Diversify your Fundraising and Create a Steady Revenue Stream with Recurring Giving!
Are you looking to increase donor retention and create a steady revenue stream and sustainable growth for your organization? One of the best ways to bring in dependable income for your nonprofit is through recurring donations.
Recurring giving is when a donor elects to make a regular, ongoing donation to your organization instead of a one-time gift.
Why do Recurring Donations work?
1. It’s a smaller ask
A monthly donation is a smaller amount ($10, $20, and so on) that allows donors to make a bigger contribution over the course of a year. (For instance, a $20 monthly donation equals $240 annually for your nonprofit.) This is a great way for people who may be unable to give in large amounts to increase their impact in an approachable manner.
2. It’s asking for a long-term commitment to your nonprofit’s work
Sure, a monthly donation is a smaller financial ask, but it’s actually a much bigger commitment than a one-time donation: you’re asking donors to make a regular, ongoing commitment to your nonprofit’s mission and work. You’re asking for them to become donor that helps sustain your organization month after month, year after year.
You’re asking donors to invest in your nonprofit’s future.
3. Recurring donors are more likely to give again
Because recurring donors are invested in your work and giving every month, these are people who are fully on board with your nonprofit’s mission. And that makes them much more likely to be responsive to your fundraising appeals throughout the year. So, that means that in addition to their monthly gift, you can count on them to give outside of that throughout the year. When you ask, these are the tried-and-true supporters who will show up for you.
That means it’s worth the effort to devote your giving campaigns to getting new recurring donors. You’re not just getting an additional $15 per month when a new recurring donor signs up. You’re getting that person’s long-term buy-in, their attention, and concern. And they’re much more likely to make one-time donations in response to future campaigns.
4. It moves donors down the pipeline
Your nonprofit probably has a base of donors who give each time you have a campaign, and perhaps sporadically throughout the year. You can count on their donations, but they make sporadic one-time donations. And the reason they’re not giving monthly? Well, it’s possible you haven’t asked!
Running a campaign focused on recurring giving will allow you to capture these individuals, move them down the donor pipeline, and get them more involved with your organization.
5. It’s an easy campaign to put together quickly
Recurring giving is a quick, easy-to-understand campaign message that’s perfect for getting a fundraiser together quickly!
The messaging is baked in with recurring giving:
- “We’re asking you to pledge your support to our work year-round.”
- “Your monthly gift that will enable us to continue our important work.”
- “Invest in the future of our nonprofit and help keep us funded through 2024 and beyond.”
So, it’s an easy campaign message with multiple benefits for your nonprofit and the donor. Here are some email templates, social media posts, and tips on how to include a specific Call-to-Action to your ask.
Recurring donations on Mightycause
Monthly donations are super easy to set up on Mightycause: all it takes is the click of a button! When donors are checking out, they will have the option to choose to make their donation monthly. You can nudge donors in that direction by utilizing Checkout Flow customization that allows you to tailor the suggested donation amounts and descriptions to emphasize the importance of monthly donations. Recurring donations can be set up by donors through your organization’s profile on Mightycause, the widget on your website, or your custom donation page.
Click here for more information on Managing Recurring Donations on Mightycause.
Make Monthly the Default on your Donation Form
Mightycause will automatically display “One-time donation” and “Monthly Donation” as options to donors on your donation form, “one-time donation” being the default option.
However, if your organization would like to change the default option or remove the recurring option, you can do so through the tool icon on the right-hand side:
For any changes or updates you make, make sure to select Save!
Donors Control Recurring Donations
Users have total control over their donations. Through their Mightycause accounts, they can update their credit card info, switch the donation to a different card, update the amount, or cancel if they need to. So, it’s easy for donors to set up and manage their donations, and an easy campaign message for your nonprofit.
Click here for more Donor support resources and instructions re: Recurring Donations.
Promote Your Program
But nobody is going to give recurring gifts if they don’t know about it, so you have to market your needs, and benefits, and give instructions on how to become a recurring donor.
To get started, you need to craft a compelling, overarching message for the campaign. In other words, why should your supporters want to become recurring donors?
This message will be different for each nonprofit, and you’ll need to tweak it for each of your audience segments. Here are some templates, social media posts, and tips on how to include a specific Call-to-Action to your ask.
Once you’ve crafted a unique appeal to prospective recurring donors, you’ll need to share it across multiple channels. Consider creating educational content about your monthly giving program for your website. For example, build a dedicated landing page that lays out the process of joining, how funds are used, any incentives you offer, and an FAQ section.
Then, share your message across your donors’ preferred communication channels. Make sure to tailor the format to the channel you’re using. Additionally, prioritize eye-catching graphics for social media posts to ensure donors notice and engage with the content.
Additional Blogs and Resources
How to Get More Recurring Donors
How to Set Up and Manage Your Recurring Donation on Mightycause
Winning Strategies for Donor Retention