Industry Insights: Monthly Giving
Subscription-based shopping for common products like toothpaste and cleaning supplies has increased exponentially in popularity over the past few years. For example, I receive a bulk order of dog food from Amazon every eight months. Before I recognize the food is running low, Amazon automatically ships the refill, and “ta-da!” it arrives at my door just as Toby needs it.
Your non-profit can tap into this “set it and forget it” culture through automated monthly giving programs.
These types of programs can minimize the hesitancy donors may have by breaking larger donations into smaller, equal contributions over a set period of time. For example, ask a donor to make a $10.00 per month donation over a 10-month period, rather than $100.00 upfront. The monthly contributions become revenue you can count on without having to expend resources to secure.
Automating philanthropy and stewardship can be extremely successful…as long as you are cognizant not to take your donors for granted.
There will come a time when monthly donors must update their credit card information so you must consider donor retention throughout the length of their automatic monthly donation period. Creating a branded program for this subscription-style giving can help your members feel as if they are part of something special. Provide exclusive content – such as an email newsletter, videos, photos, or handwritten notes – to keep these donors engaged and increase the likelihood they’ll stay with you.
To learn more about Monthly Giving Programs and how to get yours started, we recommend this article on the Re: Charity website.
About the author
Michael J. Buckley, CFRE is a career fundraising professional and Founder and Managing Partner of The Killoe Group. His firm assists nonprofit organizations increase revenue, exposure and capacity through smart, data driven, successive decisions and effective planning. Mike’s experience and passion for the profession of fundraising have made him a sought-after speaker, consultant and presenter. The Killoe Group’s broad experiences include annual campaign audits and management, capital campaign leadership, feasibility studies, interim program leadership, board governance, strategic planning and capacity building.