We’ve all heard the unsettling news: donor retention is low.
The demands donors are placing on organizations are growing. Donors want more from the organizations they support, and your organization needs to do more to foster strong, memorable relationships. Charities are facing some other common challenges such as ineffective fundraising, increased competition, and an aging donor base, just to list a few.
There is an answer to these challenges and it’s already waiting in your donor database!
A monthly giving program is an incredibly powerful way to kick-start your charity’s fundraising potential by converting previous one-time gift givers into monthly givers. When executed well, monthly giving can help you fundraise more effectively. You can expect to see your income increase annually. The sooner it is implemented, the sooner you’ll benefit from a reliable source of revenue.
Monthly giving is donor-centric. It is a convenient way for donors to give, budget their giving, and support the causes they care about. Plus, it lowers your charity’s fundraising costs associated with making multiple appeals, which means more money can go directly towards programs and services. There are more benefits to carrying out a monthly giving program—these just scratch the surface!
Here are three steps to get started with monthly giving:
1. Find your prospects
Before jumping in, identify the donors in your database who would be good to ask for recurring gifts. Almost anyone could be a great candidate for your program. Consider the average gift amount that was given, donors who gave to you in the past, donors who gave more recently, as well as one-time donors who were comfortable giving to you online.
2. State your case
Clearly outline your charity’s mission and why you need the support. The better you tell your story and communicate your goal, the more likely you are to earn the trust and support of your donors.
3. Make them an offer they can’t refuse
Think about the impact your charity can make when donors give generously. Show your donors what their dollars can do, and suggest varying gift amounts that explain the impact each gift can make. For example, if you’re a charity serving people experiencing homelessness, you can let donors know that when they give a certain amount, their gift will supply 5 blankets to those in need.
"Once you’re ready to dive in and launch your charity’s monthly giving program, we have got you covered with all of the fundamental steps on how to effectively execute it. Whether you’re just starting out, or you’re a seasoned pro, our Growing Your Monthly Donors white paper has plenty of strategies and tips on how to create a new monthly giving program, or improve your existing one! Download Growing Your Monthly Donors today."
Jenn Nucum is the Charity Marketing Associate at CanadaHelps. CanadaHelps.org allows donors to safely donate and fundraise online for any registered Canadian charity and also provides charities the secure online fundraising platform and education resources they need to succeed. As a registered charity itself, CanadaHelps has facilitated over $1 billion in donations to Canadian charities online since launching in 2000. Over 19,000 Canadian charities fundraise online using the CanadaHelps platform. Stay connected with CanadaHelps on Twitter @CanadaHelps.