Monthly or recurring giving is a great way to raise more money and give you a constant stream of revenue throughout the year. More nonprofits are taking advantage of this. According to CauseVox, 54% of donors give through a sustainer (recurring) program, with 82% giving monthly.
Plus, monthly giving will raise your retention rate. According to the Fundraising Effectiveness Project, the retention rate for monthly donors is 90%. These donors are committed to your organization!
How to get started
If you don’t already have a monthly/recurring giving program, get one set one up before your next big appeal and let your donors know about it. While this post will focus on monthly giving, you should certainly give your donors other options for recurring giving, such as quarterly.
Setting up a monthly giving program will take a little work upfront, but will pay off in the end. Mention it in your appeal letters and make it a prominent option on your donation page. How to Create a Monthly Giving Program for Your Nonprofit
Get donors on board
One way to get monthly donors is to ask your current donors to switch to monthly giving. Send targeted appeals to donors who have given at least twice. These donors have already shown you their commitment.
Let them know how much you appreciate their support and invite them to join your family of monthly donors. Show them how their $50 or $100 gift is helping you make a difference and how they can help even more with gifts of $5 or $10 a month. The 7 Steps to Launching a Monthly Giving Program at Your Non-Profit
Monthly donors get their own special appeal
If you already have monthly donors, send a special appeal just for them. Don’t send them a generic appeal that doesn’t recognize that they’re monthly donors. You should be personalizing and segmenting all your appeal letters, anyway.
Thank them for being a monthly donor and let them know you couldn’t do your work without their continued support. Politely ask monthly donors who’ve supported you for at least six months if they can upgrade their gift.
Keep in touch throughout the year
I donate monthly to a number of organizations and wrote about my experience earlier this year. Raise More Money With Monthly Gifts
Some organizations do a better job of communicating with their monthly donors than others. Be one that shows these donors how much you appreciate them.
Since your donors have committed to donating every month, show them the same courtesy by communicating with them at least once a month. You could send an e-mail update and at least a couple of updates by mail. Show your donors how they’re helping you make difference in your updates. Share a story or give specific examples.
A few ways I’ve seen organizations recognize their monthly donors are by giving them a special shout out in their newsletter, thanking them in their annual report, and inviting them to take a tour of the organization. Other ideas could include an open house, a thank you video, a thank you postcard, or a handwritten note. Whatever you do, keep in touch throughout the year and make your monthly donors feel special.
Take advantage of this opportunity to raise more money and boost your retention rate by starting or enhancing your monthly giving program.
More monthly giving resources.