Now you have thanked someone for their gift, you’ve used both asking and revealed preferences to learn about your donor, and you have given your donor opportunities to learn about you. Once all of this is established, you should ask again.
I’ve said earlier that the welcome series time doesn’t matter too much to me, as long as you are accomplishing all of these objectives. I’m going to give lie to that here to say that you should be trying to get to this point fairly soon (within 15-30 days online; within 30-60 days offline). Contrary to your intuition and the indignant cries of your board members that they would never give again so soon after making a first gift, this window is actually your best opportunity for getting that second gift.
And it is critical to get that second gift, for a couple of reasons:
- Your likelihood of retaining a donor goes up significantly after a second gift. This is why I advocate not looking at a monolithic retention rate. Instead, it’s best to break down into retention among new, first-year, lapsed reinstated, and multiyear donors; the retention rates among these are really that different. Indeed, that’s why on Monday I said that a one-time giver is not really a donor. Retention rates after first gift are really that low.
- The second gift sets the tone for the rest of their relationship with you. Looking at one of the studies we’ve discussed on ask strings, you can see that first-time donors are fluid in terms of their giving. They are in a place where it is literally better to ask them for anything but what they gave previously. Multidonors, on the other hand, need to be asked for what they were asked for previously. Ask them for too little and they will downgrade; too much and they will not give.
Image source here.
It’s a metaphor for a reason: cool metal hardens — only when it is hot is it pliable.
If you have done your welcome series/letter/email/whatever well, this ask should be natural. You’ve learned about them, you’ve customized your ask to specifically what they want to hear about and who they are, and you know that what you are asking them for is something they will support.
Because of this, and because of the fluidity of first-time donors, I strongly advocate that this second ask be an upgrade in amount or degree.
After all, your ask now should be improved from your semi-blind graspings in acquisition, where your goal was to cast your net far and wide.
And you can drastically increase the value of your donor (to you and hopefully to them) by upgrading them to a monthly giver.
There are some who advocate for acquiring with a monthly giving ask (and, in fact, acquiring with only a monthly giving ask). As I’ve mentioned, I don’t have the guts to try this yet, other than in means like DRTV where the medium is too expensive to try anything else. (If you’ve done this, please write in the comments or to email@example.com. I would love to share your experiences with the readers of this blog and/or to read them myself).
But post-acquisition, you may have the perfect storm of factors to lead someone to become a monthly giver:
- They are still in the glow of their first gift
- You’ve created a customized experience for them
- They have not yet become set in their ways of how they give to you. We’ll talk more about mental accounting at some point, but suffice it to say that people have different boxes of finances in their heads. Once you are in a box, it is difficult to break out of it unless the person’s finances or perceptions of you change.
We’ll dedicate a week to monthly giving, but you’ve already seen some of the tactics you can bring to bear in this upgrade ask:
- Positioning your ask against the price of a hedonic good
- Appealing to the empathy of women (this will help more people and ensure that our services are here for years to come) and the self-interest of men (monthly giving is easy to do; you can change it at any time)
- Taking a look at some basic monthly giving tactics
It’s definitely worth testing against a more traditional upgrade strategy that would ask for a larger one-time gift. So test away, but make sure both versions incorporate what you know about the donor.