Three Steps to Cultivate a Major Gifts Prospect
If you are like most of us, the major gifts prospect list that sits on your desk stares at you and foils your boldest strategies. Those one hundred names have enough wealth to build an entire university campus several times over. Of course, you don’t know any of them, and your Development Committee hasn’t responded to your requests for introduction, despite your pleas.
Whatever the minimum major gift threshold for your organization, ten annual contributions from your top donors for the next several years with a solid annual retention rate means significant support for your organization. So what’s a development director to do?
Here are three steps to a successful major gifts program.
- Learn/Rank. Read the bios, the giving history, the speeches, and other information of the people on your prospect list. Explore the networks of these accomplished and generous individuals. As you identify their related giving and their relationships, however tenuous and distant, with your own board members, the ranking of your prospects will take shape. You will soon have drawn a web of connections between your people and those top prospects.
- Push/Pull. A major gifts team usually consists of board members and development committee members. Among those leaders, there is likely a small percentage who have agreed to enthusiastically reach out to their networks. Those are your favorite people, right? They are also the most time-challenged, and they often find it hard to fulfill their promises to talk with their contacts. Try push/pull. First, push them to do their work, to fit those calls and referrals into their jam-packed schedules. Of course, be creative and nice in your approach. Second, pull plenty of data and research in order to equip them with the information they need to successfully reach their goals. Pulling the appropriate data will make your board and committee members feel more comfortable when you do your push. Don’t forget to track not only the progress of your prospect but also the progress of your board advocate.
- First/Second. With your first layer of top donor prospects safely in the hands of your most committed volunteer leaders, it’s smart strategy for you to cultivate the second layer - the network that surrounds those prospects. Identify and cultivate those people; if even a small percentage respond, you are on your way to meeting your fundraising goals.
A strong major gifts program lifts an organization and unleashes the potential of your organization’s vision. And a successful major gifts program is only three steps away.
Making the Ask: Keeping the Door Open - Part Three
In my two previous blog posts about Making the Ask, I’ve discussed the importance of asking the right person at the right time and finding the sweet spot. In this final post based on a presentation made by Michelle Keegan, Chief Development Officer, CSIS, and I at the Bridge to Integrated Marketing and Fundraising Conference, I want to give you some tips on how to keep the door open.
1) Plant a seed and give it time to grow in your prospect’s thinking. Your pitch should include some unforgettable nuggets that your prospect can ponder after your conversation ends.
2) Remember that if your potential donor cares enough to talk to you, he or she will want to find a way to help you. It just may be that your prospect will choose to help you later rather than now.
3) Turn a “no” or less than optimal gift into a promise of a future conversation. There will be opportunities to talk to your prospect another time, and this current ask is the right time to encourage your potential donor to commit to that future conversation.
4) Thank your prospect in a way that is meaningful to him or her. For some, a heartfelt email is perfect. For others, you ought to handwrite a lovely thank you note. Still others would prefer a small token of appreciation, perhaps some swag with your logo. If you don’t know how your prospect would like to be thanked, you may not know your prospect well enough to make the ask.
I hope this short series of tips for making your next ask a success will make your next ask a home run. If you or your organization wants more assistance with strategic development, please don’t hesitate to contact Capacity Partners at mary@capacitypartners.com.
Find the Sweet Spot - Part Two
Every fundraiser – volunteer or staff – must eventually ask for the gift. This short series of posts based on a presentation given by Michelle Keegan and me at the 9th Annual Bridge to Integrated Marketing and Fundraising Conference will help you find the sweet spot for your ask.
Last week we discussed the importance of asking the right person at the right time in the right place for the right amount. Today’s blog focuses on some of the essential intangibles of making the ask.
1) Remember to listen! Listening is the central tool in your tool box, even more important that the stellar pitch you’ve practiced a dozen times. Figure out what your prospect is really saying and shift your approach based on what you learn. Ask questions that will lead your prospect to articulate their commitment to your organization.
2) Explore both the feelings and thoughts behind their giving. Why do they make charitable donations? What compels them to consider contributing to your organization? Bear in mind that emotions are often more influential than logic.
3) Learn what giving will do for them – not just what it will do for your organization. As much as your potential donor may care about your nonprofit’s mission, your prospect, like most every human, in just as interested in what contributing will do for him or her. Will giving make your prospect feel like a hero or impress his peers? What tax benefits will accrue to the donor when she contributes?
4) Link your prospect’s passion to your vision and impact. For example, if your donor wants to help children break the cycle of poverty, be sure to talk about how your organization does exactly that.
Keep an eye out for Part Three in which I’ll discuss how to keep the door open.
Making the Ask: Tips for Success - Part One
I was honored to speak along with Michelle Keegan, Chief Development Officer, CSIS, at the 9th Annual Bridge to Integrated Marketing and Fundraising Conference about Making the Ask: Tips for Success. The impressive display of nonprofit talent at Gaylord National Hotel reminded me of how much I enjoy collaborating with nonprofit leaders.
If you were unable to attend the Bridge Conference, over the next couple of weeks I’ll post some of our most important advice from the interactive presentation Michelle and I gave at the conference. If you would like more detailed information, please don’t hesitate to contact me at mary@capacitypartners.com or Michelle at mkeegan@csis.org.
Think back to a time when you were told “no” by a prospect. Was it perhaps because you asked the wrong person for the wrong amount? Maybe the wrong person had the conversation with your donor? It is critical that the right person ask at the right time in the right place for the right amount.
Remember:
- The right person is the one your prospect cannot say no to. Is that you? A board member? A volunteer? A special event committee member?
- The right time is one that makes sense for your donor’s financial situation and readiness to hear what you say. The right time isn’t based on when your organization needs the money; it’s based on when your donor is ready to give the money.
- The right place is where your prospect will be most comfortable having this conversation. This may not be what’s most convenient for you, but it’s essential that your meeting place is one where your donor can relax and feel at ease.
- The right amount is one that is at the top of your prospect’s potential yet balanced by their passion and commitment toward your mission, relationship with your leaders, and involvement with your organization. It’s as critical not to under-ask as it is to over-ask. For one prospect, $10,000 is too much while $10,000 is far too little for another. Know your prospect’s level of commitment and involvement with your organization as well as his/her financial situation to reach the ideal amount of your ask.
Keep an eye out for Part Two in which I’ll discuss how to find your prospect’s sweet spot