How to Build a Successful Recurring Giving Program Using the Tools and Theories of Behavioral Economics [ONLINE WORKSHOP]

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Did you know that recurring donors can be up to 4x more valuable than one-time donors? Online retention rates for recurring donors are above 85% with the average recurring donor giving 42% more over the course of a year than a one-time donors. If you don’t already have a monthly- or recurring- giving program in place, now is the the time to start. And this online workshop will teach you how to set one up based on strategies that have been proven to work well.

The evidence is clear – a successful monthly giving program can create a sustainable and scalable funding stream for your nonprofit but the strategy on how to implement a successful monthly giving program is still unclear.

What if we had a better understanding of the psychological factors that govern whether a prospect will become a monthly donor?

Our understanding of the engagement, conversion and retention funnels as it relates to monthly giving is based primarily upon the intuitions of fundraisers and leaders in the space guided by what we think works well, rather than what we know works well.

What if we had a better understanding of the psychological factors that govern whether a prospect will become a monthly donor?

This 4-part workshop leads nonprofit professionals through the science behind what really triggers humans to take action. Through the lens of behavioral economics we’ll address how to make a monthly recurring giving program a powerful tool for your nonprofit by examining the psychological factors that govern whether or not one should take action. Furthermore, we’ll show you how to apply these tools and theories at your nonprofit right away!

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About our presenter: Nate Andorsky

Nate Andorsky is an entrepreneur who blends Behavioral Economics and technology to help nonprofits, foundations, and mission driven companies move people to action. As CEO of Creative Science, his team empowers social innovators to dream bigger by creating digital experiences which at their core are human experiences.Prior to Creative Science he was a team member at the Startup America Partnership, a nonprofit led by Steve Case, to help build entrepreneurial communities.

He geeks out about technology and the ways in which it can motivate people to do good. Nate has been featured in Forbes, INC Magazine and Huffington Post.

Intended Audience:

  • Those that will find this information particularly useful will be nonprofit professionals who are responsible for (or oversee) fundraising, donor relationships, communications, audience engagement, marketing, monthly giving, etc.

 

Workshop Outline:

  • The workshop will have four sections:
    • Section 1: Behavioral Economics and Recurring Giving – What You Need To Know (1 hour)
      • Detailed information on why recurring giving programs are a game changer for your nonprofit.
      • How behavioral economics can be applied directly to recruiting and converting monthly donors.
      • In depth look at key behavioral economic theories applied digitally to attracting, converting and retaining monthly donors.
      • Original research conducted by Creative Science to find out what works best.
    • Section 2: Case Study – Behavioral Economics and Recurring Giving in Practice (30 minutes)
    • Section 3: Advanced Donor Modeling and Targeting Techniques – How to add features to your donor set and create dynamic online experiences for based on donor segments.
    • Section 4: Research, Implementation and Measurement – Overview of tools to research, track and measure the effectiveness of your campaigns; Mailchimp, Google Optimize, HotJar heat mapping tool, Survey Monkey, Amazon Mechanical Turk

 

Audience Takeaways:

  • Understanding the power of properly implementing a strong monthly giving program into your nonprofit.
  • Tactical examples on how to integrate behavioral economics to attract, convert and retain monthly donors.
  • Examples of how these theories have been effectively used in nudging prospects to become recurring donors.
  • Innovative ways to apply behavioral economics to audience outreach, fundraising, etc. specifically in the digital space.
  • Behavioral Economics & Nonprofits Playbook which includes an in depth look at behavioral economic theories and specific applications in the nonprofit sector.
  • Behavioral Economics & Monthly Giving Case Study featuring original research by the Creative Science team.

 

“Full participation in “How to Build a Successful Recurring Giving Program Using the Tools and Theories of Behavioral Economics” is applicable for 2 points in Category 1.B – Education of the CFRE International application for initial certification and/or recertification.”

 

 

About author

Amy DeVita

Amy DeVita is managing partner at Top Nonprofits. A publisher, entrepreneur, mother, wife, social media enthusiast and fan and avid supporter of the do-gooders in the nonprofit/ for-impact sector. She has written for Top Nonprofits and Third Sector Today; she has been quoted on pieces about social media and social impact on The Huffington Post and The Daily Beast. She was named to the Leading Women Entrepreneurs in NJ Monthly and she is a member of Social Media for Nonprofits' Leadership Council. In her spare time she enjoys kayaking, yoga, hiking, traveling, and playing Scrabble. Amy lives in New Jersey with her husband, two children, and three dogs. In 1984 she earned the "Most Improved Average" honor on her bowling league.