As a fundraising strategist, I hear this all the time- We need a monthly giving program and to increase our middle donor pool. AND we need to improve retention and increase LTV. Well, that’s a tall order!
Achieving these goals all at once may sound like a daunting task, but let’s take a look at how a monthly giving program can check all those boxes and then some.
To do so, we have to think about monthly donors in a new way…
Monthly donors are essentially middle donors and some may even be major donors. Think about it… a $10 monthly donor gives $120 over a year while a $40 a month donor gives $480 in that same time period.
Plus, they are some of the most loyal donors. Direct mail monthly donors have a response rate of 50-70% while those who give through credit or debit card have higher response since the transactions are automated. And their retention is through the roof!
Because of their middle/major status, high response and retention rate, monthly donors have high LTV’s. Oh, and by the way, they will give additional gifts through newsletters and certain appeals throughout the year.
Throughout the rest of the year, you can include monthly donor conversion messaging in newsletters and direct mail remits, optimize your donation forms and include interruptive light boxes after a donation is made online to convert the gift to a monthly donation.
Last, make sure to include monthly donors in your ongoing donor relations efforts and create new touch points to show them appreciation for their ongoing support.