Monthly donations for those who know how, are the ‘hidden gems’ of sustainable income for some Mosdos Torah.
But, be honest with yourself, can you fit more fundraising efforts into your existing responsibilities or those of your team?
It's true, the stats show it’s valuable...
- Average monthly online donation is $52 ($624 per year) compared to the average first time gift of $128.
- The average monthly giver will give 42% more in one year. Monthly donors also have a greater lifetime value.
- Millennials are 52% more likely to give monthly. (Network For Good survey.)
But, you may be thinking, will a handful of small monthly gifts really make a 'dent' in your budget?
Correct Expectations Needed - It's a marathon and not a sprint.
One reason Mosdos Torah start and then stop putting in the effort to acquire monthly givers is - They set their expectations too high.
They expect better results, in a shorter period of time, than is realistic or the norm. The correct mindset is to see monthly giving as a marathon and not a sprint.
Out of every ten donors, how many realistically become monthly givers? The truth is most people will NOT say yes. At least the first time they're asked.
Maybe one in five or less. (I’ll discuss compelling ways I’ve found to convert more of your donor base in a future post.)
Instead set your expectations low, like really low. Then you'll be in for a surprise.
Let’s look at a few scenarios of what's possible. If your set a goal to get ONE, yes just 1 new monthly donor on board each week or two, then let’s see the value to your mosdos Torah.
Over twelve months, let's say you get thirty of your smaller donors to sign up. If the average donation is $36 a month, then what will that be worth?
If these 30 people give 12 monthly donations, this will give you $1,080 a month in donations. Over twelve months, it's worth $12,960. That's a fair amount of extra monthly income.
But now, here’s where it gets REALLY interesting.
If you look at the value of these same donors over 20 years, it becomes worth $259,200!!!
But you're not going to stop there.
What happens when you continue getting just one monthly donor every week or two? In year two, you'll convert another 30 donors to monthly giving.
Now, you begin to see how valuable this can be. (The monthly value is now $2,160. The annual value is now $25,920.)
With just 60 monthly givers, at $36 a month, over 20 years, the value to your organization is $518,400.
With 120 monthly givers, over 20 years, it grows to a value of over $1,000,000!
Now you see why this is a marathon and not a sprint. Which is why building monthly giving is so important. Just ONE new monthly giver every week or two will get you there.
I'll share the 'how' and 'best practices' of monthly giving in the near future. In the meantime, hit reply to share your successes (or failures) with monthly giving.
B'Hatzlacha raba raba,
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