This week we’ve got a new guest blogger, Erica Waasdorp, author of “Monthly Giving, The Sleeping Giant.” Erica is an expert on monthly giving and we’re so excited to have her guest post!
New Donors Do Join Monthly Giving Programs! You should test it sometime!
Another Monthly Giving myth debunked
Monthly Giving is probably the one fundraising program surrounded by the highest number of myths. All of these myths are used as reasons NOT to start…
Well, if it were my nonprofit organization, I’d RUN (not walk) to get started with monthly giving! The impact on retention is HUGE! And who doesn’t want to increase their retention rate?
So, if you’re still hesitating because of the many myths out there, just read this post as it’s yet another myth of monthly giving debunked!
Myth: You cannot convert new donors to join a monthly giving program
I’m sorry to say that this is not true!
It may sound controversial to ask a new donor to join a monthly giving program, but those organizations that have done it, prove that it’s important to convert a new donor to join your monthly giving program right away. The longer you wait after the gift, the less likely they are to join!
Just think that you’re offering the donor a service with your ask. You’re offering him or her the opportunity to support your mission for a very long time for a small amount a money a month and some donors will jump at that opportunity!
How do you convince a donor that monthly giving is important?
You have to demonstrate to the donor how much of an impact their gift has made and how joining the monthly giving program could make an even larger impact to the animals or people you serve.
This means you have to show them that monthly giving:
- Improves your bottom line. You save money by not soliciting people as often
- Allows you to focus more on programs, knowing that the money is going to come in regularly.
- Ultimately monthly giving helps your nonprofit be more effective in both administrative costs and program focus. And if the donor believes in you and wants you to be more successful, how could they say no?
How to Ask for Monthly Gifts
Utilizing the right media and making it easy for donors to join the monthly giving program are important. I have seen great success with a mix of email, thank you letters with ask and to optimize those media further, with telemarketing to follow up.
The sooner you can convert a donor to a monthly donor, the longer you’ll retain them. And, think about the option of converting newly reactivated lapsed donors! I have seen this work very well, generating virtually the same response as new donors.
Who is a good potential monthly donor? (Hint-not who you would think!)
If you’re still concerned, remember that monthly donors typically come from those donors who made a gift of less than $100.
If you take the right approach, you don’t have to worry about alienating new donors at all, but rather generating a nice number of new monthly donors. I’d love to hear your results when you do!
Share your monthly giving results with Erica Waasdorp, Author of Monthly Giving. The Sleeping Giant, at firstname.lastname@example.org or at (508) 776-1224.
About Erica Waasdorp
Erica Waasdorp is an internationally recognized leading expert on Monthly aka Sustainer aka Recurring Giving. She is author of the book: Monthly Giving. The Sleeping Giant, and as President of A Direct Solution serves non-profit organizations with their fundraising and direct marketing needs with a focus on Monthly Giving, Annual Fund and Grant writing.
Erica Waasdorp has helped the nonprofits she works with raise millions of dollars through monthly giving programs. She has over 30 years of experience in nonprofits and direct response. She is an active blogger and she teaches webinars on monthly giving for a number of organizations and consultant/colleagues.
Erica lives on Cape Cod, Massachusetts with her husband Patrick and their cat Mientje. In 2013, she became the US Ambassador for the International Fundraising Congress.