Guest post by Donorly
It’s hard to overstate the importance of major gifts for nonprofits. These gifts are not only the largest contributions your organization receives, but they’re also opportunities to develop lasting, positive relationships with your most impactful supporters.
Because of their size and importance, however, cultivating major donor relationships and ultimately securing their gifts requires patience, planning, and time. To improve your major gift fundraising efforts and earn more for your organization this year, follow these best practices:
Leverage prospect research to get to know potential donors.
Design individualized cultivation plans.
Hire the right major gifts officer.
Partner with a fundraising consultant.
Remember that major gift fundraising isn’t just about solicitation—it’s about engaging influential community members effectively enough that they become lifelong ambassadors for your cause. Approach your plans with this goal in mind, and these strategies will enable you to build relationships that support your organization for years to come.
1. Leverage prospect research to get to know potential donors.
Before approaching a prospective major donor, gain a deeper understanding of their values and potential for giving by conducting prospect research. Prospect research is the process of identifying potential major donors who are likely to stick with your cause long-term.
According to Donorly’s prospect research guide, the process involves leveraging your donor database and external sources to look for three types of markers:
Capacity: Wealth indicators such as stock ownership, real estate holdings, or a C-suite position within a major corporation indicate that an individual likely has the capacity to contribute a larger amount to your cause.
Affinity: Warmth, or affinity, indicators demonstrate that an individual is more inclined to connect with your cause on a personal level. These markers include a history of supporting your nonprofit or similar organizations, contributions to political campaigns, and connections with existing major donors or board members.
Propensity: Propensity markers indicate that a prospect has an established habit of donating to nonprofits and a high likelihood that they’ll continue giving. Look for their donations to other nonprofits, fundraising event attendance, and any board service.
Start by looking for these markers within your nonprofit’s CRM, then explore public resources like SEC and FEC filings, real estate records, and other nonprofit annual reports to supplement your data. If you don’t have the time or resources to conduct thorough donor research on your own, expert prospect research consultants are also available to guide you through the process.
This information will not only help you narrow down your list of prospects and zero in on those most likely to give a major gift, but it will also help you tune in to donors’ motivations and interests. With this insight, you can strategically communicate and connect them with opportunities that resonate with them.
2. Design individualized cultivation plans.
Prospective major donors are much more likely to give to your cause if you dedicate time and energy to building relationships with them. It’s your organization’s job to introduce prospects to your mission, demonstrate the good work you do in your community or cause area, and explain how donations allow you to continue that work.
To build goodwill and trust between your organization and each prospect, develop personalized cultivation plans designed to engage them. For instance, a cultivation plan for a mid-level donor with a history of giving to your animal welfare campaigns might look like this:
Send a heartfelt thank-you letter to acknowledge their past donations and remind them of the positive, tangible impacts they’ve made to your cause.
Give them a call to thank them again and invite them to lunch with your major gifts officer to discuss upcoming animal welfare campaigns.
At the lunch, provide them with more information about your organization’s work helping animals, your current initiatives, and how they can get more involved.
Invite them to attend your upcoming Save the Turtles Gala and join your VIP table to speak with other major donors about their experiences.
Give them a behind-the-scenes tour of the turtle sanctuary your organization is in the process of building and emphasize how it will improve the welfare of local wildlife.
Getting Attention’s donor engagement guide emphasizes the importance of using powerful storytelling throughout this process. Genuine, inspiring stories of major donors’ impact will help prospects understand how their gifts will be used and visualize the lasting impact they can make to your cause.
3. Hire the right major gifts officer.
Hiring an in-house expert to lead the prospect research and major gift solicitation process can give your fundraising efforts a major boost. This team member will lead the charge in all major giving initiatives, allowing you to take a more focused, dedicated approach to major gift solicitation. Before you hire a dedicated major gifts officer, however, ensure you understand their responsibilities and the best qualities to look for.
The main objective of a major gifts officer is to move prospective donors through the major gift fundraising process from start to finish. They’ll take on tasks like:
Updating major donor prospect information.
Coordinating with your marketing team to create effective promotional materials.
Meeting with potential donors and sharing educational materials.
Presenting the major gift ask to prospective donors.
Following up with donors to foster stronger relationships.
Because of the importance of major gifts and the delicate process of soliciting these contributions, your major gifts officer needs to be comfortable with reaching out to prospects, requesting large donations, and soliciting feedback. They should possess excellent communication and problem-solving skills and have experience with nonprofit fundraising.
When looking for a candidate who exhibits these characteristics and can handle the responsibilities of the role, don’t forget to evaluate their fit with your organization’s culture, as well. This ensures that they’ll be able to transition onto your team seamlessly and hit the ground running right away.
4. Partner with a fundraising consultant.
If you’re looking to scale up your fundraising efforts but don’t have the time or resources to bring on new full-time team members, partnering with an expert consultant might be the right solution for your organization. These professionals offer the expertise and background knowledge growing organizations need to advance their fundraising capabilities.
In addition to services like campaign strategizing, staff training, and development team support, certain fundraising consultants offer specialized prospect research and major gift fundraising support. These consultants have access to the best donor research tools and know the ins and outs of building successful major donor relationships. They can help you identify the best prospects, design cultivation strategies, and even factor major donors into your capital campaign plans.
By hiring a fundraising consultant with experience in prospect research and other aspects of major gift solicitation, you can access a wealth of experience and tried-and-true strategies to expand your fundraising long-term.
Securing major gifts requires time and effort, but the payoff can be extremely influential for your organization. Keep these strategies in mind and find partners who mesh well with your organization, and you’ll be on the right track to securing the major gifts your nonprofit needs to thrive.
The preceding post was provided by a guest author unaffiliated with DonationMatch. The views expressed within do not directly reflect the thoughts or opinions of DonationMatch.