Monthly giving is trending upward, and it’s clear to see why: recurring giving is convenient for donors and sets your nonprofit up for long-term success. Donors benefit from enrolling in recurring giving because it makes impactful giving financially manageable. In turn, nonprofits see the value of recurring giving in their donor retention, upgrades, and annual planning.
Creating or growing your nonprofit’s monthly giving program will pay for itself in no time. For nonprofits who use DonorPerfect, monthly givers have a 90% retention rate, compared to 42% for one-time annual givers. According to M+R Benchmarks, revenue from monthly giving programs has increased by 11% in the past year alone, accounting for 28% of all online gifts.
Could your mission benefit from a steady, reliable revenue stream? With the right tools, you can set up your recurring giving program to run (mostly) automatically. The DonorPerfect team collaborated with monthly giving expert Erica Waasdorp to create the Monthly Giving Success Kit so you can take your next steps with confidence.
The Monthly Giving Success Kit is a practical guide that takes you through the process of starting and growing your recurring giving program, step-by-step. Here’s a preview of the seven essential steps for creating and growing a recurring giving program, featured in the kit!
1. Get your team on board
Whether you’re a team of one or twenty-one, you’ll get stakeholder buy-in by getting organized. Determine who will take ownership of your program, and dream up uses for your newfound revenue.
2. Set up your online form
Create messaging that demonstrates the impact of monthly gifts, determine ask amounts based on your own donor data, and offer flexibility to give monthly, quarterly, or on the donors’ preferred schedule.
3. Ask your donors to give monthly
Announce your new monthly giving program and make it clear to your supporters that they can set up automatic monthly gifts. Download the kit for a list of who, when, and how to ask for monthly gifts!
4. Make a plan for stewardship and growth
Investing time and effort into a good stewardship plan for your monthly givers will make sure they stick around for the long haul.
5. Monitor and evaluate your program
Create a good coding system before you solicit monthly donations, so you can generate reports with complete and accurate data. Tracking monthly donations helps you understand who is giving, who is upgrading, and who might be a potential recurring giver.
6. Get creative
Don’t just create a recurring giving program - build a community of loyal donors who are committed to regularly supporting your mission.
7. Continue to improve your program
There will be unexpected things that happen throughout your program, but playing a “what if” game with a colleague may minimize the impact of those events.
For more expert tips, templates, and a deeper dive into boosting your recurring giving results, download your free Monthly Giving Success Kit now!
