First, let’s talk about why nonprofits need a Recurring Giving Program.
Does your organization struggle with a dwindling number of donors, year-over-year? For most, the answer to that question is , “YES”. Countless studies, including the 2018 Fundraising Effectiveness Survey Report
, have shown that a first time donor is much more likely to never donate to your organization again. To the tune of over 50%.
That means that your pool of donors is likely to go from, let’s say, 1,000 donors to only about 500 the following year. How are you going to find 500 donors to just break even with last year? How could you event try to increase year-over-year?
Recurring (or Monthly) Donors can offer your organization the financial stability it needs to keep income levels from swaying wildly throughout the year. Even better, they tend to give more money than one-time donors. Statistics show that a recurring donor will prove to be about 4x more valuable!
As I’ve already said, a Recurring Giving Program is a great way to add consistency to your organization’s fundraising efforts. But, paired with knowledge of the science of Behavioral Economics, your program could be exponentially impactful. By understanding the most popular theories, you’ll be better able to tailor your messaging in a way in which people are much more likely to respond.
In this course Nate Andorsky, CEO of Creative Science, addresses the psychological factors that govern whether or not one should take action. He provides a ton of examples. You can start to utilize what you learn from this course right away!
Want to check out the longer, more detailed courses with Nate? These online courses are self-paced, include a 65-Behavioral Economics Playbook, and are approved by CFRE for 2.25 Continuing Education Points.
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