One of the biggest-impact things you can do as a fundraising is to promote monthly giving as an option for your donors. It can power amazing growth for years to come, for two reasons:
The annual revenue from a monthly donor is typically three or more times what it is for the same person as an episodic donor. Better yet, the annual retention of monthly donors is usually higher than 90% -- as opposed to around 50% for episodic donors.
It's a very big deal.
Here are some great ways to build your monthly giving from A Direct Solution, at 7 Tips to Create a Wildly Profitable Monthly Giving Program:
- Allocate the resources to promote monthly gifts. While a small number of donors will make themselves monthly donors on their own, you have to spend time and money to grow a monthly giving program. It's one of the best investments you can make -- but it is an up-front cost.
- Identify your best prospects for monthly gifts. Donors who are already giving two or more times a year, and generally, lower-end donors (below $100 cumulative in a year).
- Remind donors of the benefits of monthly gifts. The most important reasons are ease, convenience, and the way their giving adds up to bigger impact. Not because it helps your with your budget planning!
- Get a seamless back end system in place for credit card updates to keep monthly gifts rolling in. Credit cards expire. Have a system for renewing when that happens.
- Encourage Electronic Funds Transfers. It's tough to get US donors interested in EFT -- it's the normal way in much of the world. But if you can get them there, it's better than credit card giving.
- Ask properly for monthly gifts. On your online donation form, make monthly giving the first with single gift as an option. (Online donors are somewhat more inclined to become monthly donors than are offline donors.)
- Create a cool Giving Society for your monthly donors. Name your program something that reminds them of the purpose of their giving. It also gives a sort of social proof that this is something other people do.
from Future Fundraising Now https://ift.tt/2uYHKjn
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