Did you miss yesterday’s webinar on the Subscription Giving method of fundraising? Do you want a refresher to share with the rest of your team? Here are the Top 5 Takeaways from our conversation with Network for Good Product Manager, Peter Hart, and VP of Fundraising, Kimberly O’Donnell!
1. Let’s address the elephant in the room… donor retention
As a sector, we place too much emphasis on one-time gifts. Last year, for the first time we saw that retention dropped year over-year, while donors grew year-over year. That means that donors haven’t stopped giving, they have just moved to other charities. So what do we do?
2. Adopt a Subscription Giving mindset
Between Netflix, music streaming services, and even magazines, your donors are already used to a subscription-based engagement plan. Retention on subscription platforms, on average, is 70% while standard nonprofit donor retention was 43% in 2019. If Netflix can achieve a 90% retention rate through a subscription-based model, why can’t your organization do the same through telling stories about the good work you do? What would it mean for your nonprofit if you had 70% donor retention? How much more would you be raising?
3. Four Steps to a Subscription Giving approach
- Segment donors
- Make your first ask one for a recurring gift
- Engage donors like subscribers
- Analyze progress using subscription metrics (for example, consider a donor’s “lifetime value”)
4. Small steps you can take right now!
1. Make the default on your giving page monthly gifts
2. Add a P.S. to your communications for an ask. For example:
“P.S. For as little as _____ a day through a monthly contribution, you’ll change a client’s life and make a world of difference. Thanks in advance!” Then, link to your giving page with a ‘Monthly Giving’ default!
3. Add variety to your communications. Try using brief videos, different perspectives, “do you know” content, and quizzes and surveys to tell your organization’s story. Not every message needs to come from the desk of your ED!
5. Network For Good’s Simple, Smart Fundraising Software has a Subscription Giving Engagement Stream!
Want to learn more? Schedule a demo!
Bottom line: Nonprofits have better stories to tell than Netflix – they just aren’t telling them in the right way. Donors want regular, multi-channel communication that shows impact of their gifts and builds a long, sustainable relationship.
Want to learn more? Check out the webinar here.