Mastering Recurring Donor Retention: Expert Insights for Sustainable Fundraising

Explore expert strategies and practical tips presented by fundraising guru Erica Waasdorp and marketing manager Sam Nyland on enhancing recurring donor retention. Learn how to prevent lapses, tackle cancellations, and optimize your process to ensure sustainable donor support. Dive into a 360-degree view of recurring giving and discover innovative ways to keep your donors engaged and committed.

• Recurring donors
• Fundraising
• Retention strategies
• Sustainability
• Expert insights

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Uploaded on Jul 16, 2024 | 2 Views

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1. 04 Sustainable Recurring Donor Retention: Make sure your Recurring Donor Program Never Fails 20 Session 4 A 360 View of Recurring Giving Recurring Giving + Fundraising Expert, Erica Waasdorp

2. Erica Waasdorp President A Direct Solution Author Monthly Giving, The Sleeping Giant, & Monthly Giving Made Easy Presenter Blogger, AFP Master Trainer Straight Shooter Direct & to the point!

3. Sam Nyland Product Marketing Manager Neon One Advocate Arts, Social Services, Youth Empowerment, Environment Presenter Neon One Product Webinars Adventurer Avid hiker and nature lover!

4. Map out your process and track lapsing recurring donors and their value at risk 1 Why recurring donors lapse and what you can do to prevent it 2 Agenda How to keep improving retention and how you can keep those even if you think you ve lost them 3 4 Q&A, Resources, Next Steps

5. How many recurring donors are you losing each month?

6. Map Your Current Process Flow If credit card declines or rejects Report sends me alert Send email 1 same day Donor does not respond with updated information after 10 days Send letter 1 within 48 hours Call within 48 hours Make second call Repeat 6 Source: A Direct Solution

7. Create a monthly recurring donor retention day Be accountable Set up one day a month to track and follow up

8. Hard Cancels (voluntary churn Soft Cancels (involuntary churn) Two types of cancellations

9. Hard Cancel (voluntary churn) Donor takes action Asks to cancel their gift or Goes into their donor portal and stops their recurring gift But not all is lost!

10. Use a Save Option 10

11. Donor did not take action Card expires or declines Donor may not even know that happened Soft cancels or involuntary churn Do not assume the donor wants to stop!

12. Can you reach out before the card expires? Start early

13. Review your Monthly donors

14. Helpful Reports in Neon CRM & Neon Pay Expired Credit Card Report: Scan expiration dates of the credit cards that have been set up for recurring donations. Have you ever had trouble with donors that make a recurring donation via a CC lapse due to their card expiring and not being updated in your system? Note: credit cards used in one-time transactions are not included in this report. February 2023 Neon Pay Release: When accounts associated with recurring, card-on-file transactions are updated (new account number, new expiration date, etc.), Neon Pay will automatically detect that update and preserve the recurring transaction.

15. Neon CRM Recurring Donor CC Expiration Workflow Step 1: Define target/time perimeters Step 2: Set up Trigger 1. Define the target/time perimeters 1. Set up workflow triggers based on recurring transactions card expiration dates. Example: Trigger = Auto-Renewal Credit Card Expiration Date Recurring CC Expiration Date is: 06/30/2023 and 08/31/2023 Recurring Donation Status = Active

16. Set up Actions Automated Emails

17. Set up Actions Activities/Task Reminders Action = If/Then Branch YES: Review account to double check and confirm. NO: Call the donor

18. Reconnecting with lapsed or at-risk recurring donors is a cost-effective and less time- consuming way to bring in funding than going after brand new donors. System Email: Recurring Donation Error Notice This error will be sent after a payment fails Look at Annual Value At Risk Workflow to send additional reminders when a transaction is in failed status. - Ask recurring donors to re-engage and update CC info to start their recurring gift again - Give them other options to give to you financially (register for an upcoming event, offer a one-time option) - Provide them with additional impact information interested in volunteering? Sitting on a committee or Junior Board? 18

19. Make it as simple as possible for recurring donors to reengage! To change your credit card information or cancel your recurring donation, log in to your account: https://agloe.app.neoncrm/np/clients/agloe/login.jsp In every piece of communication give donors a way to easily and quickly update their recurring gift information! Recurring donors can easily manage their recurring donation and update their CC in no time at all.

20. Help Donor Remember and Ask For Update Think courtesy, service to donor. You re not a nag ! Don t wait, combine them all: Send email(s) Send letter(s) Call and text anybody with phone number Repeat!! 20

21. Thank Offer solution Thank again If voicemail, leave a message of thanks Make Courtesy Call 21

22. Have Phone Script Ready 22

23. Send Text Message (If You Have Permission)) Hi, here s a message from [nonprofit]. It looks like we couldn t process your most recent monthly gift. It s easy to fix. Please use this LINK to update your account, or CALL xxx-xxx-xxxx from 8am 5pm EST M-F to connect with us to update your account info. Thank you! 23

24. Create Your Revised Process Flow If credit card declines or rejects $$ monthly donations kept! More monthly donors kept 24

25. Set up your retention day Check your retention reports Create your scripts, emails and letters Create your soft cancel reports Create your workflow automations Create your annual value at risk reports Here s your check list Implement your process See your recurring donor retention improve

26. Resources Recurring Donor Retention and Upgrade Guide Recurring Donor Process Flow Slides Recurring Donations Neon CRM Support guide 8 Tips for Monthly Giving Program Success How To Create a Donor Journey Map & Cultivate Recurring Giving

27. Time for sharing

28. Key Takeaways on Retention Stewardship will help you keep your recurring donors Much of it can be automated Try to add as much personalization as you have time for Don t overpromise and don t overthink You can always do something surprising Stewardship will help you grow!

30. Q & A

31. For Follow-up Questions Erica Waasdorp erica@adirectsolution.com 508-428-4753 www.adirectsolution.com

32. Additional Resources Neon One Donor Impact Hub It s interactive! Check out the specifics for your organization! Neon One Blog Posts: How to Launch a (Successful!) Monthly Giving Program Generosity Xchange 2022: How to Start, Grow, and Maintain your Monthly Giving Program How To Find Donors for a Nonprofit: 9 Ways to Expand Your Donor Base How to Write the Perfect Donation Thank-You Letter (Plus a Handy Template) How to Write the Perfect Tax Letter (Plus a Handy Template)

33. Whats Next? Session 5: Recurring Donor Extra Gifts and Upgrades The link for this session will go out shortly. DATE: Tuesday May 16th, 2023 TIME: 1 p.m. EST