It has been a tough few years for charities, particularly the small and medium sized charities. Funding,or rather the lack of it will always be an issue, but perhaps more so now in these challenging times.
Being able to get new donors and a constant stream of income is the lifeblood of many charities and they understandably put a lot of resources into this.
But is enough time given to securing the support of existing donors? This question is important because once all that effort has been put into to acquiring new donors what next? It can cost 10 times more to acquire a new donor than keeping an existing one; similar findings are reflected in the commercial sector.
The successful businesses in the commercial sector have learnt that customer care and customer retention strategies are vital to their business success as they help to reduce customer attrition.
Charities will need to focus much more on donor retention and stewardship in order to keep their heads above water.