Why cultivating your major gift supporters is crucial during the coronavirus crisis
June 2020
The coronavirus pandemic has shown us that, when called upon, major donors are more than willing to step up and support the causes delivering much needed relief.
Gatsby Charitable Foundation (set up by David Sainabury) and the True Colours Trust have each made a grant of £500,000 to Life Lines, a COVID-19 response that aims is to alleviate suffering during the pandemic by establishing a system for virtual e-visiting by family at the bedside of patients with COVID-19 in isolation. Martin Lewis from Money Saving Expert has made £1.9million available to provide grants of £5,000 to £20,000 to small registered charities, or local arms of bigger charities, across the UK – to help with specific UK coronavirus-related poverty relief projects.
But it’s not just Covid-19 related charities that are getting support. There are many examples of donors stepping up to respond to emergency appeals or just support the organisations close to their heart. These are transforming the future for many organisations.
If you’re wondering where to start, don’t worry this is something we get asked a lot. As our webinar on using research to identify new major gift prospects booked out in the first few hours we decided to put together some ideas to help kick start your research into your major gift prospects.
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Get to know the supporters already close to your cause
It’s likely that among your existing supporters there people who have the ability to give at much higher levels. These people could have been quietly making regular donations to your cause for many years and assuming that if you needed more support from them, you’d ask. Wealth screening your existing database is the fastest way to find these supporters. A wealth screening report will be able to tell you who among your current supporters has the ability to become a major donor, which of your supporters are known philanthropists and who the business leaders already supporting your charity are. Undertaken in line with GDPR requirements, wealth screening is completely legal and can transform your prospect pipeline, opening the door to inspiring new major gift opportunities. Get in touch and we’ll talk you through how to get started.
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Uncover new supporters who care about your cause
As well as taking time to get to know your current supporters now is the perfect opportunity to undertake research to find new supporters for your cause. Some well-planned prospect research is an opportunity to grow your fundraising potential. This research will identify new supporters for your cause that are not currently connected with your organisation, but research suggests, have both the affinity to your organisation’s cause and the capacity to give a major or even transformational gift.
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People are craving connection more than ever
Use this time to build on your existing relationships with your supporters and major donors. Pick up the phone and see how they’re doing, listen to their frustrations about being in lockdown (we all have them) and tell them what you're doing through the crisis to deliver your services. Not sure how to start the conversation? Mark Philips has put together a great piece of research on what your donors want to hear from you during coronavirus.
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Processes, processes, processes
Before undertaking prospect research or wealth screening, we recommend that you carry out a data protection impact assessment, a legitimate interest assessment (and document your use of legitimate interest where it can be relied upon for research), make sure your privacy notice is up-to-date and notify your supporters of any changes that have been made. It may sound like a lot but now is the time to get your processes in place for best practice major gift fundraising. Get in touch to find out how we can help.
With over 25 years’ experience working with the not-for-profit sector our team provides research, wealth screening, consultancy, regulatory compliance and training support to charities of all sizes, making fundraising more effective and successful.
We'll help you learn more about the people who support your cause, give you detailed insight into your best prospects and identify new ones, whether they be wealthy individuals, grant-makers or institutional funders. To book your free half-day of (virtual) consultancy with our team get in touch with us by email at info@prospectingforgold.co.uk or call us on 01491 577311.
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