Whatever you do, don’t stop fundraising during these difficult times. While this fundraising may look different, it should never cease entirely. You need revenue to keep your organization alive amidst a shifting economy.
Your nonprofit should aim to be above average in your donor retention now so when the pandemic ends, you’ll have developed these relationships and have an even stronger base of support.
A higher donor retention rate translates directly to higher revenue for a few reasons. First, retaining donors is substantially less expensive than acquiring new donors. Second, donor gifts tend to increase as they develop stronger connections with your mission. Finally, donor retention leads to a more predictable revenue stream, putting it in a good position to increase steadily.
In order to increase your nonprofit’s donor retention rate and secure additional funding, even during difficult times, Jay Love recommends a number of strategies in his blog.