How To Reduce Monthly Giving Cancellations & Build Supporter Relationships
The cancellations are here and more are coming.
The biggest one-time uptick of monthly giving cancellations ever recorded just happened in the UK with a 41% increase in cancellation rates comparing March 2019 to March 2020.
And while this uptick and curve will be more pronounced the further your mission is from the frontlines of Covid-19, lost income and fear for the future will cut across all supporter bases.
There is still time to flatten this “cancellation curve” as well as the coronavirus curve.
As fundraisers we have two choices:
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- Do nothing (these are extraordinary times, this is how it goes, there’s nothing we can do)
- Do something (but what? Finding a fix for the retention problem eluded us long before this)
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We disagree with number one and have an answer for number two.
That’s why we’re inviting Agitator readers to join DonorVoice this Thursday, April 16th for a free webinar sharing details of a strategy to help you win back lost supporters, stem the tide of inevitable attrition and future proof yourselves for a post COVID world (is there anyone left who thinks business as usual will be an option when this has passed?)
One key to flattening this curve is communicating with people before they’ve contacted you or, more likely, their bank.
Two other keys:
- A multifaceted approach that reaches people at various points of decision making with ‘stage’ appropriate communication goals and in every instance,
- Learning more about our donors with zero-party data capture that is ‘weaved’ into scripts and communications to achieve the oft-talked about, rarely delivered on goal of relevance.
The DonorVoice approach is built on the social science of motivation, relationships and behavioral science. Therefore, the aim of our approach is not to reduce cancellations – not directly. That isn’t a typo.
If you approach this with the focal point of reducing cancellations the approach will be sub-optimum (at best). The aim of our approach is to deliver psychological benefits that in turn, will reduce the cancellation rate but also make it more likely that those who cancel will come back.
- Show empathy
- Understand their personal narrative and connection to Cause
- Build trust
- Increase satisfaction
- Trigger reciprocity
You can get all the important details necessary to execute on this strategy and have a conversation with the DonorVoice team and your peers by registering here.
Kevin
[…] given the challenges presented by COVID-19, reports have shown that charities in the U.K. saw a 41% year-over-year increase in cancelled monthly donations in March 2020. Economic and personal insecurity can present unique challenges for your monthly giving program but […]