Wildly Profitable Monthly Giving
Whenever I see ‘monthly giving’ in a article title, I jump on it, because there’s no more productive way to raise funds from existing donors and I’m always trolling for advice on how to do it better. So here’s 18 Tips to Create a Wildly Profitable Monthly Giving Program, from Gail Perry at Fired Up Fundraising.
Gail’s tips range from having the necessary organizational commitment, to solicitation tactics, to how to treat the donors involved.
I was struck by her comments about the special treatment these very special donors deserve. Here are three points she made:
Give your monthly donors a cool brand — these are really, really committed people. Make them feel really good about the special team they represent for your cause/charity.
Give your monthly donors terrific customer service.
Find special ways to thank them (and I’d add: to keep them informed).
Gail’s article raised the question in my mind: Why don’t organizations make a bigger deal of monthly giving?
And my answer:
- Takes time to build up the program.
- Requires serious attention to ‘back-end’ logistics.
- Favors telephone recruitment.
- Requires actually thinking through your case for regular giving (as opposed to relying upon impulse).
All of these involve stuff many fundraisers don’t like to do, and require time and attention span greater than a gnat. Any fundraiser can spit out another ’emergency appeal’. But to build a successful monthly giving program takes quite an investment of mind share and time — persistence — including probing into what makes your program most compelling over time.
Think of monthly giving programs as harvesting, as opposed to the typical one-off appeal, which is mere pinging.
Tom
3 responses to “Wildly Profitable Monthly Giving”
Behavioral Science Q & A
Integrating an individual giving appeal with other communications from a charity can have both positive and negative effects, and the outcome largely depends on how it’s executed. Advantages of Integration Brand Consistency: Maintaining a consistent appearance and messaging across all communications can reinforce the org’s brand identity and strengthen brand recognition and trust among your […]
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I’m not aware of any in-market tests specifically comparing recurring vs. gift frequency language. I suspect the answer might not be the same with all gift frequencies, nor with all people. It sounds like a great opportunity for you to test and find out what works for your audience. Based on the literature, here’s a couple […]
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Based on what we know from existing data, those renewal notices can actually be pretty effective in getting people to donate. They tap into our psychology – creating a sense of urgency, reminding us of past support, and using personalization to make the message hit home. They’re playing on our natural tendencies to feel obligated […]
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Interesting question. I had a quick look at the testing done on this topic. On the positive side, in all cases, over half of donors decide to cover the fee. In some cases, it goes as high as 65%. Not a negligible percentage at all. Here’s another test from iRaiser showing consistent results (see point […]
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There’s just one thing to consider when designing a supporter journey: the supporter. More specifically, you need to take into account: Who the supporter is i.e. their identity, which is the reason they support this cause, and their personality, which describes the way they “see” and process the world. These will determine the kind of […]
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I’m not an expert in this but a quick search surfaced this article on the effect of tax reforms on 2019’s charitable giving. The researchers didn’t find a reduction. Actually, they observed an “increase in charitable contributions in 2019, even with the lower tax rates and the dramatically smaller number of taxpayers who itemize their […]
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We have an active workplace giving monthly program, but I’ve had it on my list to do more work on our other donors to move them to monthly giving. Thanks for the push!
We have a very successful monthly giving program. However it takes a lot of work to maintain. By the time you reach about 400 people, you are talking about a full-time person to manage the relationships and make sure the money keeps flowing month-to-month. You want to catch the credit cards before they expire, etc.
I am always delighted when someone mentions monthly giving as it’s truly one of the greatest ways to build sustainable revenue and a great way to upgrade your donors and improve retention.
One important tip I’d add to Tom’s: Present your results by annualizing the revenue.
You’d be amazed as to how all of a sudden your boss is starting to take notice! There’s a lot of research that shows how much these monthly donors will be worth to your organization over time, they stay with you for much more than one year and they keep on giving.
As you’re growing the program, yes, you may need some extra resources and ways to streamline the process, but it’s so worth it! Even a $10 a month donor breaks through the $100 ceiling in the first year, so what’s not to like?
Here’s on of the quotes from my book: Monthly Giving. The Sleeping Giant, one of the few books on monthly giving out there. Available as paperback and ebook.
It’s only the farmer who faithfully plants seeds in the
Spring, who reaps a harvest in the Autumn.
B.C. Forbes