The subscription economy is taking over. We have subscriptions for streaming, software, groceries, healthcare, and more. In fact, the subscription economy is projected to grow to $1.5 trillion by 2025. Why not harness the power of subscription and make it work for your nonprofit with monthly giving programs?
In a recent webinar, Dana Snyder, a nonprofit expert and host of the Missions to Movements podcast, spoke about the importance of monthly giving for nonprofit organizations. Her insights shed light on the evolving fundraising landscape and provided strategies to create successful monthly giving programs.
Whether you are a small nonprofit or a large organization, the key points from the webinar can help you maximize the potential of monthly giving.
Monthly Giving Programs: A Must-Have Strategy
Monthly giving is no longer just a nice-to-have strategyโit is now a must-have for nonprofits. Monthly givers are the backbone of sustaining an organization’s mission. By joining forces with like-minded individuals and creating a vibrant community, nonprofits can leverage the power of monthly giving to drive long-term impact.
1. Create a Community Around Monthly Giving Programs
One effective strategy highlighted by Snyder is the need to create a sense of community among monthly givers.
By providing exclusive updates, newsletters, and virtual events, nonprofits can make their supporters feel like they are part of something bigger. Monthly givers are not just donorsโthey are partners in the mission. Building a solid community fosters loyalty and strengthens the commitment of monthly givers.
2. Show Appreciation with Personalization
Snyder shared a success story where an organization saw a significant increase in monthly giving by sending personalized thank-you videos to its donors. This gesture made the donors feel appreciated and valued, boosting their commitment to supporting the cause.
Regularly communicating the impact of their monthly donations through compelling stories and testimonials also helps donors see the difference they are making. Showing gratitude and appreciation is crucial in building long-term relationships with monthly givers.
3. Use Storytelling to Overcoming Challenges
Monthly giving does come with its fair share of challenges, such as donor attrition and keeping donors engaged long-term. Snyder recommends addressing these challenges by regularly communicating the impact of donations and sharing the stories of the beneficiaries.
Sharing tangible outcomes helps donors understand the difference they are making, encouraging them to continue their support. Donor engagement and retention strategies are vital in the sustainability of monthly giving programs.
4. Start Small, Test, and Learn
Snyder advises organizations to start small and test different strategies in their monthly giving programs. Experimentation is critical to identifying what works best for your unique audience.
Learning from both successes and failures is crucial for continuous improvement. Flexibility and adaptability are essential traits in the ever-changing fundraising landscape. By embracing a growth mindset, organizations can optimize their monthly giving programs and achieve greater success.
How to Build Successful Monthly Giving Programs
Building a monthly giving program can seem like a daunting task. Itโs not something you can just spin up and watch the donations pour in. Snyder offers a five-step framework for building a successful monthly giving program:
Step 1: Create the Product
Thinking of the program as a product helps with naming, branding, and marketing. Understanding the โwhyโ behind the program and its impact is fundamental. Organizations can attract and retain monthly givers by compellingly articulating the purpose and outcomes.
Step 2: User-Friendly Experience
Having a user-friendly website and donation experience is crucial in ensuring donor satisfaction. A solid technical system that ensures ease of use and establishes trust is vital for the success of a monthly giving program.
Step 3: Compelling Copy and Marketing
Crafting compelling copy and marketing assets that call in believers is essential.
Utilizing positive, urgent, and trust-building language in promotional materials helps create an emotional connection with potential donors, making them feel a bit more generous toward your organization. Leveraging various channels such as email, podcasts, SMS messaging, and press can amplify the reach of monthly giving programs.
Step 4: Joy, Gratitude, and Retention
Constantly providing joy and gratitude to monthly givers is instrumental in retaining their support. Automating surprise-and-delight moments can be used to sustain engagement. A 12-month plan incorporating gratitude and alignment with the organization’s mission helps foster long-term commitment.
Step 5: Branding and Creative Messaging
A strong brand and creative messaging are paramount for attracting and retaining monthly givers. A clear product name, powerful language, and an above-the-fold landing page with essential information help create a compelling and memorable experience. Using natural language in marketing and PR further enhances the appeal of monthly giving programs.
Summary
By emphasizing the importance of building a sense of community, personalization, and gratitude, Snyder provided actionable insights to help organizations improve their monthly giving programs. By focusing on experimentation, user-friendly experiences, effective marketing, and continuous engagement, nonprofits can harness the power of monthly giving to drive sustainable impact and achieve their missions.
