This St. Patrick’s Day, you will need more than a lucky four-leaf clover to secure major gifts for your organization. Finding your pot of gold requires a comprehensive strategy. First you need to identify potential major gift donors, and then you need to build a strong relationship with them.
Now that the pandemic seems to have subsided, donors are motivated by a sense of responsibility. According to predictions by The Giving Institute, donors are now prioritizing endowments because the pandemic highlighted the need for sustainability in the causes they believe in.
Your organization should leverage donors who are motivated to give in 2022. Plan a strategy for receiving major gifts by using the 4 tips listed below.
1. Take a focused approach to major gifts fundraising
The goal of your major gifts strategy is to build a strong relationship between potential major donors and your organization. This requires a focused approach that is cohesive and effective. Plan every interaction and communication so that donors do not get repeated asks or feel that their donation isn’t important.
It can be a good strategy to allow one team member to take the lead in building your major gifts strategy so that your organization speaks to major donors with one voice. This person will ensure that the relationships they build are personalized, meaningful, and strong.
2. Use data to cultivate major donor prospects
The next step in finding your pot of gold is looking for those rainbows on your donor list. Your organization’s donors all have a certain threshold of what they can potentially give and it is important to understand what that is before you approach them.
A systematic approach to donor relationships is called moves management. This is a system that your organization should use to cultivate and foster relationships with donors. The progression of a moves management system looks like this:
- Identify and qualify donors
- Cultivate donors
- relationship advancement
Some of these donors are potential major gift donors. Find these major donors by hiring a qualified partner who can improve your moves management system with tools like DC Analytics. This partner will be able to analyze your donor data to identify potential major donors.
3. Utilize the increased demand for campaigns in 2022
The past few years have been difficult for nonprofits because many of their planned campaigns were put on hold due to complications caused by the pandemic. Donors want to support your cause, but sometimes they need a reminder or two, which is why campaigns are so beneficial.
The Giving Institute predicts that the demand for campaigns in 2022 will be strong because the pandemic exposed fragility in our institutions. Donors want to ensure that their favorite causes can weather future disasters. One way to do that is through annual giving. This is also why they expect planned giving to be a priority for donors going forward.
A big part of major gifts fundraising is providing donors with a reason to give. Your major gifts fundraising strategy should focus on this increased donor enthusiasm and take advantage of it with a campaign.
4. Make purposeful contact with major gift prospects
Now that your organization has identified potential major gift donors, created a campaign, and designated a team member to lead the campaign, it’s time to reach out. The goal here is to create meaningful relationships.
Make sure that your communications are purposeful and personalized. One of the best ways to guarantee success is to hire a team of Donor Relationship Specialists with experience building mutually rewarding relationships.
By taking this approach to cultivating relationships with major gift donors, your organization will be making its own luck this season.
Learn more about how Donor Compass™ can help you build a strong relationship with potential major donors here.