It seems everyone is worried about donor retention.
And they should be, because it's a hot mess nearly everywhere. As the Bloomerang Blog notes, New Study Shows Donor Retention Rates Are In Decline.
Referring to their 2016 Fundraising Effectiveness Donor Retention Supplement, Bloomerang notes:
... both new donor and repeat donor retention declined again as it has nearly every single year since these findings were released for the first time in 2008.
The cost of that drop in retention is incalculably huge.
The solution? There are many, but one that Boomerang points out is this: Get a second gift from your now donor. When that happens ...
It is nearly a TRIPLING of the donor retention rate once a donor gives for the second time!
That's right: if a donor gives a second time, they are about three times as likely to stay with you.
Here are some things you can do to encourage that critical second gift:
- Acknowledge the first gift promptly.
- Be specific and relevant in that acknowledgement.
- Report back (soon!) on the impact of the first gift.
- Ask again soon.
- Ask often.
Getting second gifts from your new donors will completely change a poor donor retention rate!