Not too way back I used to be having a dialog with a seasoned fundraiser. This particular person works with a big group as a advisor. He informed me {that a} billionaire had despatched $1,000 to the nonprofit and that the CEO rapidly despatched out a letter to the billionaire requesting $50,000.
My colleague was lamenting about how a lot of a mistake this was, and I could not agree extra with the evaluation.
Lacking the Level
Though the CEO of the group was excited when he noticed the $1,000 present from a high-profile billionaire, the very last thing he ought to have carried out is to ship an acknowledgment with an ask for extra money. The fact is that the billionaire will probably by no means donate to the group once more. The letter missed the entire level of improvement.
Donor Has the Cash
The very first thing that probably got here to the thoughts of the CEO who despatched the letter was, this donor is a billionaire. He has the cash! Whereas that’s, after all right, simply because somebody has the cash to provide to your group doesn’t imply they’ve the propensity to take action. Give it some thought, why ought to they provide to your group? Nobody desires to provide cash, even when they’ve a variety of it, to anybody and everybody. Moreover, millionaires and billionaires are inclined to get hit up with requests all the time.
Higher Method
A few years in the past, I served because the CEO of a nonprofit group, and I have been in your footwear. I’ve had folks that I’ve wished to get to fund our group ship a examine, and I’ve skilled the joy that comes from receiving a kind of main presents. However, like my colleague, I might by no means have despatched the billionaire a letter within the mail thanking him for the $1,000 and in the identical letter asking for extra money!
Here is what I might have carried out:
- Despatched a personalised thanks letter within the mail with a penned signature and maybe somewhat word. I might have expressed my gratitude for the present and knowledgeable the billionaire donor what would occur together with his donation of $1,000.
- I might have been conscious of the truth that the $1,000 present might have been given for a large number of causes, akin to a pal requested him to donate, or he one way or the other got here throughout our group. A possible purpose was that he was additionally “testing” us with the $1,000 present to see how a relationship might develop.
- Subsequently, I might have then adopted up the letter within the mail (e mail is ok, however the chances are high {that a} letter that’s customized will get opened as a result of folks obtain an excessive amount of e mail). My follow-up would have been a word, e mail or maybe even a private name to thank the donor.
- I might have developed a technique to determine how I might get a dialog with him in particular person. All of the whereas, I might have been sending data and usually keep up a correspondence to begin constructing consciousness of our group.
- As soon as I had secured a private assembly with the billionaire prospect, I might have gotten to know him. I might have requested about his background, pursuits, household, why he gave to our group, different philanthropic pursuits, and so on. As CEO, I might have made it a degree to be taught as a lot as attainable in regards to the donor.
- I might have acknowledged that attending to know the billionaire personally was most likely probably the most crucial exercise I might do as a result of it was the creation of a relationship. I might have served as his liaison with our group and the work we do.
- As soon as I understood his motivations and pursuits, it could have been solely then that I might have thought-about starting to see how we might have interaction him extra considerably with our group.
If you happen to’re new to main present fundraising or have restricted expertise in it, bear in mind a vital level: Simply because somebody can provide doesn’t imply they’ve the inclination to take action. Having the monetary means is barely half of the equation. And, if it seems {that a} main philanthropist offers to your group and it’s a small token, it may certainly be the start of extra important help, however they should get to know you, and it’s a must to find out about them. If you happen to ever get a present from a billionaire, pause and think twice about your subsequent steps.
