Second Gifts Matter: How to Increase Your Conversion to Second Gift Rate
Getting donors to their second gift is one of the essential steps in fundraising. Why? Because once someone has donated, they are much more likely to give again. This blog post will discuss how you can increase your conversion to a second gift rate and why it is so important. We’ll also provide some tips on how you can keep donors engaged after they’ve made their first donation.
What is your ‘Second Gift Conversion Rate’?
A nonprofit’s ‘Second Gift Conversion Rate’ is the number of people who make a second donation within a year of their first donation. This number is significant because it shows how well a nonprofit keeps its supporters engaged. A high conversion rate means that donors are happy with the nonprofit’s work and feel that their donations are making a difference. Conversely, a low conversion rate may indicate that donors do not see the impact of their contributions or are not being kept informed about the work of the nonprofit. The Second Gift Conversion Rate is an important metric for any nonprofit.
Why does your Second Gift Conversion Rate matter?
For nonprofits, the Second Gift Conversion Rate (SGR) is a key metric to track. SGR measures the percentage of first-time donors who make a second gift within a specified timeframe. A high SGR indicates that donors are happy with their experience and are likely to continue supporting the organisation. The SGR is also a good indicator of how effectively the nonprofit is stewarding its donors. Donors who feel appreciated and valued are more likely to continue giving, so a high SGR can be seen as a sign that the organisation is doing good donor relations. Ultimately, the health of any nonprofit depends on its ability to attract and retain donors. By tracking the SGR, nonprofits can ensure that they do everything possible to keep their donors happy and engaged.
What is a good Second Gift Conversion Rate?
A good Second Gift Conversion Rate for a nonprofit organisation is the percentage of first-time donors who make a second gift within a year of their initial donation. The ideal Second Gift Conversion Rate will vary depending on the organisation, but a rate of 30% or higher is generally considered good. There are a number of factors that can influence the Second Gift Conversion Rate, including the organisation’s fundraising efforts and the donor’s circumstances. However, one of the most important factors is the level of donor stewardship that the organisation provides. By staying in touch with donors and keeping them updated on the impact of their donations, nonprofit organisations can encourage them to make repeat gifts and help build long-term relationships.
Tips to increase your Second Gift Conversion Rate
Here are some tips to help you increase your Second Gift Conversion Rate:
Acknowledge first-time donor’s gifts immediately
Acknowledging your donor’s gift in a timely manner is crucial for increasing your SGR. First-time donors need to feel appreciated and valued, and one of the best ways to do this is to send a thank-you note or email as soon as their donation is received. This simple act of appreciation will go a long way in making donors feel good about their decision to support your organisation and will increase the likelihood of them making a second gift.
Make sure donors are aware of the difference their gift makes
It is important for donors to see the impact of their donation, and this can be achieved by keeping them updated on how their money is being used. Regular communication will help donors to feel connected to your organisation and will show them that their gifts are making a difference.
Call your first-time donors and thank them.
Another great way to show your appreciation for first-time donors is to call them and thank them personally for their support. This personal touch will make donors feel valued and appreciated, and it will go a long way in building a long-term relationship.
Provide regular progress reports
It is also important to keep donors updated on the progress of your organisation’s work. By providing regular progress reports, you will show donors that their gifts are having an impact and that their continued support is needed.
Thank you notes/emails, phone calls, and progress reports are all great ways to increase your Second Gift Conversion Rate.
Make sure you’re providing regular and relevant communication to your donors to
Show them the impact of their gift, and you will be well on your way to increasing your SGR. Thanks for reading!
Give your donors opportunities to give again.
One of the best ways to increase your SGR is to give donors opportunities to give again. This can be done by hosting fundraising events, sending out appeal letters, or running crowdfunding campaigns. By giving donors multiple opportunities to support your organisation, you will increase the likelihood of them making a second gift.
Conclusion
The Second Gift Conversion Rate is a key metric for fundraising success, and there are a number of things that nonprofits can do to increase their SGR. By acknowledging gifts promptly, keeping donors updated on the impact of their donation, and providing opportunities for them to give again, you can ensure that your organisation is doing everything possible to convert first-time donors into lifelong supporters.
