France Hoang, Co-Founder and Chief Strategy Officer of boodleAI, shares an excellent overview of the state of artificial intelligence (AI) and fundraising. Biggest way it can help? Cutting down on the cost of acquiring new donors. We’re excited to welcome boodleAI to the Neon One ecosystem as an official Certified Integration Partner.
AI: What it is in Plain English
AI, a broad and often misunderstood term otherwise known as “intellectual automation”, is easily the most transformative technology of the 21st century. I routinely meet nonprofit professionals and fundraisers who seem to think they “should already know what AI is”, so they are afraid to ask. Don’t be! AI is a vast, complex, and evolving subject.
AI is “a system that perceives its environment and takes actions that maximize its chances of success.” Basically, AI is a program that acts and thinks in ways that resemble intelligent humans.
Why Nonprofits are Poised for AI
Whether you recognize it or not, the power of AI has already changed our everyday lives (think: Google Maps, Alexa, spam filters). AI’s impact will only continue to be increasingly felt. It’s going to change the way we do intellectual work much the same way the assembly line changed the way manual work was performed. One expert predicts that 40% of white-collar jobs could be replaced by AI within 15 years. Another expert flatly stated that organizations that fail to embrace AI will fall so far behind the organizations that embrace AI that they’ll never catch up. In the AI world, there will be clear leaders and followers.
The nonprofit sector will be among those most deeply affected by the AI revolution. And the “leaders” and “followers” will be even more pronounced. Why? The biggest limiting factor in making AI work is data. Few organizations simultaneously have as much data as nonprofits, yet fail to unlock the power of the data they possess.
The key? AI. Nonprofits with AI fundraising assistants can reach the right lifetime donors to advance their mission in less time than traditional fundraising efforts, decreasing donor acquisition costs by up to 90%.
Ways Your Nonprofit Should Try AI For Fundraising Today
How does AI work with common fundraising channels? Let’s explore three common fundraising channels and how AI can take each to the next level:
AI And Peer-to-Peer (P2P)
P2P campaigns are usually designed to deliver the same generic fundraising message, to the same friends and family, which ultimately loses effectiveness over time. AI assistants can help identify the most promising fundraisers among your constituency and help your P2P fundraisers identify new donors in their contacts and networks. Then, AI assistants suggest tailored messaging utilizing fundraising psychology.
AI And Galas
Putting galas together can be time-consuming and finding the right guests to invite is often taxing. Faster and cheaper than manual methods, AI assistants can consolidate and deduplicate contact lists, which reduces wasted effort and confusion during the planning process. AI assistants can recruit the most promising committee members, table hosts, and invitees from among your constituency, who might otherwise go unnoticed.
AI And Email Campaigns
On average, only one in 1,250 emails sent directly from a nonprofit leads to a donation. AI assistants can help you consolidate and deduplicate email distribution, thereby reducing duplicate messages that may annoy recipients and lead to spam flaggings. Then, AI assistants can analyze, visualize, and segment your email distribution lists which allows you to send tailored messages to specific segments, increasing the odds of success by up to 80%.
Introducing The NeonCRM-BoodleAI Partnership
As you can see, data and AI are the perfect pair. Which is why NeonCRM and boodleAI are partnering to serve nonprofits.
Our friends at Neon are industry leaders in CRM solutions for nonprofits for a reason. Their technology is robust, user-friendly, and built to accelerate fundraising results. Neon has successfully cultivated an excellent partner ecosystem to include numerous best in class solutions.
NeonCRM brings the data, we bring the AI-driven peer-to-peer solutions made by fundraisers, for fundraisers. Our patent-pending AI assistant – “boodle” – helps nonprofits fix their data, find likely donors, and fundraise smarter.
Ultimately, what the NeonCRM-boodleAI partnership means for nonprofits and fundraisers who are a part of the Neon and boodleAI ecosystem is:
- A better user experience that allows your rich data to train boodleAI algorithms to further accelerate your fundraising efforts.
- Your will reach revenue targets faster than ever.
- Acquiring new donors will be easier, leaving you to focus more on personal relationships and the creative side of fundraising rather than by being bogged down by menial repetitive development tasks.
The nonprofit industry is certainly one of the most collaborative and friendly there is. However, nonprofits ultimately do compete with each other for donor dollars.