As online giving continues to grow, donors are placing more demands on the organizations they support. In order to keep up, charities need to do more to foster strong, memorable relationships. One way to address this is by running a monthly giving program.
Monthly giving is a powerful, convenient, and donor-centric way to kickstart or improve your charity’s fundraising efforts by converting previous one-time donors into monthly donors. When executed well, monthly giving can help you fundraise more effectively. Furthermore, you can expect to see your income increase annually. The sooner it is implemented, the sooner you’ll benefit from a reliable source of revenue.
Here are 3 key steps to get started with monthly giving:
1. Find your prospects by taking a deeper look into your donor database.
Before jumping in, identify the donors in your database who would be good to ask for recurring gifts. Almost anyone could be a great candidate for your program. Consider the average gift amount that was given, donors who gave to you in the past, donors who gave more recently, as well as one-time donors who were comfortable giving to you online.
2. State your case by directly communicating why you need help and how your donors can support you.
Clearly outline your charity’s mission and why you need the support. The better you tell your story and communicate your goal, the more likely you are to earn the trust and support of your donors.
3. Make them an offer they can’t refuse through showing the impact of each donation.
Think about the impact your charity can make when donors give generously. Show your donors what their dollars can do, and suggest varying gift amounts that explain the tangible impact each gift can make. For example, if your charity serves people experiencing homelessness, you can let donors know that when they give a certain amount, their gift will supply 5 blankets to those in need.
Once you’re ready to dive in and launch your charity’s monthly giving program, we’ve got you covered with all of the fundamental steps on how to effectively execute it.
Whether you’re just starting out, or you’ve managed a few monthly giving programs before, our Growing Your Monthly Donors white paper has plenty of strategies and tips on how to create a new monthly giving program or improve your existing one!