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Donor Retention: Why It Matters & How Bloomerang Can Help
 

Donor Retention: Why It Matters & How Bloomerang Can Help

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In recent years, the fundraising world has turned its focus from acquisition to retention, with good reason. With a static or shrinking donor pool, new donors are more difficult and expensive to ...

In recent years, the fundraising world has turned its focus from acquisition to retention, with good reason. With a static or shrinking donor pool, new donors are more difficult and expensive to attract than ever. And if a new donor gives only once, as nearly 60% do, then you’re often left with a loss on your initial investment to gain that new donor.

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    Donor Retention: Why It Matters & How Bloomerang Can Help Donor Retention: Why It Matters & How Bloomerang Can Help Document Transcript

    • In recent years, the fundraising world has turned its focus from acquisition to retention, with goodreason. With a static or shrinking donor pool, new donors are more difficult and expensive to attractthan ever. And if a new donor gives only once, as nearly 60% do, then you’re often left with a loss onyour initial investment to gain that new donor. The true benefit of acquiring a donor can only comewhen that donor is retained over the long term. While acquisition will always be important,So how do you increase retention?In the words of Dr. Adrian Sargeant, world-renowned expert on nonprofit marketing and fundraisingand Chief Scientist at Bloomerang, in his book Building Donor Loyalty, “If nonprofits are to succeed, they need to develop fundraising practices that reflect the genuine needs of donors, inspire commitment to the cause, and build loyalty over time.” Donors are being bombarded with requests from an increasingly large number of nonprofits. . While people tend to think of loyalty and commitment as intangible concepts, Dr. Sargeant’s research has identified concrete actions you can take to grow your relationship with your donors and build increasing commitment and loyalty to your organization.Bloomerang has taken Dr. Sargeant’s principles and used them to create , then gives you the tools you need to perform those crucial activities effectively andefficiently. Furthermore, we’ve designed these tools to be accessible and useful to fundraisersregardless of their level of experience. The following sections describe some of the powerful retention-and loyalty- building features available through Bloomerang.
    • Bloomerang displays your current retention rates right on your database Dashboard to keep your fingerson the pulse of your retention efforts. Alongside the metric, we provide links to , such as: adjustments to your acknowledgement practices; tips for building relationships with new donors and following up at crucial points to solidify their connection with you; guidance on solicitation frequency; suggestions for engaging donors through newsletters.These actions are rooted in Dr. Sargeant’s research on effective loyalty-building techniques and thesoftware’s analysis of gaps in your current practices.Bloomerang takes the effort out of planning and executingthe communications that are crucial for ensuring that donorsfeel welcomed and appreciated, and that their donations areeffective and being put to good use. The software assesseseach new donation and , from acknowledgementletters to more personalized responses for major donors. Italso provides prompts for impact communications to reachout to new donors when they are most likely to lapse. Thesoftware then aggregates these follow-up tasks and providessimple links to execute them right from your dashboard.Aside from automating this process for ease of use, Bloomerang has designed these follow-up schedulesbased on Dr. Sargeant’s recommendations for communication practices that generate real results inbuilding donor loyalty. It .
    • To help you assess a constituent’s current level of engagement with your organization, Bloomerang calculates an Engagement Rating for each constituent. This rating encompasses many types of activity on the account, including:  giving details;  interactions with your organization;  social media involvement;  volunteer activity;  involvement in events.The rating helps you versus those whoaren’tAlongside the rating, the software pulls out important details that it picks up about each constituent byanalyzing their data.To help you understand a constituent’s history with your organization, Bloomerang analyzes the entireset of entries on the account and highlights important milestones on the Timeline. This allows you to , rather than getting bogged down in time-consuming analysis ofindividual entries. The Timeline Highlights include pertinent details about giving, communications,volunteer and event activity, and social media involvement.
    • In this white paper, we’ve outlined some of the features in Bloomerang that help build loyalty andincrease retention, but our dedication to your success goes far beyond the current feature set of oursolution. As research in the field of loyalty and retention grows, we will continue to work with top tierthought leaders like Dr. Sargeant to incorporate and teach best practices for building effectiverelationships with donors, .