Many millennials prefer to make their payments on a monthly basis, so how you can you engage younger donors on a day like #GivingTuesday and beyond?
npENGAGE has featured a fantastic article on how to turn a single-time donor from a day like #GivingTuesday into a lifetime donor.
Writer Jenny Toldeo says;
As a millennial, I prefer to pay costs monthly—even if that means spending a little more.
And I’m not alone. 92% of millennials have active service subscriptions.
It’s just more feasible for me to give $20 monthly than it is to make a one-time $200 donation. Yes, you read that right! Understanding a situation like mine is crucial to running a successful sustainer giving program.
One organization broke the cycle. After I made my first gift, our relationship flourished. I’m now a proud lifetime supporter. Why? They followed a strategy I like to call the “Vowel Method.”
The Vowel Method has five elements: Accessible, Educational, Impactful, Open, and You. Let’s take a closer look.
Now in its ninth year, the Charities Aid Foundation (CAF) World Giving Index looks at charitable behaviour around the world and shares insights into the nature of giving and trends in global generosity.
The CAF World Giving Index 2018 is based on data collected over a five year period (2013-2017). It includes results from 146 countries collected throughout 2017. Each country is ranked for three giving behaviours:
- Helping a stranger
- Donating money
- Volunteering time
What are the key findings from the CAF World Giving Index 2018?
- Giving has increased in developed countries; a welcome reversal of the decline we saw last year amongst most of the top- scoring Western countries.
- The giving gap between the continents is closing. For example, five years ago there was a 7 percentage point gap between the index scores of the Americas and Africa. Now it stands at just 1 percentage point.
- More people around the world reported helping a stranger and volunteering their time in 2017, but the proportion donating money has declined for the second year in a row.
Read the full report here.
The adage that it’s cheaper to retain a current donor than find a new one is bandied around a lot in fundraising, but I’m beginning to wonder if it’s really understood.
If so, why are so many charities seemingly more concerned about attracting new donors than taking care of the ones they already have – no matter how small that list may be.
Sure, growing our databases is important to our organisations’ survival and ability to have further impact, but unless we have literally zero donors, it will always be more important to retain the ones we have and develop those relationships. So how can we do this?
Donor care is critical. I cannot emphasise that enough. Small improvements in donor retention can have tremendously large improvements in the long-term success and stability of your fundraising.
A fantastic piece of advice from donor relationship expert, Simon Joyaux is to:
“First, believe deeply – in your heart and then in your brain – that donors matter.”
For more tips from other fundraising experts have a read of this article from npENGAGE here.