You know you want monthly donors.
How about low-dollar monthly donors? Like $5 a month?
You've probably heard the argument that it's not worthwhile because the credit card fees eat too much of the donation. If you think that, read this post from A Direct Solution, at 10 Reasons Why Small Monthly Donors Are Worth the Effort:
- You're truly showing donor care. No gift is too small.
- You can upgrade small monthly donors to higher levels within the year.
- Even small monthly donors can leave you in their will.
- Recruitment fees for monthly donor fees are minimal.
- The finance fees are not that high. (Typically around 45¢ for a $5 donation.)
- If you annualize the value of that small monthly donor, it's going to be $60 -- $54.60 after fees.
- Many online systems allow the donor to pay for the fees, and some 70% of donors do this.
- The average monthly donor is $24 a month, so the $5-a-month givers are really more the outliers.
- Your response rate will go up if you ask for a lower amount.
- Typical monthly donors stay with you for five to seven years, and sometimes even longer.
Low-amount monthly giving is less common in the US than in most of the world, mainly because face-to-face (street) fundraising is less common here. It's especially worth adding to your fundraising line-up if:
- You're doing face-to-face fundraising.
- You're doing event fundraising.
- Your target donors are heavy on younger people (that is, below 50).
Don't write off those low-dollar monthly donors. They're worth your while.
Want help with building your monthly donor program or anything else in your fundraising? I'm available for free 25-minute coaching sessions. Just click here and directly schedule an online conversation with me or with Sean Triner.