CEO Insights: Competition Makes Markets Thrive

April 14, 2020
3 min
A grid of shapes, a portrait photo of Justin Wheeler, and the words "CEO Chat".
Justin is Funraise's CEO, a co-founder, and a bad-ass, experienced nonprofit fundraiser. Like a true fundraiser-turned-founder, he breaks down the concepts behind Funraise's mission everywhere he can make nonprofits' voices heard.

How does your nonprofit think about competition?

A lot of nonprofits I speak with think the industry should not be competitive. I believe that competition keeps organizations accountable and pushes them towards true innovation and excellence.

If you really believe donors don't analyze your nonprofit against similar ones, you should start talking to donors that stopped giving to you but keep giving to similar organizations.

Just like a good product requires a strong customer-centric brand, your nonprofit needs one as well.

These are the questions I would think about when creating your donor-centric brand:

  • How does the donor feel when they give to my org?
  • Does the donor really believe that we can solve this problem?
  • What value can we provide the donor that makes us different than orgs similar to us?
  • How do we keep the donor engaged and informed in a non-transactional way post-donation?

Creating a donor-centric brand will not just help you retain more donors, it will become a powerful acquisition strategy as you continue to grow it.

Can't listen to the video? Scroll down to read the transcript.

Video Transcript

Definitely, over the last five years, the amount of new product that's being built, whether it's like new companies and so forth in the nonprofit space. It's I mean, it's unprecedented if you look back in the last like two decades. And what I like about that is it's finally creating competition. Markets thrive when there's competition. They're forced you know, companies like Funraise are forced to produce the absolute best if they want to, you know, be in business, essentially. And so I love that because that wasn't the case when I was in the nonprofit sector, It was like one of two platforms. And now it's it's much more vast. And it again, causes us to have to be our best and provide the best service to our clients.
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