BOO!
Halloween is creeping up on us, so I’ve got some really scary stuff for you!
Don’t get too spooked. There are also a few treats.
In fact, you’ll get eight delicious goodies — in the form of “to-do’s.”
But first… the bad news.
No bones about it, you’re frightening folks away if you’re committing any of these 8 boo-boo’s!
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Imagine what it would mean to your mission if you doubled the lifetime value of all of your current supporters.
Do you know even know what percentage of donors you’re retaining?
According to Jay Love, founder of Bloomerang, less than 45% of fundraising offices know this answer!
So, you’re not alone. But you can do better.
Because knowing your retention rate enables you to move it to something better.
And I’m going to guess, if you’re like the majority of nonprofits, you probably need to improve your donor retention.
At least if you want to grow.
Or maybe even just survive.
Just a small change in retention, up or down, can mean thousands of dollars.
It’s your choice whether they’re your gain, or your loss.
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The Unfair Exchange Bernadette Jiwa, The Story of Telling.
That will be eight dollars,’ the woman, who is carefully weighing and wrapping two serves of freshly made fettuccine for us to take home, says.
As my husband is about to hand her the cash, she takes another handful of the pasta from behind the glass and adds it to our package.
She doesn’t announce that she’s giving us twenty per cent extra for free.
She doesn’t even invite us to notice the gesture at all.
It’s enough for her that she knows she has added value.We think of value as a hard metric—the anticipated fair exchange of this for that.
But value can be a surprising, generous, unfair exchange.
Something that is given because we can, not because we must.
Ah… value.
Wow, wow, WOW!
This is what all fundraising, fundamentally, is about.
Yet one side of the exchange is a hard metric: The donor’s cold, hard cash.
While the other side of the exchange is something decidedly less tangible: Freely given gratitude from you and your organization.
Or at least that’s how it should work.
What does your donor love and loyalty plan look like?
Do you even have such a plan?
If the only reason you acknowledge donations is because you feel you ‘must,’ it’s likely your donors aren’t walking away from the encounter feeling much more than matter-of-fact. The transactional receipts many organizations send out are registered by the donors as “Ho, hum. Guess I’ll go file this with my tax receipts.”
This kind of exchange is fair, sure.
But it’s not generous.
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By now you undoubtedly know you’re losing too many first-time donors.
In fact, the most recent Fundraising Effectiveness Project report shows you’re losing an average of 68% 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:
The good folks at Classy know most nonprofits are not doing a good job cultivating donors who come to them through third parties, so they’ve prepared The Guide to Courting Third Party Donors. You can download it for free (40 pages), but let me give you the highlights – along with some of my own thoughts.
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Giving is not always its own reward. Sometimes you have to help it along. I just read an article by Scott Monty, who has a pithy take on the digital world. His newsletter is not nonprofit specific, however it is certainly relevant to anyone working in the social benefit sector. In this particular article he…
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Fighting the good fight for your nonprofit’s cause is what you do best.
Funding your mission, however, is always challenging. The planning, the lists, the headaches, the inevitable snafus that arise at any given moment… it’s a lot of effort to solicit a single donation.
And while seeking out new donors is vital to raising money for your cause, what if you could double your donations with your current donor list?
With the 3 E’s—education, ease, and encouragement—you can maximize your donations by getting more of your donors to match their gifts.
Ready to help your donors make the most of their gifts to your cause?
Let’s dive into what makes matching gift fundraising such a powerful way to tap into the hidden potential of your supporters.
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All you need to do to transform failure to success is to adopt my personal #1 SECRET – the one principle that makes the greatest difference to long-term, sustainable fundraising success.
This is a secret that will transform donor loyalty and increase donor retention by leaps and bounds.
Plus, it’s not rocket science. It’s pretty much common sense.
Anyone can do it. Everyone should do it.
I’m going to share that principle here; then I’m going to turn this principle into a word – actually three variations of the same word – that you can use to transform the way you’ve been doing business.
What will happen as a result?
I promise you’ll close more major gifts!
Are you ready?
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What’s in a name?
“A rose by any other name would smell as sweet,” said Shakespeare.
But, would it?
Seth Godin thinks words matter. As do I.
Just?
The meaning of the word is the reason we used the word.
If we don’t agree about the meaning of the word, we haven’t communicated.
Instead of, “that’s just semantics,” it seems more productive to say, “I’m confident we have a semantics problem.”
Because that’s all of it.
The way we process words changes the way we act. The story we tell ourselves has an emotional foundation, but those emotions are triggered by the words we use.
Not just.
Especially.
— Seth Godin
Maybe that’s okay. Or perhaps
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Everything I learned about saying “thank you” I learned from:
According to Burk’s research from Donor-Centered Fundraising, more than 80% of thank you letters start with “Thank you for your generous gift of…” or “On behalf of the Board of Directors, thank you for your generous gift of…”
When people give to you for the first time, often they know very little about you. Perhaps they found you through a link on social media. Or organic search. Or through a friend who emailed them a link to your appeal.
They were inspired to give, once, based on whatever they saw or read.
What happens next is critical.
Either you’ll inspire donors to stick with you, or you’ll depress their enthusiasm through benign neglect.
I say “benign,” because I’m sure you don’t mean to mistreat your supporters. Nonetheless, I’m willing to bet many of you do.
Here’s the deal: Donors are looking for meaning. If your thank you and subsequent donor communications don’t give it to them, they’ll dismiss you and go look for meaning elsewhere.
All donors have questions they need you to answer for them. If you fail to answer these questions you fail to lay the groundwork for developing a positive, ongoing relationship.
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