Our team answers the most frequently asked questions about major gift fundraising
December 2020
If you haven’t considered it before, now is definitely the time to look at a well-researched major gift fundraising plan. Coronavirus has knocked a lot of the usual fundraising opportunities on the head, but major gifts fundraising is still a viable and thriving option, whether that’s planning or engagement. Our team has over 25 years’ experience helping not-for-profit organisations secure major gifts and has answered some of these most commonly asked questions from organisations starting their major gifts journey.
How do I start?
Start by making an overall plan and answering these key questions. Do you have the internal capacity for a major gift campaign? Does your existing team have experience with fundraising for major gifts? If not, it might be wise to call in some outside consultants or hire some temporary staff for the duration of your campaign. Use this planning time to make sure you have an effective privacy notice in place that informs your supporters of any processing you’ll be doing with their data, including research.
Where can I find major gift donors?
In the early stages of your campaign, it’s best to start at home. Wealth screen your existing database to identify the current supporters who have the capacity to give a transformational gift to your organisation. This will also identify the supporters who have the ability to make a major gift and the business leaders already supporting your cause who could open the door to corporate partnerships.
What can I do to ensure successful major gift fundraising?
Planning your research and doing it well will ensure you’re doing everything you can for successful major gift fundraising. Well-planned research will identify new prospects who have an affinity with your cause and the capacity to give a major gift. Before beginning your prospect research, you’ll need to undertake a Data Protection Impact Assessment and a Legitimate Interest Assessment (if you’re relying on that as your legal basis for processing data) and document your use of legitimate interest where it can be relied on for specific activities.
How do I get potential donors to notice me?
Once you’ve identified your new prospects, it’s time to grab their attention. Ask a board member or an existing connection to make an introduction to your cause. Invite them to an event they can’t say no to - make sure their interests line up with the invitation and explore using our ‘new names’ service to expand your guest list, so your event is attended by the people you most need to get to know.
How do I know they’ll want to support my cause?
Consider your supporters affinity with the project you are asking them to donate to. Is it aligned with their philanthropic values? Can you demonstrate to them the impact that their money will have? Let them know that you’ve considered both these things before making an ask.
What should I do after they’ve given a major gift?
Thanking your donors in the right way is key to your fundraising success. We also recommend putting a formal stewardship plan in place as soon as they become a donor, that way you’ll ensure all the hard work you put in to connecting with them doesn’t go to waste.
For more information on putting a well-researched fundraising plan in place get in touch with us by emailing info@prospectingforgold.co.uk or calling us on 01491 577311.
