Three mistakes fundraisers make when seeking major gifts
October 2020
Our team has over 25 years’ experience helping organisations learn more about the people who support their causes. We can give a detailed insight into your best prospects and identify new ones – whether they be wealthy individuals, grant makers or institutional funders. We also work with teams to develop the best strategy for approaching their major gift funders. Here are some of the biggest mistakes we see fundraisers make when major gift fundraising and our tips for avoiding them.
Not doing their research
Major donors are busy people with many demands on their time, as such, they expect a certain level of research to be carried out before an approach is made.
We often recommend an organisation start with a wealth screening of their supporter database to establish who is connected with their cause that has the potential to give major or even transformational gifts. This will not only identify who among your current supporters has the ability to become a major donor, but also which of your supporters are known philanthropists or business leaders. Undertaken in line with GDPR requirements, wealth screening is completely legal. It can transform your prospect pipeline and open the door to inspiring new major gift opportunities.
You may also need to undertake some more in-depth prospect research. This will help you understand more about a potential major donor’s affinity with your cause, their capacity to make a major gift and give insight into the best way to approach and cultivate them. According to Dr Beth Breeze’s ‘Good Asking’ report, two-thirds of the UK population preferred that charities communicate with them in a tailored way. Good research, using publically accessible information, can be a helpful way of doing this.
Making the wrong approach
The risk of making the wrong approach can be minimised with the help of good research. The wrong approach could potentially ruin what could have been a prosperous relationship. Cultivate your major gifts prospects by inviting them to events that align with their interests. Good research can help identify the right guests for your events, giving you the best chance of engaging your new prospects. Briefing notes for your team can help them prepare for the event and give them the right insight to guide their discussions with these key supporters.
Failing to thank appropriately
Thanking is the first rule of fundraising, but it is surprising how often this is forgotten. Failing to thank your major gift donors appropriately can quickly destroy all the hard work you have put into building the relationship. Just as important as saying thank you, is making sure the thanks is delivered in the right way. If someone doesn’t want to be thanked publicly, do not plaster them all over your organisation’s social media. Instead, make sure they receive a handwritten thanks from your CEO or the Chair of your Board of Trustees. If a funder wants to be thanked publicly and acknowledges you on their website make sure you do the same.
If you’re ready to hear more about how a well-researched strategy will transform your major gift fundraising, get in touch with us by emailing info@prospectingforgold.co.uk or calling us on 01491 577311.
