Major Gift Best Practices: How to Unlock Transformative Philanthropy
Major gifts – those transformative donations that catapult your mission forward – aren’t plucked from thin air. They’re meticulously cultivated, nurtured relationships that blossom into extraordinary generosity.
But how do you navigate the delicate dance of major gift fundraising, ensuring genuine connections with your lovely donors, while at the same time, going after skyrocketing fundraising goals?
Fear not, fellow garden cultivators! We’re unearthing some of the hidden gems of major gift best practices, guaranteed to elevate your approach!
Here’s how major gift fundraising is like my garden!
1. Know Your Soil: Deep Dive into Prospect Research
Before planting your fundraising seeds, understand the landscape.
Research your potential major donors. What are their passions? Philanthropic history? Giving capacity?
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Analyze giving patterns, board memberships, and news mentions to create comprehensive donor profiles.
Remember, when you are dealing with major donors, each prospect needs an individually tailored approach, based on their unique interests and passions.
And remember, the best prospect research is talking directly to your donor! You’ll find out everything you need.
2. Plant Deep Roots: Build Authentic Relationships
Major gifts blossom from genuine connections, not transactional pitches. People who think that you can secure a major gift with a slide deck and a great pitch are seriously mistaken.
We all say that developing relationships with major donors requires enormous amounts of time. You have to build trust and rapport with the donor. And at the same time, the donor needs to like you enough to spend time with you.
Conversation skills are so important too. You need to be well-informed and well-read, so that you can actually carry on a conversation with a sophisticate donor.
If you want to engage a potential donor, it takes with meaningful conversations, not just fundraising asks.
Invite them to special events. Major donors often enjoy learning more about your mission and program work.
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You can also showcase your impact through intimate tours. Above all, actively listen closely to their concerns and aspirations.
3. Cultivate with Purpose: Align Mission with Passion
When it comes time to showcase your mission, don’t just “sell” your cause. Instead, you need to connect it to your donors’ hearts.
That’s why it’s so important to discover your donors’ personal values and philanthropic goals. People who are philanthropists all have a particular outlook and purpose to their giving. And you need to know what that is!
Our job as fundraisers is to find the match between the donors’ interests and our mission. Remember – these donors have a personal reason for their interest in your cause.
When you find out more about where they are coming from, it’s much easier to frame your impact stories around shared passions.
You can highlight how their contribution can be a catalyst for profound change. Remember, a mighty purpose can inspire and fuel generosity.
4. Tend with Patience: Respect the Nurturing Cycle
Major gifts rarely bloom overnight. It’s important to respect the natural rhythm of relationship building.
Often this takes time, as the donor gets to know and trust your organization.
And remember, the first gift from a potential major donor is (hopefully) never the largest! Their first gift needs to be an occasion of joy and celebration so that they will feel happy they made the gift.
Nurture these connections patiently. Never rush your donor. You can offer gentle, consistent value and engagement without pressuring for an immediate gift commitment.
Remember, trust takes time, and major gifts blossom from its fertile ground.
5. Prune Strategically: Segment and Prioritize
Not all potential donors are created equal.
One of our biggest challenges is to determine WHO to focus on. That’s when data comes in.
Analyze your research and engagement data to identify your most promising prospects. Those donors who are actively giving and engaging with you are likely to make a major gift sooner than later.
Learn the difference between a “prospect” and a “suspect” by asking discovery questions. You can discover whether someone is really interested or not, by asking a few simple questions.
Prioritize the donor relationships that show the strongest alignment with your mission and a genuine passion for your cause. When those two qualities come together, you have the making of a major investment in your work.
Remember, focusing resources on fertile ground yields the most significant harvest.
Bonus Tip: Leverage the Power of Storytelling! People love, love stories. And stories are the best way to share examples of the results your organization creates in the world.
A strong, compelling narrative employs emotion and drama.
You can weave a story where your organization(or the donor!) is the hero – able to give kids warm coats, or celebrate art in your community – anything that that showcases the transformative impact of your organization’s work.
Use data strategically, but weave it into stories that evoke emotion and inspire generosity. Remember, stories resonate where all those mind-numbing spreadsheets fall short.
Bottom Line on major gift best practices:
Tend your donor garden well. By implementing these major gifts best practices, you’ll transform your fundraising into a thriving garden of transformative philanthropy.
Remember, genuine connections, purposeful alignment, and patient nurturing are the seeds that blossom into extraordinary giving.
So, grab those dusty gardening gloves, carefully nurture your donors, and watch your fundraising goals reach new heights!
Useful Links
More Tips about Major Gifts from the Gail Perry Group
The Chronicle of Philanthropy
2024