So, you have a major gifts program for your nonprofit . . . congratulations! Taking your major gifts fundraising program to the next level involves a lot of hard work, strategic planning, relationship management, and leveraging technology to maximize your fundraising effectiveness. Examine the highlights below to review your current major donor program, understand areas for improvement, and identify gaps to work on to expand your fundraising.
Studies show that people like to hear their own names being used. Use this to your advantage by implementing data and insights from previous interactions to tailor communications, making each donor feel uniquely valued.
Keep donors engaged with regular updates, personal visits, exclusive events, and exclusive previews of projects they fund. This will foster a sense of partnership and steward their philanthropy with transparency, appreciation, and ongoing engagement.
Donors notice and appreciate organizational transparency. Once donors understand your challenges, you will be amazed, possibly surprised, at their response.
Hint: Only sometimes paint a rosy picture. Donors will tend to trust you are living your mission. They will join you emotionally, which often leads to financial alignment. Provide regular reports on how donations are used, their impact, and how you hope to improve.
Embrace cutting-edge donor management software and wealth screening tools to streamline the process of identifying potential major gift donors based on their capacity and likelihood to donate. Additionally, in-depth research should be conducted to understand donors' backgrounds, values, and motivations. Regularly update donor profiles and track interactions to inform cultivation efforts and maximize fundraising success.
Broaden your horizons by considering alums, business leaders, and community influencers who may share a deep connection with your cause, expanding your potential donor pool.
Invest in your development team and board members by regularly training them in effective solicitation techniques, including making an ask and handling objections. The more time spent making mistakes in training runs, the better your fundraising will be for game time!
Develop compelling, personalized proposals that clearly outline the impact of potential donations and are customized to each prospect's interests and values.
Encourage board members to actively participate in fundraising by leveraging their networks and introducing them to potential major donors. Involving the board in extending their network to the Major Gifts Officer and team will give board members access to a network while giving them a bit of ownership of fundraising success.
Create an ambassador program where influential volunteers and supporters can engage and solicit potential donors on your behalf. Emphasize their role as ambassadors and provide training to equip them with fundraising skills. Encourage active participation in donor cultivation, stewardship, and solicitation efforts, leveraging their expertise, credibility, and networks to build relationships and secure support.
Implement a robust donor recognition plan that acknowledges major gifts promptly and appropriately, celebrating donor generosity.
Give feedback and updates to your donors on a regular basis, preferably once a month. Donors like to see their money being stewarded well, so these reports should include the resulting impact of their donations. This small effort will build accountability, trust, transparency, and a deeper connection for that donor to your organization.
Constantly analyze the effectiveness of your fundraising strategies and donor behaviors using data analytics to refine your approach and improve outcomes.
Segment your donor database to adapt fundraising approaches based on donor characteristics and previous engagement.
Note: Please don't get caught behind the technology power curve. While some welcome manual processes, the power of analyzing your donors, segmenting them, and understanding their behaviors through simple data management can transform your major gifts program.
Offer various funding opportunities that appeal to different donor interests, from capital projects to endowments and program funding.
Encourage donors to maximize their impact through matching gift programs, either through their employers or by setting up peer challenges.
Note: Remember the often overlooked, still untapped, planned gift-giving approach to major gifts. More dollars are available as a generation of savers moves into retirement and considers their legacy beyond their children and vocation.
Keep up with trends in philanthropy and fundraising to adapt your strategies to changing donor preferences and economic climates. Stay in touch with what matters to your major donors; conversations will be more peer-driven than the eventual ask.
Encourage continuous professional development for your team by attending workshops, conferences, and seminars on advanced fundraising tactics. Many sources allow you to get your development team more than certificates because certificates do not help when you are in the trenches.
Learning to move significant donors forward requires real-time experience and access to seasoned professionals. Several resources, like the Center for Civil Society, are freely available and provide a wealth of knowledge. Do not underestimate the power of a culturally aligned major gifts consultant, sometimes bridging a few gaps is an investment that can pay dividends for years to come.
Be intentional as a major gifts officer and those who work with you to continue understanding how fundraising is trending, what works, and what others have tried. While it is often stated that it comes down to the quantity of calls, shaking hands, and lunches, an intentional approach may amplify your efforts. Continuous improvement, learning, and adapting to ever-changing landscapes ensure that you keep improving and moving the major donor needle up yearly.