BOO!
Today is Halloween, so I’ve got some really scary stuff for you!
Don’t get too spooked. There are also a few treats.
Eight delicious goodies, in fact.
In the form of “to-do’s.”
But first… the bad news.
No bones about it, you’re scaring folks away if you’re committing any of these boo-boos!
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Trust is the foundation of all lasting relationships.
If you don’t build trust, or if somehow you manage to destroy it, you’re going to lose your donor.
Sadly, this happens more often than not. By now you’re likely familiar with the stats on donor retention from the Fundraising Effectiveness Project. Only 23% of first-time donors renew. Only 46% of all donors, new plus ongoing, renew.
If you want to improve on these retention rates (and you definitely can!), I’m going to suggest you develop a plan to build trust.
Trust is built not simply by what you say, but by what you do. Not just once, but consistently over time.
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Why is it so hard to set up a time for a visit with a prospect? It just is. People screen their phone calls. They don’t answer your es. They’re busy. And, let’s face it, they know what this is about. Some folks will avoid the ask because they’re thinking about it in terms of…
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“Begin at the beginning and go on till you come to the end; then stop.” So wrote Lewis Carroll in Alice in Wonderland.
It’s the same with major donor fundraising, except you don’t ever really stop. You just start up again. You do follow a prescribed path, however. And here’s what it looks like:
If you do this correctly, it becomes a transformational process for the donor. They want to stay connected and engaged and invested. Which is why you don’t stop. You follow up with “Some More.”
But first…
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By now you undoubtedly know you’re losing too many first-time donors.
In fact, the Fundraising Effectiveness Project report shows you’re losing an average of 77% of these folks!
Today I want to talk about a subset of new donors who don’t renew. They’re called “third party donors,” and they come to you through a variety of portals:
If you don’t build donor loyalty over time, you’re really missing out on the long-term value of every donor you bring in. And, guess what else?
You’re working too hard.
Donors come in. Donors go out. Donors come in. Donors go out.
One-time gifts are here today, gone tomorrow.
It’s like being on a non-stop treadmill. Just exhausting!
But there’s an easy way to catch your breath, and even begin to enjoy breathing again.
Instead of continuing on as a transactional fundraiser, become a donor experience transformist!
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I often say “if you want gifts, you must give them.”
I want to “clairify” that I mean this somewhat metaphorically.
I mean you shouldn’t focus only on getting, but also on giving.
Your relationship with your donors shouldn’t be all take, take, take.
That being said, most donors don’t want a lot of “stuff.” They particularly don’t want expensive and/or useless stuff. In other words, you don’t have to give them tangible gifts of tote bags, coffee mugs and socks. Instead, consider giving them “gratitude experiences.”
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Could you stand to improve the way your nonprofit staff work together as a team? In How to Collaborate with and Influence People Using the SCARF Mo, Martin Luenendonk, CEO of Cleverism, offers an in-depth explanation of how to better manage groups and improve co-operation by understanding what drives social behavior. You can apply the…
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Last year I had the opportunity to present a major gifts master class where Jay Love, Founder and President of Bloomerang (and a board member and major donor himself) offered his thoughts on major gifts development from the donor’s perspective.
Since I’m constantly encouraging you to come at donor development from a donor-centered perspective, I want to share his viewpoint with you.
Not surprisingly, major donor development begins and ends with the same thing.
Can you guess what that might be?
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