I started major gift fundraising 16 years ago. I’d say I’m in good company when I admit that I didn’t really know what I was getting into. Oftentimes fundraisers say, “I just fell into it” and that certainly was true for me. I had a bit of grant management experience and was enticed by a position where I could “secure support” for an issue that was important to me. I didn’t quite grasp that “secure” meant “ask for money.” In the case of the organization I worked for at the time, the expectation was that each prospective donor meeting included a $10,000 ask. (Note: this is an extremely aggressive target and not one that I would suggest most organizations emulate). Here’s what I learned from that experience, and what I wish I had known when I started fundraising:
1) You will be told no more often than not: Most of the donors I solicited for that $10,000 gift said no. I can see why. It was a lot of money and it was a first or second meeting. It often takes numerous asks before before securing a major gift. Even well-cultivated donors and prospects who are familiar with your organization may not say yes when you ask for a new or increased gift. Rather than get discouraged, consider a few approaches: ask for a smaller gift than you originally planned, ask if there is an amount they are comfortable giving or ask if you can come back to the prospect for a gift in the future.
2) It’s great to come in with a thick skin. But you can also grow one: See #1. You are told no often. It’s not personal. I used to think that if I made a more compelling ask, asked in a different way, or pitched a different program that I would close more gifts. Of course, you need to execute a well-run donor meeting, including making a compelling ask, but if a donor doesn’t connect with the mission or your organization, they won’t give. Or, maybe they will make a token gift, but not a major one. Seek out the people with a passion for your issue and mission, engage them effectively, and then ask. Last but certainly not least is often the most difficult to realize, but most obvious of all. It is easy to be immersed in metrics, fundraising targets and goals, and budgets. Those elements are important, but so are relationships with donors and prospects. Major gifts are predicated upon relationships: you cannot successfully raise major gifts without a deep sense of connection and engagement between the donor and the organization. The length of the relationship doesn’t always have to matter, rather a sustained effort to engage and follow up with the donor does.
3) Securing a new gift is one of the most gratifying and satisfying feelings: As a 24-year-old, I sat in a law firm partner’s office staring up at diplomas and art on the wall. I rehearsed the flow of the meeting so many times in my mind: small talk, relationship building, talking about the issues, making the ask. So when the prospect said, “I know you’re here to ask me for money, what are you thinking?” I was floored. I went straight to making the case and the ask, and I put out a number. The partner said yes. I beamed inside. Asking for money is hard. Celebrate your success.
4) It’s not actually about the money. It’s about the relationship: Last but certainly not least is often the most difficult to realize, but most obvious of all. It is easy to be immersed in metrics, fundraising targets and goals, and budgets. Those elements are important, but so are relationships with donors and prospects. Major gifts are predicated upon relationships: you cannot successfully raise major gifts without a deep sense of connection and engagement between the donor and the organization. The length of the relationship doesn’t always have to matter, rather a sustained effort to engage and follow up with the donor does.
Example: many years ago, one of my most reliable and engaged major donors decided to decrease their annual gift by 75%. It was 2009 and I knew the donor felt vulnerable given the economic situation. My first reaction was panic because I didn’t know how I would make up that deficit. I continued to engage the donor and move the relationship forward. That deficit was very hard to make up, but I never let up on engaging and building the relationship with the donor. Despite that large dip in giving, that donor is now one of the leading donors for the organization. It would have been easy to let the gift go or write the donor off. That decrease was a hard pill to swallow and it was difficult to continue to engage the donor in the same way before the decrease, but it more than paid off in the long run. Remember that giving is personal and that we’re dealing with humans, and often there are ebbs and flows in their relationship with your mission.
What things have you learned from your time in fundraising? I’d love to hear from you.