Are you a nonprofit with a large pool of happy, connected donors, who give regularly and volunteer monthly? For any nonprofit, even if the answer to the question above is ‘yes,’ improving donor retention is probably one of your top concerns.
In the business world, people are always tossing around stats about the importance of customer retention. Here’s the reality: most companies have a higher customer retention ROI over customer acquisition. It makes sense – you’ve already worked to get their business once, so it pays off to keep them happy, keep them around, and even increase their business rather than having to convince a whole set of new customers over again.
In the nonprofit space, the idea of donor retention is just as relevant. Your donors were impressed enough with your work and valued your cause enough to give to you once, and you probably worked hard to get them to that threshold. It takes a lot of work to build up trust with your donors and makes sense to continue that relationship and prove your value to them, so they continue to support you.