BUILD A STRONGER DONOR POOL
If you think that the hardest part of fundraising is making an ask….think again.
The hardest part is FINDING those people to ask. If you are a school, a hospital, a performing arts group, you may already have a built in donor pool. Should you have a robust list of those who have said yes in the recent past, you are among the very lucky. But for most nonprofits, prospecting—and yes, we are looking for gold—is just plain hard.
Alas, even with the most committed board, you can’t just ask that they bring in 5 prospects. And even if they do at first…how long until that particular well runs dry.
So how do you find these donors? And what are you looking for?
Too often the answer to that questions is “A rich person.” Better still, a rich OLD person, and one without kids. And that’s true. They would be the ideal prospect. But not only isn’t that sustainable, it’s not even very practical. What you really need is to find people who care—preferably passionately—about what you do, and most of all, have a connection to your organization.
Now, I’m not going to lie to you—money matters. Of course it does. But maybe not quite as much as you think
People give to people they know and trust. They also give to causes that matter to them. So how do you get to know these people, earn their trust, and make your cause matter?
The first step, obviously, is to identify someone with whom you have a viable way to reach out and draw them in. Maybe you’ve already met them at an event or at a service club lunch or breakfast. Perhaps they live next door to a board member? Or to someone on your staff? Or maybe even to you. Maybe even they are friends or colleagues with another donor.
You don’t have to find thousands. Start small if you are starting. And every time you get a yes—to a meeting, to an event, to being put on the mailing list, or to an appeal—make sure you ask them who else do they know who might also say yes.
Once you’ve indentified someone, educate them about what you do, and even more importantly, educate yourself about them. Find out:
•What organizations do they support?
•What do they want to accomplish with their philanthropy?
•How do they like to be communicated with?
•Would they be interested in a tour ?
•Ask them to describe, share with you, tell you more about…….
But what if you a very small shop, and what if everyone involved with fundraising has multiple other jobs. You can’t just connect with potential donors one by one. You simply do not have the time.
So think large! Look to mass and social media. Look to your board, your staff, other volunteers. Don’t ignore your clients (no matter who they are) and/or their families. Hast events (not galas, but things that really do move your mission forward), and attend other events. Do peer-to-peer outreach and find those who will help you to increase the number of those who give.
When you do reach out, make sure you’ve segmented your prospect groups, so you are reaching out appropriately and in ways that will speak to your prospects. Don’t spend a lot of time telling long time donors about what you do—instead let them know that you see them and know them. How? By referring to their past generosity, and to the events they’ve attended. It really isn’t that hard to have a basic appeal but different first and last paragraph’s.
For newer donors, show them that you matter.
•What makes you unique?
•What data do you have that measures your results?
•Have a story—or many stories—to tell
•Get testimonials
•Make sure you are professional, credible, transparent
•Communicate your worth
And once you get connected, make sure they know that you appreciate them. Yes, you love their generosity, but also show them how important you feel their interest, their willingness to introduce you to others, their being part of who you are, is. And then tell them how much they matter and what—together—you can accomplish.