I truly hope that you’ve made your resolution that this is the year you’re really going to go all out in growing your recurring giving program.
You’ve heard me say this before. There is not one standard plan for a recurring giving program. Each plan is tailor made.
That’s simply because your potential depends upon a number of factors. The most important ones:
- the number of donors you have
- the number of email addresses you have
- social media presence
- online donation options
- donor base capabilities
- communication and fundraising plan
- communication media
- resources
If you’re serious about growing your program, you MUST:
1. Evaluate your current processes.
2. Project what you can expect, in terms of number of new recurring donors, existing, types of gifts and projected revenue.
3. Decide if you’ll be able to manage the processing in-house or if you should decide to outsource.
This is the first in a series of blog posts that will address each and every one of these areas.
You have heard the saying: “If you keep doing what you’re doing, you keep getting what you’re getting.”
So, let’s make 2015 the year you’re going to really think long-term and you’re going to really grow your program.
Let’s start with 1: Evaluate your current processes.
Fact is that if you’re serious about really putting your recurring giving program front and center this year, you must evaluate what you have done, what you can do in the current situation and where you want to go.
Let’s do a mini-recurring-donor-audit. Ask yourself the following questions:
- How many monthly donors do you have now?
- How many give via credit/debit card?
- How many give via EFT/bank?
- Do you have other types (for example those who just want to send you a check each month)?
- What does the financial picture look like if you annualize the gifts?
- How many credit cards lapse/decline each month?
- Are you getting the information about declined credit cards as soon as possible?
- Is your system of following up with them working? In other words how many can you keep?
- What did you do last year that generated recurring gifts?
- What worked well?
- What didn’t work so well?
- How happy are you with the process of integrating the monthly donations integrated into your donor base? Does it appear to be seamless?
- Are you comfortable with the reports?
- Are you able to segment your monthly donors in your email database? And in your donor base?
- How comfortable are you with the back-end and recognition part of the process?
- Are the monthly donors being thanked properly?
- Are they receiving the right information (and promptly) when they ask?
- Are the email thank you’s going out on time?
- Are you happy with the progress you’ve made?
Take an hour some afternoon soon and write down the answers. It will help you pinpoint quickly where you may need to (re)focus. It will also help you find the marketing approaches that worked that you may wish to roll out or tweak this year.
While the final numbers aren’t in yet for 2014, I’m confident that it was another year of major growth in recurring giving. It’s here to stay and grow even more.
I don’t know if we’ll ever come close to the European organizations where 60 to 80% of donors are giving monthly but you have nothing to lose by trying! (And yes, there are some US organizations who are getting very close to that number).
The good news is that you don’t have to do it alone. I’ve personally walked in your shoes! I’ve helped small and large organizations grow their monthly giving programs.
So, if you’d like to discuss your findings and create a plan for monthly giving success in 2015, feel free to contact me at the Monthly Giving Help Line I guarantee you won’t regret it!
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!
