Everything You Thought About Your Donors is Wrong with Tim Sarrantonio
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We've all heard the stereotypes about giving and donors: They're wealthy, they're old, and they're white. But what if those stereotypes are wrong? Perhaps it’s time to rethink what you thought about giving and donors, and start to understand who is actually giving and how you can reach out to in order to raise more money for your nonprofit.
In today’s episode, we are going to debunk some of the myths that you know about giving and donors with Tim Sarrantonio, Director of Corporate Brand, NeonOne. NeonOne provides nonprofits and social good organizations with unified tools and services they need to help fulfill their mission. The team works hard to help social good organizations raise more money and build sustainable, long-term growth with software, services, and resources.
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Myths that Tim wants us to walk away from:
People with higher income are more generously. Regardless of your income level, most people on average give between 1.5% to 2% of their income. People who earn more are NOT more generous!
Philanthropy is for white people. The Urban Institute has done some multi-year analyses and the Federal Reserve in the US has done this too, where black families in the United States are more likely to give higher percentages of their annual income to charity versus other demographics.
Giving makes people uncomfortable. When somebody gives, the brain's dopamine centers activate at a higher rate than either receiving or entering into a more transactional relationship. It’s important to understand that people actually WANT to give.
Tim’s highlights on individual giving
Showing gratitude. When creating a thank you note for your donors or designing an appeal, always focus on the person and not the transaction. You can highlight the generosity of the person instead of the amount of donation they gave. For example, instead of saying thank you for your generous gift - try thank you for being generous.
When do people give. Neon One found that Thursday is the day of the week that donors are most likely to give online and during the early afternoon around 11:30.
Geographic analysis. Neon One also reports that donors are more likely to give to organizations that serve their local community. Small shops should look into the geography and demographics of the people who live in their community.
Favorite Quotes from Today’s Episode
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“And the best piece of actionable advice I can give a small shop is when you're designing something like an appeal, for instance, when you're writing your thank you notes or the emails that go out or thinking about when you are talking to somebody, ask yourself, am I looking at the person or am I looking at the transaction?”
“ But ultimately, all people are generous. There are just different ways that they're showing their generosity.”
Resources from this Episode
