Friends Today let me bring few aspects of recurring or monthly giving which may be a game-changer in your revenue model. the longer term is recurring. For month-to-month consistent revenue recurring giving is the best model. . during a time when the longer term of in-person fundraising events is uncertain thanks to COVID-19, having this predictability in your fundraising is more important than ever.
Not only monthly giving is beneficial for your non-profit, but also easy for donors. People like to give monthly donations once they know about their benifits because it’s automated and easily fits into their monthly budget, and the proof is in the data. It’s important to continue to develop your recurring giving program to attract, convert, nurture, and retain new donors.
Below mentioned are few Strategies where you can develop your recurring giving or monthly giving systems a makeover.
1.Establish an Automated Clearinghouse system for your recurring donations.
Automated Clearinghouse systems or Electronic NACH or Electronic mandate.
Reserve Bank of India has brought various systems to establish auto-debit from the account holder account to the merchant account. E.g., how it is done for Auto debits for electricity bills, paying LIC premiums, Etc. You can opt for various Payment gateways who offers subscriptions model with Razor pay, Instamojo, CC avenue,
If you do not have Auto debit systems established then get it done immediately, your acquisition will become smooth as the donations will hit your account without glitches ad your cost per acquisition will come down.
We at Letzrise consultancy services have established contacts in the industry who would help to set up this platform for you at a very affordable price.
2. Your Plan to get the 25+ years age group (a group with a hyper-awareness of world issues and passion for social and environmental justice.)
What are your organization’s plans to make your product or cause visible to them? After all, the 25-plus age group consists of over 2 billion people.
Make sure that your monthly giving program appeals to these newest members of the donor community through the following steps:
- Strengthen your social media presence on platforms like Instagram and Facebook. – Target the 25-plus age group in the audience and try to tell your video story about your cause in less than 60 seconds if possible and explain the impact a recurring donation makes.
- Try to hook them with a smaller gift size.
- Your website and donation pages should be optimized as per mobile devices.
- Add a digital wallet giving to your donation page it will double the conversation rate for mobile donors.
3. Frequency of your recurring giving model- Does your recurring giving model have a mix of monthly, quarterly, half-yearly, and yearly frequencies?
Having different frequencies in your monthly giving model help in recuperating retention for the donors. during a time when many have experienced financial challenges thanks to COVID-19, it is often beneficial to convert a monthly donor to a quarterly or semi-annual donor instead of losing them entirely.
Letzrise consulting services bring in the end-to-end services related to establishing a recurring giving model for your business. Write back to us at info@letzrise.com-
The Author is a fundraising strategist and nonprofit growth advisor, helping mission-driven organizations scale sustainably through ethical giving, storytelling, and donor engagement.