Add a Premium

The ‘Add a Premium’ feature in the Finance Management module of Retention CRM allows Associations, Chambers of Commerce and Nonprofit organizations to offer additional products, services, or subscriptions to contributors in exchange for a donation above a certain amount.

General Functionality of the ‘Add a Premium’ Feature

Let’s break down all the available options/fields in this feature.

• Name: This is the name of the premium that will be displayed to contributors on the donation page.
• Description: Provide a brief description of the premium to entice contributors.
• SKU: (Optional) Enter a unique product code for internal tracking purposes. This will be included in contributor receipts.
• Premium Image:
  • You can upload an image of the premium (recommended) or provide a URL to an existing image.
  • Choose between displaying the image and thumbnail, using a default image, or not displaying an image at all.
• Minimum Contribution Amount: Set the minimum donation amount required to qualify for the premium. Enter “0” to offer it to all contributors.
• Market Value: This is the estimated retail price of the premium. It’s used to calculate the non-deductible portion of donations for tax purposes.
• Actual Cost of Product: (Optional) This is the actual cost you pay for the premium. This helps evaluate the net return on the incentive.
• Financial Type: (Not configured currently) This option allows for automatic accounting entries to track premium costs. If you want this functionality, contact your Retention CRM administrator.
• Options: If applicable, list variations of the premium (e.g., color, size) as comma-separated options or use a “key=label” format (e.g., “standard=Standard”, “premium=Premium”).

Subscription or Service Settings (if applicable):

• Period Type: Choose “Rolling” if the subscription starts on the donation date or “Fixed” for a specific start date.
• Fixed Period Start Day: (If Fixed Period Type is chosen) Enter the month and day (MMDD) on which the subscription will begin (e.g., “0101” for January 1st).
• Duration: Specify the length of the subscription or service (e.g., “12 months”).
• Frequency: Indicate how often the service is delivered (e.g., “Monthly”, “Quarterly”).

Using the ‘Add a Premium’ Feature in Association Management

Let’s say your nursing association wants to offer a one-year digital subscription to your nursing journal for donations of $50 or more. Here’s how you would configure the “Add Premium” feature:

• Name: Nursing Journal Subscription (Digital)
• Description: Access a year’s worth of valuable nursing research and best practices with our digital journal.
• Premium Image: Upload an image of the journal cover.
• Minimum Contribution Amount: $50.00
• Market Value: $75.00 (This sets the non-deductible portion of donations at $25).
• Options: Leave this blank (no variations offered).
• Period Type: Rolling (Subscription starts on the donation date).
• Duration: 12 Months
• Frequency: Monthly

More Use Cases for Associations

Offer exclusive content or discounts to higher-tier members

• Membership Levels: Create different membership levels with varying benefits. For example, a “Premium Member” level could include a subscription to a members-only online publication or a discount on event registration fees.
• Add Premium Feature: When configuring membership levels, use the “Add Premium” feature to link the exclusive content or discount to the “Premium Member” level. This way, only members who donate at that level will have access to the premium benefit.

Provide early access to event registration for donors

• Event Registration: Set up event registration with tiered access. The first tier could be open to the public, while the second tier offers early access exclusively to donors who contribute a certain amount.
• Add Premium Feature: Create a premium specifically for event registration. Set the “Minimum Contribution Amount” to the desired donation amount for early access. Donors who contribute at this level will be able to register for the event before the public registration opens.

Incentivize event attendance with merchandise or swag

• Event Registration: Use the “Add a Premium” feature to offer event-related merchandise or swag as premiums for attendees who donate a specific amount during event registration.
• Promotional Tool: This can be a great way to incentivize donations and promote event participation. Offer limited edition event t-shirts, mugs, or other branded items as premiums.

By using the “Add a Premium” feature strategically, Associations, Chambers and Non-profits can incentivize donations and provide valuable resources to their members.