5 Iyear Old If You.Dont Let.Me.I.Wont Like.You Donor Retention Strategies That Work

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Donor Retention Strategies That Work

If you’ve been working in the fundraising field and are interested in how nonprofits grow, you’ve probably come across the term “donor retention.” In terms of data analysis, donor retention is one of the most important topics studied. In very simple terms, donor retention is a measure of how many donors will continue to support your organization in the future. Any charity with significant donor retention will survive in the long run with the help of its ongoing base of supporters. But for charities with low donor retention rates, they must continually reach out to more potential donors each year and keep asking for more donations to stay afloat.

With the recent imbalance in the world economy, many nonprofits are beginning to shift their focus from gaining donor support to retaining it. The main reason is that attracting new donors becomes increasingly difficult and expensive as the number of donors grows each year. If a donor only donates once, your initial investment in attracting that donor will turn into a loss. Only by maintaining his/her support for many years can the organization ensure progress. Nonprofits now need to focus on maintaining existing supports rather than ditching them to find new ones.

Gaining donors can be at the heart of every charity’s growth strategy. But if three-quarters of the donors you acquire leave after one donation, you may be losing money. To learn more about why donor retention is so important, you should refer to Blackbaud’s Philanthropy Report.

Blackbaud’s 2016 Charitable Giving Report states:-

The average first-year donor retention rate for offline-only donors is 29%

The average first-year donor retention rate for online-only donors is 21%

If the donor retention rate is even lower than 20%, that’s probably not great for a large fundraiser that relies primarily on donations from the public. On top of that, if you increase the cost of acquiring new donors, it will put a real burden on the fundraiser and hinder the growth of the organization.

Frankly, it’s up to your marketing team and core staff to create stronger thank you programs so donors come back to donate again. Dedicating your resources to a donor recognition and stewardship program may help turn the tide for you.

Here are some tips you can implement to improve your donor retention program:-

1. Instant thanks: Donors, you must thank you in the fastest possible way. If you don’t act in time, you could undo most of your hard work. In one study, board members of a nonprofit organization called their generous donors to thank them. It has been observed that people who get the call donate more at their next fundraiser than those who don’t.

2. Thoughtful: Giving donation receipts alone does not show how grateful you are to a donor. Personalized cards and thank you notes can go a long way in helping you build relationships with your supporters while reminding them how important they are to your organization.

3. Non-donation activities: occasional donation activities that do not involve any money can be held. Engage your supporters in fun, informal events and entertain them for their continued support. Having an interesting annual schedule that includes activities outside of fundraising will get donors interested in the organization and continue to support it.

4. You can also consider giving gifts. You don’t have to go out of your way to spend a lot of money on gifts. Small, thoughtful gifts can still have a big impact on a donor’s mood.

5. Online thanks: Email and text messages are one of the fastest ways to communicate. Get the most out of these mediums. Send them a thank you email every time they donate online. You can also configure your donation website to implement both online and offline welcome and thank you pages.

6. For you, every event throughout the year includes administrative responsibilities, making your nonprofit inherently more polite and grateful. There are always reasons and excuses to say thank you to your supporters.

7. Get obsessed with talking about your events and special moments. Your mission story inspires people to get involved and be a part of your story. You can create short videos or post on social networks or blogs, posting your story to help people find you. Plus, this will keep your current base of supporters intact as they see their donations turned into something positive.

8. Another useful tip is to ditch the report book. For-profit organizations may have to keep investors and shareholders informed about the company’s financial activities throughout the year. But there are more fun ways for nonprofits to keep donors well informed in fun ways. So you can ditch the annual report and come up with new ways to keep people attached to your organization. For example, an infographic about basic financial structures is easier for anyone to appreciate and remember.

9. Also, even when everything is in place, you must still do your best and thank your donors every time you can. To have lasting gratitude, repeated expressions of gratitude help cement that impression.

10. Finally, always plan ahead of these strategies. A plan for how and when to send thank you notes should be prepared along with other activities.

Donor retention strategies are becoming more difficult these days as old backers are now losing interest and donors have less budget to spend on acquiring new donors. Therefore, the most important thing is to pay attention to retaining and retaining your existing donor community and ask them to continue to support you. Maybe you’re not one of the organizations that needs to worry about donor retention at this time. But this can cause the donor pool to evaporate due to continued ignorance about their investment interest. So take care to keep your current support team happy so they can pay off year after year.

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