Acquiring donors takes a lot of time, financial investments, and effort to acquire, yet majority of nonprofits let donors go quite easily. The stats don’t lie.
A staggering 73% of donors vanish after donating once.
What’s the best way to stop this?
Two words—donor retention: Work on creating strategies to create awareness for your cause, so that they keep coming back every year.
The takeaway? Not only do you get a chance to cut down costs involved in attracting new donors, but also create long-term donor relationships for larger donations that can help your nonprofit get closer to its goals.
Here are a few reasons why donor retention should be on the top of your priority checklist:
Connect With Donors On A Personal Level
You donors don’t just donate; they sign up as volunteers, spread good work about your nonprofit and are also critical parts of activities that directly impact your chances of achieving long term goals.
Establishing strong relationships with donors will help boost retention rates; according to various research studies, repeat donors are more likely to give more over a longer period of time.
It’s as simple as this—you can raise more funds from repeat donors than you would from bringing in new donors every year.
Get More Donations
The backbone of most fundraising campaigns is larger donations ($5000+). These are the very donations that will bring you closer to your fundraising goals and even closer to your cause.
Once a relationship has been established, repeat donors tend to increase their donation amounts. Considering the fact that 78% of repeat donors give at least 15 gifts to nonprofits over their lifetime, retaining low level donors is as important.
Create Awareness For Your Cause
There is nothing like a donor telling a friend how you appreciate their gifts, keep them engaged and connect on a personal level. Word of mouth is the name of the game in the nonprofit sector.
Most donations you bring in are from donors who have referred you to a friend or family member. The more donors you have within a specific community, the more chances of spreading the news about what exceptional work you do.
Retaining an effective base of repeat donors isn’t just about the donations, it is also about establishing a network that spreads word about your nonprofit and allows you to overcome common hurdles with first time fundraising complications.
Whether you are hosting a real time fundraising event or silent auctions, investing in the right mobile fundraising technology can take your nonprofit a long way! Check out Gesture, the leading provider and designer of innovative mobile bidding and fundraising technology. They can offer key data to help you recognize and retail donors from event to event and year to year.