I’m still on a sustainer “high.” I just came back from a fabulous “Sustainer Day,” organized by the Direct Marketing Association of Washington. In just four fast hours, nonprofits and service providers shared trends, best practices and ways they’re working to bring in new sustainers and improve monthly donor retention.
Steve Froehlich from ALSAC/St. Jude finished the day by sharing his personal experiences and challenged us to look at trends in both the commercial and nonprofit space, and always be learning and growing as fundraisers.
A big portion of the morning was focused on monthly donor retention: How best to deal with those “pesky” credit card expiration dates.”
The No. 1 Game Changer for All Was Credit Card Updater
The first learning was that the results of card updater (also called card recycling or account updater) were not necessarily consistent, but in all cases, they were a game changer because they really decrease the number of people the organization has to contact to ask for updated information.
Some saw 10 percent at first, going up to 20 percent; others saw 36 percent of cards being updated automatically.
The second learning was to capture updated credit card information before the card expires. That’s not always possible, but if your card processor can provide you with that information, it’s definitely worth doing.
The third learning was to convert your check and credit card donors to EFT/ACH—automatic bank withdrawal. Especially younger donors are more comfortable with ACH, so do consider asking your credit card donors to convert.
All three approaches will help you improve your monthly donor retention rate. And for all goes that it is crucial to always think of the donor first. Think of the relationship you have with them. Don’t make it about “systems.” Always make it about ease of giving in your communications.
Always appreciate the gifts the donor makes. Use the conversion or update request time as a way to communicate how important the donor is to your organization.
And don’t be afraid. You’re providing a “service” to the donor by letting them know their card expires. The donor wants to continue to support you. Keep the monthly donor relationship in mind in everything you and you’ll keep that sustainer for many years to come. In fact, you can even ask them for more money!
This post was first published on Nonprofit Pro, September 24, 2018
