Okay, the concept of monthly giving is not new or complicated. Monthly giving is a payment program whereby a donor has money deducted from their credit card, bank or credit union account. Nevertheless, many organizations are failing to capitalize on this opportunity to build a base of dedicated donors that also ends up providing the ultimate in legacy prospects.
In his chapter on monthly giving in Excellence in Fundraising in Canada
, fundraising expert Harvey McKinnon
gives you "seven great reasons why every organization should recruit monthly donors."
- It's convenient. Pre-authorized chequing (PAC) or credit cards allow deposits to be easily transferred into your bank account.
- You will increase your income dramatically on an annual basis. Donors generally give double or triple their annual gift average, once they sign up on a monthly donor program, and in many cases their annual giving is dramatically higher.
- You will build a better relationship with the donor. Monthly donor programs help bring donors closer. Your communication becomes more about thanking them, and reporting on how their gifts are used, as opposed to just asking for money.
- Donors will stay with your organization longer. Long-term value studies show that monthly donors who use PAC will be with you, on average for 5 to 10 years.
- Predictability. You have guaranteed income every month that will help with overhead costs and cash flow.
- Savings. You don't have to send monthly donors all your direct mail packages.
- You are fighting for scarce resources. It's important to lose no time in starting or growing your program, and to act quickly before your competition recruits your donors to their monthly program!
As a fundraising professional, perhaps the best legacy you
can leave your organization is the recruited monthly donor who could end up giving for decades.
Read Harvey's full chapter on monthly giving, in Excellence in Fundraising in Canada
. Purchase now
for only $90.