. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: general economic risks; uncertainty regarding increased business and renewals from existing customers; continued success in sales growth; management of integration of acquired companies and other risks associated with acquisitions; risks associated with successful implementation of multiple integrated software products; the ability to attract and retain key personnel; risks associated with management of growth; lengthy sales and implementation cycles; technological changes that make our products and services less competitive; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from Blackbaud’s investor relations department. All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.
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