How to Encourage Monthly Recurring Donations for Your Nonprofit 32

How to Encourage Monthly Recurring Donations for Your Nonprofit

Recurring donations, or monthly giving programs, are vital for any nonprofit organization. Such sustaining programs are also part of any good fundraising plan.

The benefits of that are many. For a start, you receive monthly income, and that’s what keeps your business going in the long-run.

Such programs are quite affordable. That means it’s not hard to find people to do it. Everyone knows that small amounts make a big difference over time.

This also makes bigger projects possible and you can have an even bigger impact on the industry that you’ve entered.

What people love the most about recurring donations for organizations they support is that it’s quite convenient and giving is proven to lead to longevity.

Donations on a regular basis also give you peace of mind. You’re creating a community of people interested in a good cause, and that makes their lives better too.

Giving programs lead to creating engagement, and thus bringing in new members more often. They also aim to make the whole donation process easier. One simple form is enough to let both parties know that monthly payments will be made.

Knowing exactly how recurring giving can make a difference, setting clear objectives and explaining the details together with the big picture to donors, are all things you can do to encourage donations and spread the word.

How to Get More Recurring Donations?

How to Save Money and Budget Smarter All Year Long

Fun fact. Most people are encouraged to become a donor because that’s also tax-deductible. But of course, you first need to make people know you’re recognized as tax-exempt by the IRS.

Besides that, monthly giving programs are mainly based on relationships.

That means you should know your market and people interested in it inside out. Convey your message clearly with anything you do, be it online or offline. You should connect with clients and partners whenever you have the chance, and express your values and business philosophy.

Every individual wants to get to know a nonprofit before making a donation. That’s even more important when we talk about recurring ones.

Getting donors to join your recurring program requires clear and strategic communication.

Make the donation process a whole experience for anyone taking part in this.

This means personalizing it, offering enough information and freebies, making people feel part of the community before they’ve even become donors, and more.

Have all elements in place.

Every monthly giving program for nonprofits should have a few elements:

  • Set up recurring payments;
  • Have a website and create a brand around it. Make sure all its elements fit together;
  • Low recurring donations are often preferred, and lead to collecting larger sums in the long-run;
  • Forming a relationship with the donor.

You should also define who your target audience is so that you can use their language, reach them on social media and other channels, and use their demographics when promoting a campaign.

Last but not least, donors are particularly interested in where the money is going to be spent, so it’s your job to describe what you’ll do with their donation and keep them updated.

Getting donors is one thing, keeping them is another.

3 Resources for Becoming a Better Online Shopper

Your donors are often what keeps your organization alive. You should never let money or other less meaningful subjects come before your mission to help people in your field, and before the connection you form with potential donors.

Here are some ideas on how to let people keep making recurring donations:

Make the process simple.

Just like with online shopping, you should aim for clear next steps, enough options to meet people’s needs (accepting credit and debit cards, but also eChecks), offer different packages (this way people can choose what best fits their budget, or preferences), etc.

For that you can use online donation software, which can also help you keep track of donations, get people to make accounts and get engaged, look professional by having contact forms, buy buttons, a whole online store, and much more.

Answer all questions in advance.

For a start, identify any question a potential donor might have, and explain every single detail about the recurring donations you offer. That might be a Q&A page in a visible place on your site, a welcome email to subscribers, a PDF you encourage them to download once they land on your homepage, or else.

Always be available if they want to get in touch too. Share all kinds of contact details on your site, show people how to reach you on different platforms, have a live chat, and get an assistant who’ll be able to answer the phone at any moment.

This makes you reliable and you can be sure you won’t miss out on any chance of donation.

Availability is part of authenticity, which is crucial for building trust with a brand.

Now that you know why you need monthly recurring donations for your nonprofit organization and how to go about it, you can begin setting goals and customizing your campaign.

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What the Richest People in the World Have in Common 9

What the Richest People in the World Have in Common

Getting rich is something everyone dreams about.

For those facing financial hardships, getting rich seems the only way out to tide over shortage of money. For the bourgeoisie – the working class – getting rich conjures up visions of stuff they want to buy for luxury or higher social status. Millionaires also wish to get rich: they want to become billionaires and enter Forbes List of the world’s wealthiest people.

Unless you inherit a fortune or get lucky at lottery or sweepstakes, getting rich can be quite tough.

Yet, there are countless rags-to-riches stories around the world. Enterprises such as Amazon, KFC, Facebook or SpaceX have become runaway successes within a short span. The reason: their founders have several things in common, which is rare among other people.

Here we look at various traits that the world’s richest and most successful entrepreneurs have in common.

The Common Traits of The World’s Richest People

The Common Traits of The World's Richest People

1. Serving People.

“If your only goal is to become rich, you will never achieve it,” said John D. Rockefeller, who laid the foundation stone for America’s giant petroleum industry and his own enterprise, Standard Oil. The same adage holds good today.

Facebook, for example, was launched by Mark Zuckerberg and his roommate, Eduardo Saverin to allow Harvard University students to share profiles and pictures

There are countless such examples of ordinary people striking rich. However, they share one thing in common: serving people. The main objective of launching these enterprises was to make life easier or enjoyable for people rather than earning money.

2. Reading Books.

Microsoft founder Bill Gates, celebrity TV show host Oprah Winfrey, SpaceX and Tesla CEO Elon Musk, Berkshire-Hathaway CEO Warren Buffet and several other extremely rich people of the world have one more thing in common: they are avid readers.

Bill Gates reads at least 50 books every year – an average of nearly four and a half books per month.

Elon Musk owes his success at SpaceX, the project to open space tourism to his love for books and the knowledge he gained from them about rocketry. Oprah Winfrey attributes her success to dozens of books, including some 70 top titles she read on her way to success while Warren Buffet spends about 80 percent of his day reading books.

3. Long-Term Financial Strategies.

A report by CNBC states, all wealthy people depend upon long-term financial strategies rather than short-term gains. They utilized their earnings and savings to invest in safe stocks that would assure gains in the long run rather than indulging in risky trading that can offer high returns.

Such financial planning and decisions ensured they do not lose money. Further, they invested money in their enterprises without the hope of immediate returns.

These wealthy people first focused on building a brand, offering value for people to identify with the brand. And later, popularize the brand through word-of-mouth publicity, which is more effective than traditional advertising.

4. Never Say Die.

Yet another common character trait shared by the world’s richest people is, they are not quitters.

Like every other human on Earth, these wealthy folks also witnessed ups and downs in life. Some of these were so overwhelming most ordinary people would have called it quits and gone in search of easier ventures.

Brian Chesky, Joe Gebbia and Nathan Bleckharczyk, founders of Airbnb, the world’s largest hotels and accommodations aggregator were plagued with financial problems.

 

Heavily encumbered with debts, bankruptcy was staring at these entrepreneurs in the very eye. Yet, they did not budge. They innovated their service that made Airbnb the world leader in its field today.

Another excellent example is Colonel Harland Sanders, whose recipe for fried chicken was rejected as many as 1,009 times before it was accepted. Col. Sanders is the founder of global chain Kentucky Fried Chicken or KFC.

5. Accepting Criticism.

Most people flee from criticism of any sort. Rather than learning from negative comments arising out of their behavior or work, they take umbrage rather quickly. Yet, they do not bother to amend their behavior or work pattern.

All wealthy people, however, are different. They are willing to be criticized for introducing new ideas or thoughts.

Jeff Bezos, founder of Amazon, rightly says that those who will try and do something new must be willing to draw criticism.

Steve Jobs, founder, Apple, Inc. puts it in even stronger words: “If you want to make everyone happy, do not become a leader; sell ice cream instead.”

The success of Amazon and Apple proves their founders were right when it came to accepting criticism.

6. Out of The Box Thinking.

how regular life looks like and why it won't make you happy

Thinking outside of the ‘box’ or a typical mindset is often impossible for most people. Understandably, because everyone draws their mindset from factors and circumstances they are raised and educated in.

This mindset eventually becomes a formidable fetter for anyone wanting to become an entrepreneur. Generally, most people follow the flock and take professions they falsely believe as best suited for their skills. Others try to follow footsteps of their parents.

The wealthiest people in the world never followed flock or took lucrative professions of their parents.

Mark Zuckerberg’s father was a dentist and mom – a psychiatrist. Bill Gates’ dad was a banker father while his mother was a lawyer.

Despite coming from wealthy families, they chose to follow their passion rather than confine their thinking to the proverbial boxed mindset. Col. Sanders had lost his parents at a young age of six years and had to shoulder responsibilities of his siblings.

Other Examples of What The Wealthiest People Have in Common

As we can see, these qualities or personality traits are common to the world’s richest people. It sets them apart from others. Most of them launched small enterprises with the sole purpose of bettering the lives of people. Their products or services gained popularity because money was never their consideration. Widespread use of their technology, products, and services eventually led them to become wealthy.

These traits are not typical to the US or the western world, as one may mistakenly come to believe. A glance at some richest people in India and elsewhere also reveals, they share the same characteristics with their American counterparts. This amply proves that richest people around the world share something in common, regardless of where they live and flourish.

Another common trait that all rich people share in common is philanthropy.

Since childhood, they believe in giving back to the society and helping the underprivileged. They practiced charity when they were not so rich and continue to donate money for the betterment of the society even after becoming billionaires.

These richest people on the planet never waited to become wealthy. Instead, they were philanthropists since childhood – a trait most other people pathetically lack or try to foist upon themselves to gain popularity.

In Conclusion

It is not easy to become wealthy. Or everyone would become a millionaire. People who do make it to the top have a different way of thinking combined with an undying zest for learning new things and educating themselves.

They do not consider conventional learning at universities as the end of their education. Instead, they try and acquire new skills every day and find ways and means to become better humans rather than focusing on fattening their purses.

The world’s wealthiest people also share one common trait: they are not people pleasers, despite their generosity and willingness to serve the society. Because they know, trying to please everyone will get them nowhere and could mean possible failure.