Just like many of you, I believe contributing to my community is an essential part of being a good citizen. Which is why I’m so fascinated with how non-profits are run. Sure I can write a check, but what they do day in and day out is an uphill battle I can’t comprehend. Which is why I bring in the experts to help me understand. This week Steven Shattuck VP of Marketing for Bloomerang is back to help me understand the strategies necessary to keep a non-profit running.
Thankfully, in 2014 donor retention rates went up from 39 percent to 43 percent. Though of course, this still means non-profits are losing 6 out of 10 donors per year. Non-profits need more donors, but struggle to afford the marketing cost and man-power necessary to bring in new donors. Retention is more valuable, yet retention is an elusive beast.
Take for example the Great Ice Bucket Challenge of the Summer of 2014. How could you forget, right? It was impossible to miss. Yet, how many people do you think will match their donation this summer? Probably a very small percentage. Why is this? Because even non-profits are subjects to the whims and trends of social media. A viral video could increase donations by the millions in a single month, yet the retention rate of the non-profit could remain unchanged.
Steven Shattuck has amazing insights into non-profit issues, I highly recommend listening to his segments from The Pete the Planner Radio Show below. And a parting word to all you donors out there, pick a charity or two and commit to donating monthly. Non-profits have their work cut out for them, be the kind of person who eases their burden.
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.