Having a strong foundation of monthly revenue is key to success in future planning and budgeting. Monthly giving has become increasingly more popular for nonprofit organizations to include in their fundraising efforts and strategies, and here’s why.
Increase Your Annual Funding
Monthly donors have a higher retention rate when it comes to supporting your nonprofit organization. Overall annual revenue from a recurring monthly donor has a higher impact on your fundraising than those one-time donations, even if the one-time gift is higher than the average monthly recurring donation.
Convenience for Supporters
Recurring or monthly donation programs make giving easy and convenient for donors in terms of time, effort, and money. A one-time action during sign up offers a “set and forget” opportunity while spreading out the total donation amount over a period of time. This makes donating more cost-effective, affordable, and manageable for donors to continue their support of your nonprofit.
Track Donor Analytics More Effectively
Recurring support also helps you identify who your donors are, learn traits, understand behaviors, and track what actions you are taking that entices sustainable funding. Tracking what recurring donors have in common will help you navigate and reach a more targeted audience of supporters and ultimately raise more money for your mission.
Easy Donor Management and Budget Planning
Your organization will save time, money, and effort as you will now be able to easily manage future strategizing through automated marketing and budget planning for recurring or monthly giving. By monitoring the average gift, you will have a very much clearer idea of how much revenue your nonprofit will generate throughout the year.
It’s easy to set up recurring or monthly payments through a nonprofit payment processor and fundraising platform like Givebox. Our payment processing tools built exclusively for nonprofits will help you stay connected with donors and properly manage your recurring funding. Register for your free nonprofit account today.