A Recurring Giving Program Provides a Solution
Nonprofit organizations depend on donations. Sometimes, the stream of revenue isn’t consistent and that is often a stressor for many nonprofits. But one sect of donors can change this worry.
Recurring donors are a reliable source of income. Creating a recurring giving program is a great way to engage loyal donors who want to actively give to your organization. (It’s also a great way to build a predictable stream of income).
“Help Me Help You”
Convenience is one major benefit with recurring giving programs. You need income to fund your work, and donors want to fulfill that need. But it’s sometimes difficult for people to give large amounts at one time. With a recurring giving program, they can give smaller amounts over time. Donations don’t have to be large to make a difference! Even with a small contribution once a month, donors will feel good about helping a worthwhile organization.
While it seems like giving a smaller amount monthly is not as “impressive” as a large amount, many donors end up giving more this way. With recurring donations, a donor’s lifetime value increases. And it’s cost effective! The cost of retaining donors is considerably lower than the cost of acquiring new prospects.
Recurring donors also have a higher chance of becoming major gift donors. Their commitment is high, and they’re willing to go above and beyond the traditional one-off donation. Obtaining major gift donors requires extensive relationship building, and this program happens to be a great place to start.
Recurring Giving Programs Strengthen Donor Relationships
Recurring donors trust the organization they support, or they wouldn’t be sending in money monthly. These donors appreciate that the organization needs consistent funding to stay afloat and provide a meaningful service to their community. They’re dedicated to you cause, and that’s invaluable.
Set up targeted messaging specifically for recurring donors! They are among your organization’s biggest supporters. The messaging you send them should include gratitude for their unconditional support and plenty of examples of how their contributions make a difference. Keeping recurring donors encouraged and engaged with a recurring giving program is SO important. Segment donors with an email list to ensure your communications with them contain language that makes sense for them.
Segmenting donors shouldn’t just be focused exclusively on retaining your recurring donors. You want one-time donors to become recurring, right? Take this chance to reach out to the one-timers with messaging that includes what a monthly contribution looks like in the long run, plus information about why they might consider becoming a recurring donor. Set up a campaign for these donors specifically, and use content that speaks directly to their previous experience with your nonprofit. A program like this has the potential to boost donor retention rates significantly.
Donors Can Easily Manage Their Accounts
Building a recurring donation program can help your donors manage their own transactions without using valuable admin resources. If a donor creates an account, they’re easily able to pull their own account summaries and receive receipts via email, which reduces admin time.
Customization is also a cool factor for donors through a recurring giving program. If your recurring donors create an account, they will be able to manage their own information and donation amounts. Providing recurring donors this ability is pretty powerful; they feel in control of their generosity. This is especially useful when paired with a campaign to cultivate recurring donors and inspire them to increase their level of support. Empower your donors with customization options!
How do donors know how to manage their recurring giving accounts? Provide them with specific examples within an email campaign and make sure someone in your organization can answer their questions. Keeping a steady stream of communication going lets them know you’re there to help them but not hovering over their shoulder.
Recurring Donors Are a Powerful Asset to Any Organization
To have a successful recurring giving program, the right tools make a big difference. An easy experience for your donors and your staff will ensure the best, most smooth-running monthly giving program possible. Qgiv can help set up a recurring giving program! We want to see you make a difference, and we know the key to doing that is a steady source of income and committed donors. You’ve got this, and we can help.