My Retention Stimulate Demand has 2 objectives:
1) Retain Donors
2) Increase the amount of donations
As I was thinking through each part of the marketing plan once agian, I realized that I need 2 sets of 4B's. LEDC can probably retain a large percentage of their target donor base, however, the percentage of retained donors that will actually increase the size of their donations will for sure not be as large.
I'm realizing that it can be helpful to get more granular with the 4bs and 5 boxes to get a better grasp on what exactly needs to be done to accomplish the marketing objective. Don't want to break down things too much, but it helps.
Below are my 2 sets of 4b's.
4B’s for Donation Retention
Bodies: LEDC’s individual donors $50+ in the past 2 years. (Non corporate, foundation donors) 700 Donors.
Beliefs:
Before: I donated to LEDC because I like their work
After: By donating to LEDC year after year I will positively impact local entrepreneurs. I’m committed to donating year after year (90% of beliefs changed).
Behaviors:
Before: I donated to LEDC in the past 2 years, and haven’t thought about next year.
After: I donated to LEDC in the past 2 years and I am committed to continuing to donate (40% of behavior changed).
Bucks: 700 donors * 90%* 45%= 283 donors retained= 40% of total donors retained
$ Avg. donation $150= 283*$150= $42,525
4 B’s for Donation $Dollars
Bodies: LEDC’s retained donors 283
Beliefs:
Before: I donated to LEDC because I like their work
After: By increasing my donation to LEDC year after year I will positively impact local entrepreneurs. (90% of beliefs changed)
Behaviors:
Before: I donated to LEDC in the past 2 years, and haven’t thought about next year.
After: I donated to LEDC in the past 2 years and I am committed to increasing my donation for the next 2 years. (30% behavior changed)
Bucks:
283 donors * 90%* 35%= 89 of retained donors increase their donation= 31% of
retained donors increase their donation
Avg. initial donation $150| Avg. New donation $175= 89*$175= $15,575
TOTAL BUCKS $44,765 [ (283 Retained) 89*$175=$15,575 + 194*$150= $29,100 ]
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Melissa,
ReplyDeleteI like your 4Bs for Donation Dollars. It seems right for a retention/stimulate demand strategy however I'm confused as to why you need a separate 4Bs analysis for those donors who are not increasing their giving but rather maintaining the status quo. I'm no expert at the big picture but I think you may be creating extra work for yourself by breaking these two groups out. It might be easier to simply focus your energies on increasing the pool of donors who up their contributions on an annual basis. Just a thought.
I would make sure your beliefs reflect one another. Whatever you write in your before belief should reflect your after, and vice versa.
ReplyDeleteHmm very interesting that you used the framework twice. I'm also doing retention stimulate demand, and I never thought to approach it twofold like this. I'm pretty sure, you're only supposed to have 1 4B's analysis in the end. But this definitely helps, especially in trying to gain congruence with the other frameworks we have to consider.
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