4 Steps to Greater Donor Retention & More Fundraising
Fundraising is the lifeblood of any successful non-profit. When donations are coming in, an organization is able to serve its mission and grow the number of people it impacts. When donor retention is high, an organization is able to worry less about fundraising and focus more on service and strategy.
But that’s easier said than done. It’s hard to establish a reliable pipeline of contributions, and it’s difficult to retain existing donations — but not impossible.
In fact, if your organization follows the right process, you can create a more stable system for donations to support your short-term objectives and build your long-term future. Here’s a look at 4 steps you can take to generate more giving and better donor retention.
1. Be Open About Your Needs
Your non-profit should always focus on being open about its needs. Let your donors see your what you’re asking for in great detail, and always let them know how you’re doing and how you’re progressing toward goals.
In short, it’s all about transparency.
For example, if your non-profit focuses on education, demonstrate how a $50 donation will cover the cost of educating a child for six months, as well as how a $100 donation will cover the cost of educating a child for a full year. Donors find specific details behind your “ask” compelling. They see your honesty. They appreciate it. And they are more likely to give regularly in response to your transparency.
2. Send More Than Thank-You Notes
How do you communicate after a donation? Most non-profits send a thank-you message, either by email or direct mail. These thank-you notes are essential, but it’s important to go a step further.
Think about it this way: A thank-you note is a closing communication. A donor makes a contribution, and you send a thank-you note. That’s the end of it — action and reaction. But that’s not at all what a non-profit needs to do with its donors. Yes, send a thank-you note, but also send other communications that keep the relationship open rather than closing it out.
3. Remain Engaged After Giving
What’s the best way to stay engaged after an initial donation? Consider sending status updates in addition to your thank-you notes. Use a customer relationship management tool or another donor communication system to set dates for these status updates. For example, consider sending status updates quarterly after the initial donation. Not only are these status updates important for creating a culture of transparency, they also serve as opportunities for your donors to give again.
If you want your status updates to be effective, find ways to show how a donor’s money is being allocated to different accounts — and how each of those accounts makes a positive impact on your organization’s mission. Again, this promotes a culture of transparency — and it does wonders for inspiring past donors to contribute again.
4. Create a Platform for Repeat Donations
The final step is this: You need the right platform for repeat donations. More specifically, you want a platform that makes repeat donations incredibly easy for the people supporting your organization. When it’s easy for your donors to give on a consistent basis, they are easier to retain — and the day-to-day operations of your organization become much more stable.
Credibal: The Perfect Tool for More Giving and Greater Donor Retention
Keep in mind that these 4 steps work in concert with each other. Trying to increase giving and donor retention while skipping some of the steps outlined above would be like trying to climb a ladder with missing rungs.
At Credibal, we offer the perfect platform for non-profits that want to follow this 4-step process for more giving and greater donor retention. Our platform includes the following:
• Tools for demonstrating your organization’s specific needs
• Communication capabilities that go beyond thank-you notes
• A system for staying engaged with donors long after their initial contributions
• An easy-to-use platform for regular, automated donations
Are you ready to enhance your fundraising and increase donor retention? Get in touch to learn more about how Credibal can help your non-profit.