I’m putting on my running shoes! As you’re getting ready to finish this year, here’s my recommendation for your firsts New Year’s Resolution:
Start a monthly giving program! I recommend that you run, not walk so you can reap the results sooner than later and really start building donor’s retention and long-term revenue for your organization.
Here are 5 rules to review before you start but don’t take too long!
1. Commit
Building a monthly giving program is definitely a long-term investment. This isn’t a fast way to boost your Annual Fund! Make sure everybody understands this, especially your Executive Director and Board. Many programs can break even in the first year though if the right media are used.
2. Invest time, treasure, and talent
It may take staff and dedicated volunteers some time to set up the program, but that investment will pay off. Make sure you build money into the budget to develop the program and stick with it!
3. Make sure someone owns the program
Monthly giving requires someone to take full responsibility for the program. Remember, accountability doesn’t mean that person has to do everything! A good program requires collaboration with other departments, and sometimes outside partners, so a good leader makes communication more effective. The donors will benefit.
4. Organize the back-end of your program first
Think through the process from start to finish before you begin. Key items to get in place:
- Special acknowledgment letters for these special donors
- Dedicated section of your Annual Report to highlight and list these donors
- Accurate tracking and reporting system to monitor when gifts come in and when they don’t (get phone scripts and email templates ready so you can react quickly if for some reason the recurring gift doesn’t happen)
5. Always annualize your results
Because monthly donors often give small amounts, the results should be measured in years rather than weeks or months. A good recurring gift program will inspire donors to stay with you for many years to come, so focus on measuring and projecting using year-over-year charts.
Sign up for my blog so you’ll receive future posts on monthly giving and tools as they’re developed. And if you’re interested in finding out how to start or grow your monthly giving program, just contact me!
