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As a nonprofit organization or fundraiser, the success of your fundraising efforts relies heavily on the support and generosity of your donors. While it's common to focus on one-time gifts through major events and direct mail appeals, recurring donations can provide a more sustainable cash flow and improved donor relationships. But how do you tap into those sweet, sweet recurring donations? Here are some tips for making a successful appeal and growing your donor base.
Understand the Value of Recurring Giving
It's important to recognize the value of recurring giving and commit to it as a primary fundraising strategy. While traditional fundraising strategies tend to appeal to older donors, asking for monthly gifts can be more effective in the long run. Even if a donor only gives once, the potential for regular, ongoing donations can bring in significant funds over time. For example, if a donor gives an average of $25 per month, that can add up to $1,200 in just four years.
Don't Be Afraid to Try New Methods
Nonprofits are often expected to do more with less, which can create pressure to rely on traditional fundraising methods like events and direct marketing. However, it's important to try new methods to engage new donors, especially younger donors who may not give in the same ways as their predecessors. Consider automating the giving process, asking for smaller amounts like $5 per month or Round-Ups, and communicating the impact of donations through channels like text messaging.
Set Realistic and Tangible Goals
One of the biggest mistakes nonprofits make is not having measurable goals or having goals that are too broad. Setting big, measurable goals like gaining 120 monthly donors in a year can be helpful, but breaking those down into manageable monthly goals like finding 10 new donors each month can help track progress and make adjustments as needed. It's also important to assess current fundraising numbers before implementing a new strategy and setting realistic expectations.
Make a Mindset Shift
Asking for recurring gifts requires a shift in mindset from a "get rich quick" mentality to a focus on long-term success. There is a longer onboarding process for donors when it comes to recurring gifts, and it takes intentional effort to communicate the benefits of a smaller monthly gift over a one-time larger gift. It's important to understand that recurring giving is not intended to be a cash cow and may take time to build, but it can lead to stronger donor relationships and a deeper sense of impact on the cause you both care about.
At Harness Giving, our goal is to help nonprofits achieve their fundraising objectives and reduce the burden of the process.
We believe that by incorporating recurring giving and setting realistic, measurable goals, nonprofits can cultivate sustainable revenue streams that support their mission in the long run.
Our fundraising tools are designed to make it easy for nonprofits to connect with donors, automate the giving process, and communicate the impact of donations effectively.
By taking advantage of these features, nonprofits can focus less on the transaction and more on building relationships with their donors, leading to greater success in achieving their fundraising goals. So if you're a nonprofit looking to grow your donor base and improve donor relationships, Harness Giving is here to help you raise more and stress less.