Boost Your Revenue Through Donor Conversion Strategies!
If you’re a nonprofit or ministry, you are most likely looking for ways to improve your fundraising strategies to raise more money. There are a lot of essential building blocks in an effective fundraising program, but there is one that has the potential to greatly increase revenue for you: CONVERSION.
Your organization spends a lot of money to acquire new donors through multiple channels such as television, radio, special events, direct mail acquisition, display ads, and e-appeals. However, many organizations make the mistake of not implementing donor conversion strategies to encourage new donors to give a second gift as quickly as possible.
THE FIRST 90 DAYS FOR NEW DONORS ARE CRITICAL!
If a new donor does not give a second gift within the first 90 days, our research shows that the chances are less than 10% they will ever give again. If you are unsuccessful in converting a reasonable number of your new donors to a second gift in this critical window, then your fundraising program has a serious problem. By simply improving your donor conversion percentage, you can substantially increase revenue in both the short and long term. This is why refining the donor conversion process is critical.
Another reason to optimize the donor conversion process is that donors who give a second gift soon after their first gift tend to have a higher lifetime donor value.
3 WAYS TO INCREASE YOUR CHANCES OF A SECOND GIFT THE FIRST 90 DAYS.
1. Say thank you promptly – Mail a thank-you acknowledgement letter within 24 hours of receipt of the donor’s gift. This will reinforce to the donor that he/she made a good choice in supporting you and their gift was appreciated.
2. Voice broadcasting phone calls – Record a gracious, short call from the ministry leader welcoming the new donor and express how thankful he/she is for the new donor and how their giving is making a difference.
3. Implement a conversion series – Create a series of emails and/or direct mail packages that welcomes the new donor and allows you to introduce your organization while also giving the new donor an opportunity to give again. Trying to share your mission and stories of impact in one letter or email is too much, so a series of emails or letters sent over several weeks is the best approach. The donor conversion series should be well designed, the ask must be carefully worded, and the timing between each letter or email requires careful timing in order to produce the desired results.
Without a conversion strategy in place, many new acquired donors are never heard from again. It’s time to change that now! Unleash the power of a donor conversion strategy and see your revenue get a major boost!
- The Single Most Important Key To Boosting Your Revenue - July 13, 2020
- 7 Fundraising Metrics Every Nonprofit Should Track - May 22, 2020
- Is It Time To Test Your Vision? - March 27, 2020