If your organization resolved to fundraise more in 2017, consider kicking off a monthly giving program! Here are 5 reasons why a monthly giving program will benefit your organization:
Reason 1. Maintaining a monthly giving program is easy with DonorPerfect!
Through DonorPerfect Payment Services, you can offer donors a seamless and secure way to give monthly. Donors only need to enter their info once. Whatever funds they pledge to donate monthly will be automatically drafted from their accounts into yours. All monthly gifts are instantly reflected in DonorPerfect and acknowledged via email.
Reason 2. You’ll retain more donors year after year.
The average donor retention rate is 43%, but hundreds of DonorPerfect clients have seen a retention rate of 90% or more for donors who signed up to give monthly through DonorPerfect Payment Services. That means that a monthly giving program has the power to nearly double your retention rate.
Reason 3. Monthly donors give more!
Every little bit helps, right? The benefit of monthly giving is that every little bit keeps coming your way 12 times a year - and not just one year. Rather than giving once and dropping off the map, monthly donors tend to give on a recurring basis for 5 to 7 years on average. In a research study by Third Space Studio, organizations with budgets below the $2 million mark reported recurring donors giving $625 a year!
Reason 4. You’ll rest easy and enjoy more time to focus on your mission.
Recurring donations are funds you can count on. If your monthly giving program accounts for a good amount of your annual revenue, you can funnel some of the effort you’d put into fundraising into furthering your mission.
Reason 5. You’ll offer donors a convenient way to give.
Giving should be easy. With a monthly giving program, donors can feel good about supporting your cause year-round without the hassle of continuously visiting your site to donate or mailing a check.
Ready to get started on your monthly giving program? Download DonorPerfect’s Monthly Giving Starter Kit FREE! Because, you’ll likely have to convince your board that it’s worthwhile before you start prepping, we rounded up stats and pointers that can keep your proposal quick, informative, and impactful.
Here are 3 Ways to Get Board Approval:
Tip # 1: Let the numbers do the talking. Board members think in numbers, so it’s best to lead with them. Get a good estimate of exactly how much your organization could benefit from a monthly giving program with our Monthly Donor Calculator that’s available in DonorPerfect’s Free Monthly Giving Starter Kit. The Monthly Donor Calculator keeps expectations in check, with a conservative estimate that calculates the impact of convincing how much revenue you’ll raise when just 3-15% of your donors to join your monthly giving program. (Although we’ve seen organizations with 20% all the way up to 60% of donors giving monthly!)
Tip #2: Emphasize the impact a monthly giving program could have on retention. DonorPerfect research shows that organizations who have monthly giving programs increase donor retention for those donors from 43% to 90%. According to fundraising professor Adrian Sargeant, you’ll double the lifetime value of your donors by increasing your donor retention rate by just 10%!
Tip #3: Highlight the effect a monthly giving program can have on existing donors. You can generate more revenue from existing donors if they sign up for your monthly giving program. In addition to giving to annual appeals, existing donors who choose to donate monthly could move close to major donor status. Look at it this way: If you’re able to bring a donor from giving $200 a year to giving $625 a year, that donor’s only $375 away from major donor status!
If you are reluctant to start a monthly giving program, it's time to think again. With DonorPerfect’s Free Monthly Giving Starter Kit you can build a stronger supporter base for your cause.