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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“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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Recently Tom Belford of The Agitator penned a post entitled “Donor Retention … Why Is It So Hard?”
Great question!
I’d like to explore this a bit, and I hope you’ll join me.
First, are you finding it difficult?
If so, why do you think that’s the case?
If not, and you’re being successful getting repeat gifts,
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Valentine’s Day offers the perfect opportunity for donor stewardship!
And you’ve still got time to send a little love your donors’ way.
Why might this be something for you to consider, amidst all the other “to-do’s” on your plate?
If you don’t do a lot more donor loving, you’re going to do a lot more donor losing.
I hope by now you know donor retention is the name of the game. It costs so much more to acquire a new donor than to keep an existing one. Yet too few nonprofits have serious, intentional donor stewardship programs in place. Because of that, on average, nonprofits lose more than 8 out of 10 first-time donors and more than 6 out of 10 ongoing ones.
Don’t be one of those organizations whose donors only hear from you when you want something from them.
Be generous, and show them how much their support means to you. Do this frequently, like it’s part of breathing for you.
They love you, and show you.
You love them, and show them.
You’ll be amazed at how a little love can go a long way.
There are 364 other days each year on which you can fundraise.
This year why not dedicate Valentine’s Day to giving, not asking? Think about those donors for whom you’d like to show some special love, because they showed you some. Show them you noticed! It could be:
Major donors.
Monthly donors.
Donors who’ve given faithfully for five years or more.
Donors who increased their giving this year.
Donors who also volunteer.
Board and committee members.
Last year if you followed me, I gave you 5 priorities for success in 2016. I called them “Dive the Five.” This year, I’ve expanded my thinking a bit. ‘SEVEN IS HEAVEN.’ Create Compelling Annual Giving Offers Master Integrated On Social Fundraising Master Major & Legacy Giving Master Donor Retention Master Donor-Centered Content Marketing Embrace…
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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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I could just say (1) prepare, (2) prepare, (3) prepare, (4) prepare, (5) prepare, and (6) prepare.
Did I mention that you really need to prepare?
Essentially, this is the meta-message of Shark Tank’s “Mr. Wonderful,” Kevin O’Leary, to would-be entrepreneurs seeking to get spots – and funding – on the television show. And the same advice holds true for nonprofiteers seeking investments from major donors.
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Adopt an integrated inbound marketing and fundraising strategy.
If you don’t know what that means, you’re in trouble. Read on.
If you do know, are you really doing it?
It’s time to stop pussy footing around this.
Here’s why:
(1) Nonprofit marketing and fundraising have changed more in the past five years than the preceding 50. I’m not kidding! The digital revolution ended business as usual.
(2) Fundraising and marketing must be seamlessly integrated. They cannot be separate silos any longer.