Major Donor Cultivation Principles: Unlocking your Fundraising Superpowers!
Major donor fundraising is really about turning passive “suspects” (people who you think might provide financial gifts) into active “prospects” (people who will want to meet to learn about supporting your organization) – and from there into donors. You don’t have to hope, pray, or resort to magic to make this happen. Instead, thoughtfully apply tried and true donor cultivation best practices.
First off, understand your donor – DO YOUR HOMEWORK!
What issues do they care about and who are they as a person?
What is their relationship with your organization (if any)?
What motivates them to give?
Do they have discretionary income?
How much have they given to other organizations, and which ones?
Who do you know who may know the prospect?
You can answer these questions in any number of ways. Some info can be as near as your data base. Determine if staff, board members, or close-in volunteers know the prospect. Look at websites of similar organizations and see if they’re listed as supporters. Invest in on-line donor research tools such as iWave or DonorSearch.
Determine what your major donor threshold will be
This will be the lowest gift request amount that will involve staff or volunteers meeting with a donor. For some organizations, it will be a $500 or $1,000 request; for others, it will be $5,000 or more. After assembling your suspect list (e.g. from direct mail campaigns, organizational events, asking staff and board for names), see who qualifies as a prospect to be cultivated: Use your homework to see if they meet the ABC test.
Do they have the:
Ability (financial capacity)
Belief (in your organization/project)
Contact (someone in or close to your organization who knows them).
From there on, it’s all about follow-up and follow-through.
That includes being consistent in your messaging so that it is clear and reflective of your organization – why your organization is valuable and effective, and what the impact of your project or program will be.
In developing your plan of approach, take the time to apply what you think will inspire the prospect – what is important to them and why their giving will make a difference. Outline how they can help, providing several options that are specific to them.
This is all about bringing them into the “Circle of We.” Help them to become well-informed, ask for their opinion and respond wisely. Make the donor feel that they are part of the solution, and relate to the donor beyond their pocketbook. And, of course, always be ethical and be transparent about finances.
Be grateful.
Thank the prospect for their interest, for agreeing to meet, for meeting, for their gift – and after they’ve given, continue to express appreciation for their support in each communication. Send notes, emails, holiday cards, and news clippings so they hear from you in ways that are not about direct fundraising. Report out to them about what their giving has helped accomplish and how they’ve made a difference.
You’re now cultivating your fundraising garden well. You’re identifying suspects, qualifying and conscientiously working with prospects, and stewarding donors who, with consistent attention, are likely to be there for the long haul.