Statistically, it’s likely that 6 out of every 10 donors who give to your nonprofit this year won’t give again next year.
With all of the social media buzz around new causes every day, it’s easy for your one-time donors to drop off and support something new after they donate to you. While this is an unfortunate fact, there’s no need to need to get discouraged if you’ve got a solid monthly giving program.
The Case for Monthly Giving
A monthly giving program is a tried and true way to boost your retention rate. New donors who join your monthly giving program are signing up to support your cause for the long haul while current, one-time donors who opt to give monthly are simply promising to be more consistent.
A successful monthly giving program will provide your mission with funds you can rely on. Whether you’re looking to open a new facility, throw a big fundraising event, or invest in marketing efforts, you can plan with the confidence that your expenses will be covered thanks to your loyal monthly donor base.
DonorPerfect wants to help your organization harness the power of monthly giving. That’s why we offer a free Monthly Giving Starter Kit to help you kick-off your program and our new Monthly Giving Marketing Kit to help make it a success.
Start Your Monthly Giving Program
From choosing a manager and a program name to setting up a secure and seamless way to pay, our free Monthly Giving Starter Kit serves as an essential guide to getting your program up and running.
Market your Monthly Giving Program
Once your program is set up, you’re ready to get the word out about your program to prospective and one-time donors as well as engage with the monthly donors you’ve got. Learn how to gain and retain monthly donors with our free Monthly Giving Marketing Kit, the newest installment to our monthly giving series.
If your pond is not big enough, Erica Waasdorp has several suggestions that will make it bigger. In her recent webcast entitled, Major donors make the splash, monthly donors create the pond, Erica Waasdorp offered tips for launching and expanding a monthly giving program.
While monthly donors can’t afford to write checks equal to those of a major donor, this group of constituents is the most committed and loyal to your organization. Therefore, it’s necessary to have a set of strategies whereby you thank, acquire, retain, upgrade and test your monthly donors. Here are some of Erica’s tips.
- Always thank your monthly donors. Donors prefer to receive a telephone call over other methods. Revise your acknowledgement process to include a unique auto-responder on recurring donors who enroll online including what they will expect.
- Acquire monthly donors by placing visible links on your home page and menus. Promote your monthly giving as a specially named club.
- Retain monthly donors by including telephone and email information on your correspondence. Reach out immediately to those donors whose credit card transaction has failed.
- Upgrade monthly donors to a higher amount after approximately 9 months.
- Test and transform your constituents to see what is more effective at attracting monthly donors. Try to convert credit card payers into ACH donors. Add a pdf to your website to encourage signups.
Watch Erica Waasdorp’s expert webcast, broadcast on April 20, 2016 and download the slides Expert Webcast – Monthly Giving.
The latest buzz in the nonprofit world is one that can benefit your organization in a very big way!
Donor-advised funds are increasingly becoming a go-to way to give, because they offer a convenient way for donors to get a tax write-off now and donate later.
Rising in popularity, they’ve recently made headlines thanks to the likes of football star Troy Aikman joining the ranks of philanthropists who are leveraging this giving method for all kinds of wonderful causes. According to United Way of Metropolitan Dallas, Aikman contributed $1 million to establish United Way’s first-ever donor advised fund: The Troy Aikman Foundation Fund.
Troy Aikman’s not the only one who’s leading the charge. People all over the world are contributing. Just how many, you ask?
This very second, over $70.7 billion in donor-advised funds are currently available in 240,000 donor accounts.
These funds are just waiting for contributors to recommend recipients, and DonorPerfect wants to help your organization get donor-advised fund grants to further your mission!
That’s why we’re offering you 9 Facts Every Nonprofit Should Know About Donor-Advised Funds, a FREE e-Book that includes:
- A simple, no-nonsense definition of donor-advised funds
- 9 facts about donor-advised funds that can benefit your nonprofit
- Best practices for how to record gifts from donor-advised funds
Plus, you’ll learn about how you can efficiently and effectively manage donor-advised fund grants and contributing donors with DonorPerfect Fundraising Software.
This quick and informative read can be the start of one of the most powerful fundraising pursuits your organization can take on in 2016 and beyond. As you’ll learn in the e-book, the number of donor-advised funds is increasing every year. By understanding how they work and how you can build relationships with the donors who make them possible, your organization can be first in line to receive the many grants that will result from this growing trend.
A new version of DonorPerfect was released this weekend that gives you quicker access to the Dashboard, the ability to add proper currency formatting to your export files and other helpful export template improvements. You can read about the changes below:
Quicker Dashboard Access
Would you like a quicker way to access the Dashboard screen? If so, you aren’t alone. In a popular suggestion submitted via Suggest and Vote, many of you said you preferred the ability to be able to navigate directly to your Dashboard board without having to go through the Home Screen first. In this release, you can now set the ‘Home’ button on the main menu to go directly to the Dashboard screen. Here’s how:
- Click ‘Settings (Gear icon) > Parameters > User Settings’
- Check the box next to ‘Set Home Button to Dashboard’
- Click ‘Save’ at the bottom of the screen.
You’ll need to logout and log back in for this to take effect but once you do, clicking the ‘Home’ button will take you directly to the Dashboard screen.
Two New Export Formulas for Currency Formatting
No more formatting letters or spreadsheets manually to include the correct currency symbol, “thousand” separators and decimals in your currency fields. This release includes two new Export Formulas to add to your Export Templates for proper currency formatting.
Formula #1: General – Currency Symbol
The General – Currency Symbol formula will create a separate currency type column in your export files. The currency type in the column corresponds with the gift given for multi-currency systems (e.g. $ € £ ¥), or with the currency symbol value set in General Parameters for single currency systems. This is especially useful if you have multiple currencies, want to retain the gift amount as a number format, and still be able to perform calculations on it.
Formula #2: Conversion – Currency Value
The Conversion – Currency Value formula exports data from any field in proper currency formatting, with commas, decimals, and a leading currency symbol. It converts the number field to a text one. This is especially useful when you want to insert gift values and other formatted currency items into a thank you letter, receipt, or other communication. Using this formula, a value of 15000 in the Gift Amount field will display as $15,000.00 in your export file.
REMINDER: If you use these currency formulas, don’t forget to adjust your Thank You Letter templates and other donor communications to remove any currency symbols you’ve manually added.
TIP: Be sure to check out Adding Currency Field Formatting to Your Export Templates for full, detailed instructions on using this powerful feature.
More Export Template Improvements
These two new Export Formulas weren’t the only improvements to Export Templates. The ListAllEmails function now pulls all emails that are listed for a donor, and not just the one on the main screen. The same is true for the ListAllPhones function. All phone numbers for the donor will be returned when using this formula.
Read about the enhancements and fixes for this release in the DonorPerfect 2016 Release Notes in the Knowledgebase.