3 Ways To Retain Donors For Your Nonprofit
Many nonprofits may struggle to retain donors. One way to help attract potential customers, or in this case, donors, is through content. So why isn't every nonprofit pumping out content? Actually, 92% of nonprofits use content marketing, but comparatively, only 26% are good at it, according to the Content Marketing Institute. So what can nonprofits do to keep donors around?
What can I do to retain donors for my nonprofit?
Before you can learn how to better use content, you have to look at the harsh facts of each respective industry. Donor retention is one of the biggest challenges and a nonprofit will face.
To speak plainly, 75% of donors will not return to donate a second time. When all is said and done, the retention rate for the average nonprofit is 27%. That figure has actually dropped by 7% over the last decade.
Most businesses would be forced to close their doors if they had retention rates under 30%. So why are nonprofits settling for it? They are forgetting a founding principle of nonprofit business: lead by example.
In the spirit of improving retention rates over the coming year, we looked at three principles from succeeding nonprofits that others in the industry can emulate. It starts with understanding your position in the market.
3 Ways to Convert Content to Retention
Ask yourself, "Who will donate to our cause, our mission?" For all that nonprofits may struggle with, some of them are getting the content piece right. It’s a matter of using this tool to your full advantage. Finding the advantage is part of what the following tips are for:
Tip #1: Be a go-to resource. It’s obvious that when a donor first clicks the donation button, they have a connection to the organization. The problem is a lot of nonprofits don’t capitalize on that connection by offering interesting and useful content that engages the donor long-term. Engage and inspire donors with publications and other valuable ongoing resources.
Tip #2: Follow-up immediately and often. This vision begins immediately following that first click to donate. Donors should always receive a thank you email immediately after their initial transaction. This email should be followed by an informative boilerplate about the company. Continue sending impactful information to the donor over time.
Tip #3: Create content worth sharing. A good feeling is often more valuable than money. Donors don’t always want to see the extent of monetary reward. Many of them prefer to see progress through an informative web series, organizational course offerings, and sponsorship opportunities. Social media platforms, like Facebook and Twitter, are also great places to share. This delivery system helps solidify success because it is instantly personal and shareable.
These simple and straightforward tips will help improve donor retention in 2014. Many organizations are already using these takeaways to establish a strategy for changing marketing focus and improving donor retention on the whole.
Questions and Final Thoughts
What else have you done to help retain donors?
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