Monthly Donors, also called Recurring or Sustaining Donors, can be a significant source of income and a reliable source for ongoing funds. Monthly giving is growing, both from traditional donors and especially from the younger generations of donors. Why should you focus on growing your monthly giving? Because it’s easy for your donors, and they like doing it! Donors like to feel like they’re in a partnership with your organization – including Millennials, so don’t assume they won’t give on a monthly basis. Also, donor retention is difficult, and it’s getting harder. According to AFP’s 2017 Fundraising Effectiveness Project, the average retention rate for a first-time donor is 23%. The average retention for a recurring donor is 90%.
Once you have a recurring giving program in place, you must be able to focus on GROWING your giving program and KEEPING those donors.
How to grow your monthly giving:
· Brand your monthly giving club. Give it a name that fits with your organizations mission. People like to belong and feel like they are personally impacting your organization. Determine mission-centric units of service for each giving level. $10 a month provides this, $25 a month provides that, etc.
· Make sure your website is ready. Create a landing page to talk about your monthly giving club and the impact its donors are making to your organization’s programs. Make sure your donation page is easy to understand with clear giving amounts and how often the donor can choose to make their gift.
· Promote your monthly giving club at your events. Have someone speak specifically about the program and ask attendees to join the club. An event is also a great way to launch your giving club.
· Even if you’re creating printed materials specific to your giving club, your general donation forms should offer monthly giving enrollment.
How to keep your monthly donors:
· THANK THEM REGULARLY! In your initial gift thank you, share how you’ll be interacting with them through the year. Ask if they prefer something different (monthly receipts vs. a year end receipt).
· Communicate, Communicate, Communicate. Send your giving club members updates on a regular basis to let them know the impact of their gift. Don’t let them forget about you! When sending direct mail appeals through the year, make sure they know you appreciate their ongoing support as a giving club member.
· Do not let their credit cards expire. Your online giving platform should allow you to review expiring credit card dates. Reach out to them about a month prior.