Nonprofit Technology & Fundraising Blog
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February 22, 2024 | Donor Retention, Monthly Giving
Now that you’ve started a monthly giving program, it’s time to help it grow! You’re in luck because monthly giving is on the rise, which means donors are interested in supporting nonprofits on a recurring basis. A strong monthly giving program will help you grow revenue for your nonprofit and engage even more donors.
We’ve compiled five tips to help you take your monthly giving program to the next level.
Establishing measurable fundraising goals for your monthly giving program will provide your team with specific objectives, strategies, and timelines to raise money. Integrate a monthly giving strategy into your annual development plan.
If your team sets a goal of raising $5,000 in new, recurring donations next fiscal year, identify who you will ask, how you will ask, and ways to measure success each quarter. For example, during the first quarter of the year (Q1), you may focus on asking board members to set up a new monthly gift. During Q2, you may focus on mailing an appeal letter to donors who have contributed to your organization each year for the past three years.
With a defined plan, your team will be able to track and measure indicators of success regularly, which is important for growth. A clear plan will also resonate with donors who want to know what their monthly gift will fund.
Acquiring and retaining monthly donors will help advance your sustainer program over time, while growing your organization’s revenue in a simple and sustainable way. Also, it is cost-effective to retain recurring donors, which allows your team to spend more time, energy, and resources engaging new prospects.
Sustainer donors contribute approximately 40 percent more than donors who make one-time gifts, annually. It’s important to thank and engage monthly donors throughout the year, while providing them with updates on the impact of their generous gifts. Stewarding donors will ensure they remain loyal monthly supporters.
While donors love your cause, we suggest establishing benefits that might entice supporters to convert from one-time to monthly gifts. Here are some examples:
Regularly contact donors to upgrade their giving amount. This will boost your annual revenue from donors who already love your work.
For example, every year, ask monthly donors to increase their amount by 10-20 percent. If a donor is consistently giving at the $25 level each month, they may be willing and excited to give $30 per month. Be sure to share the impact of their donations so far, and what the increase will support. Donors who give more by upgrading will help offset donors who pause or cancel their monthly gifts as well.
Your longtime supporters are always eager to help. Ask those who have been a part of your monthly giving program if they are willing to participate in a social media campaign to help grow your program.
This would allow donors to share why they give, with opportunities to showcase the specific impact of the programs they are supporting. Also, you can encourage current donors to ask their friends, family, and colleagues to join your monthly giving program with them, doubling their impact!
With DonorPerfect, nonprofits can make recurring donations a default option on donation forms.
Growing your monthly giving program will take time, but these 5 tips will help you build a strong framework to boost recurring donor retention. Engaging current and prospective donors in the growth of your program will help them feel included and become more aware of the impact. In addition to these tips, integrating a matching gift option for monthly gifts is another way to grow your program.
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