Using payment journey data to reduce New Year attrition
January is no time to sit still. We know from our annual Charity Direct Debit Tracking Reports that the early New Year period is actually a peak time for donation cancellations, so what can charities do to keep this attrition to a minimum?
It stands to reason that if donors aren’t engaged with your cause, when push comes to shove and they’re making New Year cutbacks, your Direct Debit could be one of the first to go.
There are of course many ways to keep people motivated all the way through the supporter journey, from personalising thank you messages as much as possible, to sharing the impact of their contributions with stories about beneficiaries to whom their money has made a world of difference.
Sharing with them the next steps and future plans for your charity or progress on the specific project they are supporting can help to give supporters a reason to keep on giving.
The more your message is out there too, being shared across multiple channels and touchpoints, the more you’ll be front of mind.
But it’s not only about what you say: it’s when you say it. Thanking new supporters after you’ve received their first donation for example, or celebrating the anniversary of their first gift at 6 months, a year, or more, re-emphasises to them that they are not just a faceless name, and that their support matters to you.
This is where using the data and insight provided by the payment journey itself can make all the difference.
How your donor payment data can help you
Through this journey data, generally provided or available through your payment reports, it is possible to identify a number of useable insights.
At this high-risk time of year for example, you can segment this data to identify who gave in the build up to Christmas and to specific Christmas appeals, either a regular gift or a one off, so you can send them a thank you and take the opportunity to encourage them to keep giving as the year progresses.
Over and above this standard thank you though, you can also target those supporters who didn’t give – perhaps looking to see what payment anniversary is approaching, how much they have given in the last year, or to date during their relationship.
In this case it’s an opportunity to send a personalised message of thanks that also demonstrates the impact for their contributions, the real difference they have made and can continue to make.
Getting the most from your payment data
Payment data is a valuable source of insight that should not be ignored, the data can tell you whether someone is a new or existing supporter, how long they have been supporting you, as well as how much they gave.
If you offer greater control to your supporters such as the ability to take payment holidays or to change the value of their donations, this insight can be even richer. Any detail is valuable and can be used to better personalise communications.
So, whether someone gave or they didn’t over the Christmas period, the journey data collected through a donor’s payment provides the key to improving and optimising their experience with your organisation both now and throughout their relationship with you, reducing their chances of cancellation, and making this an important area to include in your donor experience strategy .