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Fundraising Tuesday: Do You Know Your Donor’s Business?

July 23, 2019 by Dennis Fischman Leave a Comment

frustrated donorYour donors expect you to know a lot of things about them, including what they like to be called and whether or not they are a loyal, consistent giver.

Here’s one other thing you should know: when they make a donation to your nonprofit, why? What business are they in when they are giving?

Let me explain what that means with a story I know personally.

An Offer She Could Easily Refuse

My wife, Rona Fischman, owns a company and leads a team of exclusive buyers’ agents. They don’t list any property, and they don’t have any allegiance to the seller. When you buy with them, you know they are on your side, from first meeting through closing.

A big company wanted to buy out Rona’s company. They didn’t succeed, because they didn’t understand the business she was in.

First, they tried to hire her top agent out from under her. Rona had trained him and supported him through his lean years. Last year was his best year ever. He liked the relationship he had with his clients. He had no reason to join them, and instead, he  reported the offer to her.

Then, they tried to get Rona to bring her company under their wing. They showed her how successful their agents were at listing properties: precisely what Rona’s office doesn’t do!

Finally, they tried to convince her that her business model was dying. But they showed her data from other markets in other parts of the country–and they had nothing to refute her own track record. Rona was not enticed.

Knowing Your Donor’s Business

We may congratulate ourselves that we would never treat a donor the way Rona was treated. But do we really know the donor’s “business”?

What made that person give to us the first time?

If they have already made a second gift, what convinced them to renew?

Which of our causes, programs, services, or events is what really matters to that donor?

Are we the #1 organization on the donor’s list, or #21?

How does giving to our organization make the donor feel about themselves?

Your Offer to Your Donor

The vast majority of first-time donors in the U.S. never give to that same nonprofit organization again. Why? Because we don’t know our donors, we make them the wrong offer.

We call them by the wrong name.

We ask them to support the program we’re interested in–not the one that they’re interested in.

And we don’t take the time to find out what they really care about.

Nick Ellinger recently wrote on The Agitator:

What happens after the typical online donation? We thank the person. Yay! And we select as the next activity: share about your donation on social media. Boooooo…

What should you do first: ask someone to share their experience or find out if they had a good experience? Or, put another way, if someone nearly threw their computer out the window because of something on your donation form, do you want them to share this experience with their friends?…

To grow and upgrade and get that mid/major/monthly/legacy donor you seek, you must upgrade your knowledge of the donor.  You must learn why they give and give more of that to them.  You must fit yourself into the place they have for you in their heart.  What order does that happen in?

Learn first, then act.

 

 

 

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TY Thursday: Best Ways to Thank Donors in 2018

February 8, 2018 by Dennis Fischman Leave a Comment

Treasure chestEvery donor you keep is a treasure. It costs more to find a new donor than to retain a previous one. The more often a donor gives, the more loyal they become to your cause and the greater the lifetime value to your organization. So, saying thank you all throughout 2018 is not just a good idea. It’s money.

Need ideas to show your donors some love? Here are 14, just in time for Valentine’s Day, from Sandy Rees.

What makes a good thank you? Here are  5 easy steps to great acknowledgments, courtesy of The Donor Guru, Lynne Wester. (And also, check out my checklist for the ideal thank-you letter.)

If you prefer to look at a template, Network for Good offers this one to adapt to your donors’ needs.

spotlightGive up the spotlight! Don’t talk so much about your organization.

If you focus on gratitude, if you focus on love, if the focus is donor-centric, there’s something in it for the donor, they’re going to go, “Wow, that was really nice” (as Claire Axelrad tells us in this video from Bloomerang).

Ann Green is right: Even if someone donates online, she should get a thank you by mail or phone. If you haven’t sent a thank you letter to your year-end donors, do that now! http://ow.ly/h2L730hSWQS 

Now, remember these wise words from Tom Ahern:

Thanking someone promptly for a gift is just good manners: the bare minimum. Thanking is necessary, not sufficient. It does not equal “donor-centricity.” Thanking alone will not lead to better retention nor any predictable increase in future support.

Actions thank louder than words. Check out my guest post for John Haydon and at the end, you’ll find five ways you can thank donors like you mean it.

Besides saying thank you to renewal donors, you could also welcome new donors on board.

And the next time you ask for money, include the words Thanks in advance–especially if you’re asking by email! (A tip from our friends at The Agitator.)

Thanking donors makes you happy, so do yourself a favor and start putting these great thank-you tips to work today.

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