If your organization’s fundraising events have gotten canceled due to the economic downturn or the lack of interest from the public, consider implementing a monthly giving program. It can help boost your organization’s revenue and provide a convenient way to give back to the community. Monthly giving is the most common method of fundraising for nonprofit organizations. Although large donations are still essential, recurring giving programs can provide a steady source of income for your organization.
Nonprofits can also benefit from this type of fundraising as it eliminates the need for seasonal donations. A steady income stream can help boost your organization’s financial health. It can also help prevent costly errors and improve its long-term success. Developing a monthly giving program is an excellent investment that can help boost your organization’s financial health. Below are some of the tips on how you should have a monthly giving program; they include:
Know Your Donor’s Value
High-dollar donors and a robust monthly giving program are two of the most critical factors that a healthy nonprofit can consider when building its organizational strength. A powerful monthly giving program can help boost the organization’s visibility and provide a vital source of revenue. Share information about your donors’ value to help your team identify growth areas.
When it comes to approaching potential donors, make sure that you ask the right questions. While it’s essential to ask the right questions, it’s also important to avoid asking too many questions that could be insensitive to the individuals affected by the coronavirus pandemic. Instead, focus on the people who have already given and acknowledge the challenges they might face in the future.
Having Your Board Members On Board
You can also start a competitive contest among your staff members to see who can raise the most donations. After establishing a solid monthly giving program, track the results of your outreach efforts to see which method generates the most “yes” rates.
Spell Out The Accomplishments
It’s hard to ask people to give when they’re unsure where their money is going. Understanding how their donations will get used helps people feel committed to giving. Showing how their contributions will get used makes it easier for them to see how their money will benefit the cause. For instance, if you’re asking $15 a month to support your organization’s efforts, how will it make the world a better place?
Make Them Feel Special
Nonprofits often have exclusive names for their core monthly supporters, such as “guardians,” “VIPs,” or “champions.” These individuals are dedicated to the organization’s mission and loyal to its efforts. For instance, the American Civil Rights Union has a membership card for its monthly donors, referred to as the Guardians of Liberty. In the end, it doesn’t matter what donor recognition solution you decide to implement to publicly enhance the contributions of those core monthly supporters.
Form A Connection
You can’t treat monthly donors like you would other people. Instead, you should make them feel special by delivering a message different from the one you’ll typically send to potential donors. Although you should never leave them out of planned communications, you can also start a separate segment for them by thanking them for their loyalty.