A recurring giving program is a donation program wherein your donors can set up an automatic debit of a chosen amount on a fixed frequency- biweekly, monthly, quarterly or annual. A recurring giving program can help you generate a steady revenue stream, less dependence on a few big donors, and build an engaged and connected donor and supporter community.
To set up a monthly giving/ recurring giving program for your organization, here is a step by step guide:
- Define your goal: Be strategic and consider all aspects- financial, supporter numbers, engagement- what do you want as an outcome of recurring giving);
- Design a strategy and implementation plan: What will be accomplished, who will be responsible for various tasks and duties, how will marketing and communications be designed, who will you reach out to/ target audience, how will you measure the success of your program?
- Invest in a good payment processing system: Recurring giving is bound to fail if you do not make it easy for the donors to give on a recurring basis as per their choice. This means having a streamlined and simple giving process in place. Ideally, it should show options of amounts (with monthly option too), should offer multiple choices of ways to give, should be quick and simple with least clicks, should have ways of making the donor feel special (like immediate thank you mail, the impact of donation like ‘Your $20 donation will ensure 1 month of remedial classes to X number of students’).
- Set a clear donor stewardship plan: Donors will only stay engaged with your cause if you steward them enough. To retain your donors, develop a donor stewardship plan and implement it right after the donor’s first gift. Build and maintain relationships to strengthen the donor’s connection with the cause. This might involve- sending regular updates about the cause, demonstrating impact and share reports, telling stories about the work and communities you work for.