Did you know it can cost up to 10 times more to secure a new donor than retain a current one? And the average donor retention rate for nonprofits is only 45%. What does this mean?
There are a lot of unnecessary dollars being spent to secure first-time donors and missed opportunities in building donor relationships that can lead to even more benefits for your organization.
Tips to Succeed with Donor Retention
- Thank your donor: Acknowledge contributions quickly and often to increase future gifts.
- Build relationships: Get to know your donors and acknowledge the details you know about them, such as their birthday or anniversary.
- Keep donors informed: Send impact reports throughout the year to show donors how their dollars are making a difference.
- Engage your donors in your mission: Encourage them to volunteer and interact with individuals you serve, and celebrate them with a (virtual) annual donor recognition event.
Ultimately, the key to increasing donor retention is connection. Find ways you can engage with donors that do not cost a lot but show you care.
Remember to make use of your GiveSmartOKC profile to connect with donors. This resource allows them to learn about your organization’s history, the impact of your programs and how contributions are allocated within your organization. It's an excellent way to connect electronically and provide your donors with a virtual tour of your organization. And don't forget to share your profile via email, on your webpage and through social media.