A simple pivot in current marketing strategy can skyrocket donor retention and increase giving over time.
We live in an Informational Age. The steady rise in technology provides nonprofits with the opportunity to connect with more potential donors than ever before. However, it has also increased the competitive landscape overall and made it more difficult to attract and retain donors. Today, nonprofits are not only competing with other nonprofits that have similar missions but with every app, social media fundraiser, Etsy shop, and retail store vying for their stakeholders’ attention from morning until night.
The competition for acquiring donors is no longer industry-specific. In this present reality, social innovation is a must for organizational survival. Nonprofits that decide to thrive must embrace the present reality, learn to rise above the noise, and implement innovative ways to increase donor engagement and repeat giving.
One of the most effective ways to improve donor retention and giving is by securing a donor’s second gift, which is often called “the golden donation”.
Often, the cost to acquire a new donor can exceed the price of keeping one. Many organizations pour their marketing dollars into donor acquisition efforts, hoping new donors will bring in recurring giving; however, statistics indicate that is not necessarily the case.
So how does an organization secure the second gift and skyrocket donor retention and giving?
The key to securing the second gift lies in fostering more personal connections with donors shortly after a gift is made.
- Speed-up Communications
An effective retention strategy doesn’t have to be complicated. The donors have spoken, and the solution is simple – they just want to be communicated with and thanked after giving. VideoUp makes it easy to send a “thank you” text message or email to a donor shortly after a gift is given. “Research shows that SMS open rates are as high as 98%.” Campaign Monitor The greater chance of message delivery, the greater chance of donor retention.
- Foster Personal Connection Personalize Communications
While organizations may communicate with donors quickly, they often fail to connect with them personally. Choosing to engage donors through video messaging has a host of benefits. It not only establishes trust, and adds an extra layer of customer service, it also encourages donors to share the video content with their networks! Making donors feel seen, heard, and effective…now that’s a compelling path for increasing brand engagement and donor retention.
When seeking to secure the second gift, fostering meaningful connections with donors is crucial. Communicating quickly and authentically builds trust, and increases donor retention and giving year-after-year, regardless of the growing competition.
Ready to level-up your donor retention strategy? Schedule a 20-minute early access demo with a VideoUp Team member.
Anastasia Jones-Downing is a freelance Blog Manager & Copywriter at Perennial Brand Co. Equipped with a Masters in Business Administration, she shows businesses how a well-managed blog can skyrocket sales, drive website traffic, and generate consistent warm leads. Connect with Anastasia at Perennial Brand Co. or on Instagram.