Having a recurring giving program is simply good for the long-term health of your nonprofit. Thereโs built-in donor retention that fuels nonprofit growth and gives you a predictable stream of fundraising revenue. But how can you harness the power of storytelling and branding to galvanize a community of dedicated supporters?
In one of the sessions at The Responsive Nonprofit Summit brought, we brought together industry experts to discuss strategies and best practices for building a breakthrough recurring giving program.
In this blog, we will highlight key points from the panel discussion and share insights to help you grow your monthly giving program.
Recurring Giving Programs Are Made for Nonprofit Sustainability
One of the major benefits of recurring giving is nonprofit sustainability. When someone signs up to become a monthly supporter, their donor lifetime value goes up. Letโs draw up a quick scenario: Imagine you have a one-time donor who gives $100 to your year-end campaign. You also have a recurring donor who gives $25 a month. Even if the recurring donor pauses or cancels their plan after a year, their lifetime value is still three times higher than the one-time donor.
Plus, the cost to acquire is usually much higher than the cost of retaining a donorโup to 50% to 100% more than the dollars youโd get back.
The panelists drew parallels between the subscription model used by companies like the Atlantic and Spotify, emphasizing how recurring giving can provide a sustainable source of funding for nonprofits. Especially since recurring donors stay with an organization four times longer, transitioning to a subscription-based giving model can help nonprofits build a community of loyal donors who contribute regularly..
Harnessing the Power of Values and Storytelling for Your Recurring Giving Program
Kyle Roosen, Senior Director of Marketing and Communications at Tim Tebow Foundation, has played an instrumental role in growing the organization’s 19,000+ monthly giving community. During this session, Kyle emphasized how his team targets values rather than donor demographics. By communicating the organization’s heart posture, nonprofits can attract individuals who share a genuine love for the cause. If nonprofits can effectively convey their passion and the impact their work has on people’s lives, they will compel others to join their monthly giving communities.
People want to be connected to causes they care about and that giving has become a form of identity. Vik Harrison, Co-Creator of charity: water and Founder of Mission Critical, echoed Tim Tebow Foundationโs approach and said that nonprofits should strive to align their communication with their supporters’ values, helping them see the impact their contribution has on the community, as well as the personal significance of their involvement.
When nurturing relationships to take someone from a casual donor to a recurring supporter, stories are central in showing your case for support. A potential recurring supporter likely had shown their interests and preferences in particular parts of your mission. Itโs vital that you pull those insights from your nonprofit CRM software and personalize communications.
Thereโs a need for nonprofits to create compelling content that resonates with supporters on an individual level. Rather than focusing solely on the organization’s mission, Nhu Te, Content Strategist of NTB Content, advocated for highlighting the impact of monthly support and showcasing the individuals whose lives are being transformed. Authentic storytelling can build an emotional connection between the donor and the cause, increasing the likelihood of long-term commitment.
Personalization, Community Building, and Technology
We often talk about the value of building community, but it can be difficult to discern where to start if youโre just taking the first steps to growing your supporter base. The most flourishing nonprofit communities offer multiple pathways to support beyond just financial contributions. This means providing a non-linear donor journey that gives them opportunities to get involved in other ways.
Miry Whitehill, Founder and Executive Director of Miry’s List, shared her organization’s approach of integrating volunteerism and sustainability into their monthly giving program, the Welcomerโs Circle. Miryโs List uses the power of personal touches and feedback in creating a connection with their supporters.
At charity: water, Founder and CEO Scott Harrison personally emails individuals who leave the organizationโs monthly giving program, thanking them for their contribution and seeking their feedback. This personal touch not only shows acknowledgment for their support but also helps strengthen the bond between the donor and the organization through an intention to do better.
An element that goes hand in hand with community building is a positive and personalized donor experience. This is where your technology can play a pivotal role in stewarding recurring donations. Miry highly recommended other organizations find a welcoming and informative platform for donors, while other panelists stood by the role of automation in streamlining processes and delivering personalized content. By leveraging technology, nonprofits can provide a seamless giving experience and nurture long-term relationships with their supporters.
Promoting Your Recurring Giving Program Across Diversified Channels
Keeping your donors engaged and active can feel tricky when weโre living in an attention economy. With other sources vying for your donorโs time, how can you convince them to join your community of recurring supporters?
Kyle stressed the importance of diversifying communication channels and using targeted tactics such as Facebook ads, email campaigns, and direct messages to connect with donors. Because your supporters are unique in their own ways and spend their time differently, utilizing multiple platforms and tailoring messages to each audience and channel can resonate with a wider audience and encourage support activation.
The use of multichannel engagement helps strengthen the bond between your audience and your mission. When done effectively, these responsive donor journeys can lead donors to take further action with your organizationโwhether itโs making an additional gift, becoming a monthly supporter, starting their own fundraiser, or signing up for a local event.
Putting In the Work: Milestones and Thought Leadership
Building a breakthrough recurring giving program requires dedication and hard work. It goes without saying that there are no quick fixes or secret tactics. However, by setting small milestones and putting in the time and effort, nonprofits can make steady progress toward their goals. Transparency, care, and wisdom are core pillars in navigating the challenges of a successful recurring giving program.
Reaching out to thought leaders and leveraging the expertise of industry professionals can also be invaluable. The Responsive Nonprofit Summit created a space for nonprofit professionals to exchange ideas and learn from one another’s experiences. By engaging with the wider nonprofit community, organizations can gain insights and access resources that will help them build a sustainable and impactful recurring giving program.
Conclusion
The Responsive Nonprofit Summit panel discussion offered valuable insights into building a breakthrough recurring giving program for nonprofits. From targeting values instead of demographics to harnessing the power of storytelling and technology, nonprofit professionals can apply these strategies to create a sustainable and engaged supporter community.
By cultivating personal connections, leveraging technology, and diversifying communication channels, nonprofits can make a lasting impact and ensure the long-term success of their monthly giving initiatives. So, why not consider these key learnings and embark on a transformative journey to build a breakthrough recurring giving program for your organization?
Remember, building a recurring giving program takes time and effort, but with the right strategies in place, you can help your organization thrive and make a positive difference in the world.If youโre interested in exploring more sessions from The Responsive Nonprofit Summit, you can watch the full replay here.
