30 Nov The Best Way To Get Donations from Under 40s…
What’s the best way to get donations from people under 40 years old?
Wait until they are over 40. With rare exceptions, little strategic money is donated by people under 40.
Even face to face – aimed at Gen X – finds that older Gen X donors give more than their younger Gen X peers. That is, 45 year olds give more than 35 year olds.
However, that does not mean you shouldn’t communicate with younger people.
Older people almost certainly donated more in the ice bucket challenge than younger people – even though there were likely fewer of them. But – those older people would not have known about it if it weren’t for the fervent sharing by millennials.
The idea of acquiring donors while they are young because we will make them more likely to support us later is not entirely flawed, but just stepping back and thinking about that logically, it doesn’t quite make sense .
Surely it would be easier to get the more valuable donors in NOW, and only go for the long term ‘get ‘em in young’ when you have got all of the older ones in first?
I suggest that you look at your current donor database by age. You will likely see a stark correlation between age and every measure of success. Generally older donors tend to have:
- Higher average donation
- Higher second gift rate
- Higher retention (especially in monthly giving)
- Higher amounts raised (in events)
- Higher chance of supporting an event again
- Higher life time value
- Higher chance of putting you in their will… and higher chance of realising that sooner
- Higher chance of becoming a major donor
- Higher chance of responding to most of your communications
If anyone can ever show me some data on younger people giving in strategic volumes – please let me know!!