It’s no secret that it’s a challenge to retain donors in this age of fundraising. Giving Tuesday can be huge for donor acquisition. But the question is how many of those donors are still around a year from now? How many of them are bought into your organization’s mission and not just the once a year Giving Tuesday campaign?
Nonprofits asking these questions aren’t alone.The average donor retention rate is 42% so it’s safe to assume that donor attrition is front and center after the buzz of Giving Tuesday is gone.
How can you optimize a successful Giving Tuesday for donor retention?
3 Proven Strategies to Retain Donors this Giving Tuesday
1. The Double Ask
The double-ask is a unique approach many organizations have adopted to secure multi-year commitments. Check out this webinar centered around “The art of the Double-Ask” for some great insight into incorporating a double-ask into your fundraising workflow. Focusing efforts on making the double-ask to donors who have a history of making Giving Tuesday gifts for two-to-three consecutive years can produce amazing results, like securing their commitment for the next five years.
2. Strategic Stewardship
Make the most out of your stewardship efforts after Giving Tuesday by applying this strategic approach. After a donor gives, we all know to express gratitude. If it’s appropriate, take it a step forward by even acknowledging donors on social media. But don’t stop there. In January or February, remind the donor of their specific contribution and communicate how it helped your organization further its mission. Then, within six months of the donation, emphasize the impact of their support and kindly inquire if they would consider making another contribution.
3. Automated Payment Reminders
Speaking of proper stewardship, in addition to having conversations with a donor about your organization’s mission you or your team is tasked with reminding them of their payment. Sometimes the two conversations get mixed into one. The solution is automated pledge reminders to help fundraisers maintain a clear distinction between payment reminders and donor stewardship efforts. By handling payment reminders efficiently, fundraisers can focus on understanding donors' motivations, educating them about the organization's mission, and ensuring proper stewardship, ultimately strengthening donor relationships.
In the current fundraising landscape, donor retention is a competitive challenge and Giving Tuesday presents a significant opportunity for both that and donor acquisition. As you’re preparing for Giving Tuesday, the focus is on cultivating long-term support rather than one-time contributions. These three key points are an effective way to capitalize on the opportunity coming up.