How to retain more donors through recurring giving

first_imgI recently had the chance to host a webinar with two of Network for Good’s DonateNow customers, Renee O’Donnell from SIFF and Katie Matney from The Women’s Fund of Central Ohio. Our goal was to understand how they’re retaining more donors through recurring giving at their respective organizations. With 70% of donors never returning to make a second gift, we were eager to learn from two peers who are building and retaining a large sustaining network of recurring donors.While SIFF is primarily membership-based, The Women’s Fund of Central Ohio takes a more traditional view of recurring donors through their 1,000 Women campaign; however, during our Q&A session we uncovered four common themes despite the different approaches.Here are four takeaways for executing a successful recurring giving program for your organization:1. Start donors as recurring donors. A small, monthly recurring gift is an easy entry point for donors. A gift of $10 or $15 a month is easier to budget for than a gift of $50, and with services like DonateNow, those donations can be automatically processed—no extra effort for you or your donors. Our data shows that recurring donors give 42% more over the course of 1 year than a one-time donor does. In addition, your recurring donors will likely do more than just make a recurring gift. For both SIFF and The Women’s Fund of Central Ohio, recurring donors make additional one-time gifts throughout the year, attend events, and encourage their networks to support and donate. In short, these recurring donors are the most loyal and generous supporters over time.2. Thank donors within 48 hours. In addition to any automatic tax receipts you send after every donation, thank your donors for every gift within 24 to 48 hours. A thank-you letter, hand-written note, or phone call within that time frame is one of the easiest things you can do to keep a donor giving. However, for recurring donors especially, listen to the donor’s feedback. If a donor doesn’t want an acknowledgement every month, don’t send one. Listening and responding to a donor’s wishes makes him or her feel heard and appreciated—and more likely to give for longer! Both Katie and Renee suggest that fundraisers make thank-yous a team effort and involve everyone in their organization. Remember, it’s your donors who allow you to continue your mission.3. Have a plan to engage donors once they get in the door. I love how Katie from The Women’s Fund described planning for the relationship you want with your recurring donors: How are you going to pick up these donors and take them with you on this ride towards social change? Keep your donors involved with frequent email updates, but pepper in personal touches. Take your recurring donors to coffee, write them a quick email, hold special events for them, and ask them for their feedback.Giving is highly personal, so make sure you understand what inspires your donors to give.4. Make it manageable. The above advice may sound like it requires a lot of effort. While that can be true, both Renee and Katie offered tips to make this work at your organization:Have a plan. Recurring donors are your most loyal supporters and they should be treated like it! Map out how your organization interacts with recurring versus one-time donors. Those with recurring gifts should receive more frequent communications. It’s easier to save time if you’re following a thought-out strategy and process, so set aside some time upfront for planning. Make sure your plans allow you to achieve success. Don’t promise you’ll send hand-written thank you notes to each donor if you don’t have the resources. Instead, strive toward a signed letter from your executive director within 24 hours. Make small but regular progress. By making a habit of doing something small every day to improve either the number or loyalty of your recurring donors, you’ll create a habit that allows you to be more effective and successful over time. Check out the article by Gretchen Rubin: “Best Advice: Make A Habit of Something Every Day.” Katie credits it for helping her start and maintain her donor acknowledgement program.Thanks to both Katie and Renee for sharing their stories with the Network for Good community! For more tips on making recurring giving a part of your fundraising strategy, listen to the full recording of this webinar, Getting Donors to Give Again and Again: The Secret Recipe.last_img

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