5 Ways Mobile-Giving Will Pay For Itself
With social distancing in place, we know that mobile-giving fundraising strategies are more important than ever for nonprofits. But is mobile-giving cost-effective? What’s the return on investment?
These are important questions! After all, you wouldn’t keep hosting an annual fundraising gala if you spent more than you raised, would you?
In this article, we will explore five ways mobile-giving might pay for itself.
Before we dive in when we say “mobile-giving,” we are referring to any donation made on a smartphone, whether that be Text-to-Give, donation pages, apps, or Facebook.
#1: Most donors willingly cover transaction fees.
One way to cover the cost of mobile fundraising investments is to prioritize transaction fees. Depending on the fundraising platform, mobile donors cover 70-95% of transaction fees when asked. This means that in some cases, nonprofits spend little to nothing at checkout. So, be sure to evaluate the competitive transaction fees across platforms, and ask how many donors typically cover them.
#2: Mobile-giving increases donor retention.
Nonprofit donor retention rates are notoriously low. However, that does not mean retention rates can’t be increased with mobile-giving, where donors are more likely to register for monthly giving. Monthly giving dramatically improves donor retention by up to 90 percent. The good news is this: mobile-giving can play a significant role in decreasing costly donor turnover.
#3: Mobile-giving increases donor engagement.
Mobile-giving opportunities may be more addictive than any other form of fundraising. Mimicking the success of social media, mobile-giving offers your supporters real-time inspiration and engagement. In a pandemic, stories of hope are the highlight reel and source of connection to ‘something more’ that many are looking to contribute to. Be sure to prioritize mobile engagement, not just mobile transactions.
#4: Mobile donors are more likely to widen your network.
Mobile donors are more likely to participate in social giving. Examples of this include Peer-to-Peer and crowdfunding campaigns. Social giving opportunities are significant right now for nonprofits because they can help widen networks. By gaining more supporters, nonprofits can still work toward 2020 donor acquisition goals at a fraction of the cost compared to other digital acquisition strategies.
#5: Mobile giving automates processes.
Last but not least, mobile giving is an automated process that can help your staff save precious time. Additionally, automated processes help your team keep donor data more organized, secure, and error-free. However, keep in mind that mobile giving does take staff time to vet vendors and set up.
Remember, like all fundraising strategies, there is a cost-benefit ratio. Nonetheless, optimizing your mobile-giving strategy may be one of the most sensible investments your nonprofit could make in this time of crisis.
Learn more about ZGIVE, a turn-key mobile giving platform that includes unlimited campaigns for Text-to-Give, Scan-to-Give, and Text-to-Engage.