The Art of the Double Ask: How to Secure Multi-Year Gifts for Your Organization
The double ask strategy is a pivotal approach for organizations aiming to secure multi-year commitments. In this blog post, derived from a recent Givzey webinar, we'll dive deep into the essence of the double ask, its relevance in today's donor environment, and practical ways to employ it effectively.
The Importance of Multi-Year Giving
Why Consider Multi-Year Giving?
While many organizations recognize the value of annual giving, multi-year commitments offer a layer of stability and predictability. This is vital given that donor retention across all nonprofit sectors hovers around 42%. However, when donors make a formal multi-year pledge, their fulfillment rates tend to be much higher, usually between 96-98%.
Common Questions about Multi-Year Giving:
What is the difference between recurring giving and a multi-year pledge?
While recurring giving typically involves smaller amounts spread throughout the year, multi-year pledges, especially for larger gifts, might entail a few significant payments spread across several years.
What documentation do I need to book a multi-year gift?
To ensure clarity and compliance, a gift resulting from a double ask must be well-documented. Five crucial components to record are:
Designation of the gift
Total amount pledged
The Power of Consistent Giving
Consistent donors are the backbone of any organization. Their loyalty not only ensures regular funds but also paves the way for significant future gifts. These donors typically evolve into major gift contributors, especially those who've been giving at a mid-level consistently for 3-5 years. Additionally, they're prime candidates for planned gift prospects.
The principles of multi-year giving are universal across all nonprofit organizations. So, too, is the fact that the cost of acquiring new donors remains significantly higher than retaining current donors – making the strategy of securing multi-year commitments even more crucial.
Unpacking the Double Ask
What is a Double Ask?
The term double ask refers to anytime a fundraiser asks a donor for more than one gift. There are a few types of double asks:
Will you donate now or later?
Will you commit to giving this year and next?
Will you commit to giving for the next 3-5 years?
The essence is to give donors flexibility in their giving pattern while ensuring commitment.
Developing Your Why
Crucial to the success of a double ask is crafting a compelling "why." You are asking donors to give in a way that they have not given before, so they need to know why they should consider changing.
Developing your why comes down to donors understanding the tangible impact of their multi-year commitment.
How will their contributions shape the organization's future?
When is this capital needed?
Who will this impact?
A Systematic Approach to the Double Ask
Tailoring the Ask to the Donor
Recognizing donor segments and tailoring your approach can significantly enhance the effectiveness of your double ask. Whether it's major gift donors, grateful patients, parents from higher education institutions or independent schools, or otherwise, understanding their motivations and framing the ask in their context is key.
Stewarding Multi-Year Donors
Securing a multi-year commitment is only half the battle. Effective stewardship ensures that these donors remain engaged and feel valued throughout their commitment. Organizations need to do more than just acknowledge these donors; they need a strategic engagement plan that continuously demonstrates the ongoing impact of their gift.
Givzey's Tools for the Double Ask
Givzey empowers nonprofits with digital tools that facilitate the double ask at all giving levels. From digital pledge agreements to automated reminders, our platform ensures that multi-year commitments are honored efficiently and systematically.
Incorporating the double ask strategy can be transformative for organizations. With a clear understanding of its nuances and a compelling narrative, nonprofits can unlock a new horizon of consistent and impactful giving.