Wednesday, November 16, 2011

Major Donors

The barriers for asking for large gifts from individuals are numerous.

"I need to do more research"
"The timing is not right"
"I don't know how much to ask for"
"The chairman should ask this one"
and lots more

Many of these are valid, but ultimately not asking is a failing strategy.  If you want to get $1m from someone then  you almost certainly need to build a relationship with them, and going straight in with an ask will not get you that $1m.  But done well, a smaller ask is unlikely to put them off their bigger one.  In fact, it is part of building a relationship.

If that person was already a donor, then there is some form of relationship already in place.

For example, to lift a donor from $500 - which they donate in response to your annual Christmas appeal - to $5,000 is much easier than following the full seven steps to developing major donors; and it helps bring them along the journey too, if you follow it up properly.

If you have a lot of higher value donors who donate to your appeals, but you don't really do anything else with them, try ringing them up and having a chat.  Ask them why they support you, if they have friends that do too.  Try and set up a meeting.  Maybe 1 in 3 or 4 will catch up with you.  There you can look to ask them for a more substantial donation.

It isn't that hard, and I have worked with many organisations to formalise this approach as a process, and with all but one it has led to significant extra income at little cost - and bringing those donors closer to a really big gift.  I call this 'Major Donors: Next Week" because you need to do it next week, or it doesn't work.

Lucky Australians can find out more about major donor fundraising from an excellent bunch of practitioners at the Fundraising and Philanthropy "Art and Science of Major Gift Fundraising" event at the end of the month.  A bargain at $600.  Check it out here.

Frankie Airey helped raise around $500m in one campaign.  Gulp.

Charlotte Grimshaw will also be speaking at the event.  She can help identify potential major donors from any list of donors.

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