Where Else is Your Donor Giving? Your Share of Giving Wallet
Posted on Fri, Jun 25, 2010
Once a week we've been releasing a podcast to supplement Roger Craver's 12 part series and whitepaper: 'What If There Were No New Donors?'. This week the focus moves from retention to share of wallet.
Donors are not a monogamous bunch, for the most-part. The majority give to more than one charity. Do you know where else your donor is giving? Moreover, do you know how much they're giving elsewhere, compared to what they give your organization?
Of course, first you need to know your competition. "Mission competition” is a term we've been using at DonorTrends to describe the competition between organizations in the same sector with virtually the same missions.
The following podcast, narrated by Roger, describes what mission competition and share of wallet mean, why it matters, and what you can start doing about it. There are two options to listen:
Click on the icon to your left to download and listen to the podcast on share of wallet now.
Click on the link Share of Wallet to stream the podcast now.
There is no more vacuum
As the number of organizations grows, and the barrier to entry shrinks, nonprofits need to become more aware of who you are constantly up against for donor dollars. Then you need to know what share of giving wallet you have, compared to your competition.
With that intelligence in hand, what's your next move?
For those donors who have shown capacity and propensity to give (due to the greater amount they're giving to your competition), how can you increase your share of their wallet? For those donors who are already giving more to you than your competition, are they flagged and treated as loyalists?
Enjoy, and don't forget to download the accompanying whitepaper here.
Ryann