Manage Premiums (Thank-You Gifts)

The “Manage Premiums (Thank-You Gifts)” feature in the Finance Management module of Retention CRM allows Associations, Chambers of Commerce and Not-for-Profit organizations to create and manage incentives offered to payers (members, donors and other constituents) in exchange for donations or any other financial contributions. These premiums can be physical items like mugs or t-shirts, or intangible benefits like memberships or subscriptions.

This feature essentially acts as a product catalog for your payments pages. You can define various premiums with details and then link them to specific payments pages, allowing donors to choose a premium during their contribution process.

General Functionality of the ‘Manage Premiums’ Feature

Here’s a breakdown of each option/field you’ll find within “Manage Premiums”:

• Name: A clear and concise description of the premium (e.g., “NA Nursing Journal Subscription – 1 Year”).
• SKU (optional): A unique identifier code for the premium (e.g., “NJ-SUB-1YR”).
• Market Value: The estimated retail price of the premium (e.g., “$25”).
• Min Contribution: The minimum donation amount required to qualify for the premium (e.g., “$50”).
• Actual Cost (optional): The actual cost you incur for providing the premium (e.g., “$10”). This helps track profitability.
• Financial Type (optional): This allows you to categorize premium costs within your financial reports (e.g., “Promotional Expenses”).
• Active?: This option allows you to temporarily disable a premium if it’s out of stock or unavailable (e.g., unchecked if out of stock).

Adding a Premium:

By clicking “Add a Premium,” you can create a new premium entry with all the details mentioned above.

Using the ‘Manage Premiums’ Feature in Association Management

Here’s a hypothetical example of how a nursing association can utilize “Manage Premiums”:

Scenario:

The association wants to encourage larger contributions to support educational resources for members. They decide to offer various premiums based on donation amounts.

• Premium 1: “NA Educational Webinar Series Access”
  • Name: NA Educational Webinar Series Access (6 Months)
  • SKU: NA-WEBINAR-6M
  • Market Value: $30
  • Min Contribution: $25
  • Actual Cost: $5 (Platform Fee)
  • Financial Type: Educational Resources
  • Active?: Checked (Available)
• Premium 2: “NA Continuing Education Scholarship – 1 Course”
  • Name: NA Continuing Education Scholarship – 1 Course (Up to $100 Value)
  • SKU: NA-CE-SCHOLARSHIP
  • Market Value: $100
  • Min Contribution: $100
  • Actual Cost: Variable (Depends on course cost)
  • Financial Type: Scholarship Programs (Optional)
  • Active?: Checked (Available)

Benefits:

By offering these premiums, the association incentivizes larger donations while providing valuable resources to its members. They can track the cost-effectiveness of each premium and adjust them based on their popularity.

Additional Notes:

• You can assign multiple premiums to a single payment page, allowing donors to choose their preferred option.
• This feature can be used for both one-time and recurring contributions.

More Use Cases for Associations

Tiered Membership Benefits

1.  

Create premium membership levels that include exclusive access to educational resources or discounts on event registrations.

• For example, a “Premium Member” tier could offer a free NA Educational Webinar Series subscription (using the same premium from the scenario) as part of their membership benefits.

Event Registration Incentives

2.  

Encourage early bird registrations by offering a premium as an incentive for signing up before a specific date.

• This could be a physical item like a branded tote bag or a digital download of relevant conference materials.

Increase Sponsorship Value

3.  

Partner with sponsors to offer exclusive premiums to attendees who register using a sponsor’s discount code.

• This could be a co-branded product or a discount on the sponsor’s services, promoting brand awareness for the sponsor while adding value for attendees.

The “Manage Premiums” feature is a convenient way for Associations, Chambers and Not-for-Profits to customize their contribution offerings, creating a win-win situation for both your organization and its members, while potentially increasing revenue through delighting donors with gifts, tiered memberships, attracting sponsorships.