By now we all know that monthly giving is THE THING – delivering higher retention rates and greater overall revenue to organizations.
Nonprofits aren’t the only ones in the game though. What used to be monthly gym memberships has now blossomed into infinite opportunities to sign up for streaming services, razor kits, skin care boxes, curated clothes, credit monitoring and so much more.
Enter a new business: canceling monthly services for people who have over-committed to monthly fees and find themselves short of cash.
Now, companies like Trim, once you sign up with your bank credentials, will identify active monthly charges (some of which you probably forgot you had), then cancel them for you, if you wish.
One approach is for larger nonprofits, and/or sector coalitions to reach out and build relationships with these companies to ensure that they understand the difference between a well-considered donation and a monthly skin care box.
For most nonprofits, the key, as always, is cultivation, cultivation, cultivation.
Stay in touch with your donors. Make sure they understand that they are appreciated and essential. Don’t give them an easy reason to say “no” to their monthly donation.
And that often-heard pitch for monthly giving: “Set it and forget it.” It’s probably time to retire that, as both a donor communication, and an internal attitude on donor connection.