Recurring Donations: What Giveffect Can Do to Help
It still seems to be a misconception that nonprofits can operate by receiving multiple one-time donations from the generosity of the general public, when this is not the case. Even the nonprofit organizations that are most skilled at fundraising need a plan on how to either maintain or grow their recurring donation activities. To remain sustainable and solvent, a nonprofit needs a steady, consistent stream of donations coming in on a regular basis. This is the real importance of recurring donations: to stabilize the foundation of donations at a nonprofit organization.
Recurring donations are also important because they
-Help to increase donations on a monthly, bi-monthly and annual basis
-Help to retain your donors and strengthen your donor base
-Help to lower your costs of operations
All kinds of nonprofits rely on recurring donations, from the largest to the smallest of nonprofits, from disaster relief organizations to human rights organizations. This is because studies like those from Nonprofitsource.com show that donors that set up recurring donations give 42% more annually versus those who only give one time. Additionally, over 50% of millennials are interested in some form of monthly giving. So this is proof that recurring donations are a vital part of a nonprofit organization not only being stabilized, but also thriving and growing because of that stability.
As nonprofits of many kinds do more to use recurring donations to strengthen their donation base,, it may be best to use a well-integrated and connected software system that can make the process of capturing, recording and reporting on these recurring donations easier and less time consuming. With Giveffect, a nonprofit invests in a software system that gives an all-around, 360-degree view of the organization’s operations. How does this benefit that organization’s recurring donations program? For one thing, the organization gets a system comprised of several systems that are used in the course of a recurring donations program. Also, these software systems speak to each other and regularly feed each other the proper information to ensure more convenience and fewer headaches brought on by having to do manual data entry and administrative work.
Systems in Giveffect that a nonprofit can use to strengthen their recurring donations include:
-Contact & Relationship Management System
-Wealth Screening & Major Gifts System
-Email Marketing & Direct Mail System
Contact & Relationship Management System
With the Contact & Relationship Management system and database, your organization now has a suite of tools that give you the power to integrate donation pages and retain corporate branding without handling payment processing, automatically create records from contact-provided information to utilize in future marketing or reporting efforts, and create cohorts or segments as donors contribute to specific campaigns for your cause. As far as recurring donations goes, Giveffect gives you the opportunity to set up recurring rules for your donors who donate on a regular basis. If you have multiple donors who pledge by means of a monthly check or other kind of donation, Giveffect can capture these transactions automatically and move them right into your database based on the rules you create. So your relationships become even easier to maintain, and your recurring donations become easier to keep track of.
Wealth Screening & Major Gifts System
When it comes to recurring donations, the more your organization gets, the more stable it will be. And getting those donations many times comes in the form of the research you do to screen potential major donors. Through Giveffect’s wealth screening system, there is a wide range of tools to use to beef up recurring donations. For example, the opportunities workflow, found under the CRM tab in the left side navigation bar in Giveffect’s back end, helps your team to determine which potential donors are of the highest value based on a number of identifying traits and characteristics. And our DonorSearch API Integration gives you a clearer picture of how potential donors fit into your donor strategy. Using this system in conjunction with the nine other systems found in Giveffect gives you a distinct advantage in crafting and solidifying your recurring donations strategy.
Email Marketing & Direct Mail System
You want to create emails and newsletters that resonate with your potential major donors and give them a reason to continue donating. And you want to build your recurring donations base and make it stronger. And you can do this with our email marketing system in no time. You are not required to be tech savvy with our drag and drop technology, which allows you to create the most attractive and engaging emails to send to your list of generous supporters and get them excited about giving to your cause. Whether you are a wiz with HTML and a coding master or have no previous design experience, with Giveffect you will be able to quickly and efficiently create emails and newsletters that pull your donors in and make them want to be part of your mission.
The Giveffect software system is an all-around effective, transformational software tool. Especially when it comes to keeping record of and maintaining everything that a nonprofit does with their recurring donation duties. This is due to the fact that everything that happens with those recurring donations, be it from the Contact & Relationship Management system, the Wealth Screening system, or the Email Marketing & Direct Mail system, is automatically updated through the power of the Smart Automation tool. Not only do the systems within Giveffect talk to each other, but whether you are sending out an email newsletter appealing to your major donors, moving potential major gift givers throughout the pipeline faster, or properly segmenting your donors and contacts based on their average volunteer hours, average donation amount or some other metric, it’s all updated automatically so that you do not need to manually enter or reconcile anything. It’s done for you. And that’s our goal: to make your recurring donation duties easier and stronger at the same time.
Overall, Giveffect is proven to make your nonprofit’s recurring donations stronger and more focused. The all-in-one system that we have developed is well suited to bring in more recurring donations to your nonprofit, while simultaneously lightening your load when it comes to making sure those donations are accurately accounted for.
Want to learn more about how Giveffect and Smart Automation can help your nonprofit organization to strengthen its recurring donation duties? Schedule a demo with us today by visiting us online at giveffect.com.