Boost Donor Retention with Better Data
Improving donor retention is at or near the top of every nonprofit CEO’s to-do list. The eternal question is how to build better relationships with donors so they feel more connected to the organization and keep coming back to donate and support your cause for years and years.
One often-overlooked way to boost your donor retention rates is with data. Specifically, there are many ways to collect more data and use it more effectively to understand your donors’ needs and desires and to communicate more effectively with them.
Organize your data
If your employees are juggling a dozen spreadsheets and struggling to organize and streamline their fundraising and communication efforts, you’re going to have difficulties with donor retention.
A cloud-based accounting software solutions like Sage Intacct can help you streamline not only your donor accounting but also your grant, funding, and project accounting. Sage Intacct also integrates easily with third-party fundraising software, so you can automatically sync financial and donor information. The result is a more unified, organized system that can then support a more organized approach to donor retention.
Survey your donors
If you’re not sure how best to serve your donors’ needs, it’s a good idea to gather more data. Donor surveys are the fastest, most direct way to learn what donors want—and online donor survey platforms now make it easier than ever to reach donors online. Consider options like these:
- Perform a yearly survey of all donors
- Add a survey page to your donor confirmation emails
- Create multiple versions of surveys for different donor subsections
Improve your data hygiene
Take a close look at your donor database software. Is it integrated with the rest of your software? How often are duplicate and outdated entries updated? How sure are you that you’re reaching all of your current donors?
Look for efficient ways to keep donor information updated in your database. For instance, if you send out surveys, ask respondents for their current contact information and household information, so you can update any outdated entries.
Put data to work for you
Insero & Co. is a public accounting firm with decades of experience working with both nonprofits and businesses. Our experts provide CFO consulting, software implementation, and other services that can help you improve your donor retention rates.