At the heart of every nonprofit's funding success is a strong network of major donors. These individuals provide substantial funding that can push nonprofits closer to both their mission-centric and revenue goals.
However, as with any form of support, donor acquisition is only half the battle. Finding and forming lasting relationships with potential major donors takes strategic effort, insight, and patience. That means going beyond generic appeals and embracing a research-backed, personalized approach.
That’s why we’ve created this guide. We’ll start by covering what a major donor is so that your team is prepared to single out prospects, cultivate genuine relationships with them, and ultimately win their support.
Major donors are the individuals who contribute noteworthy or above-average gifts that have a substantial impact on nonprofit organizations. The level of giving that separates major donors from other donors varies from organization to organization, so there’s no universal threshold for what constitutes a major gift.
Major donors can be anyone from all different walks of life. They can be parents, grandparents, aunts and uncles, teachers, neighbors, and friends. That’s why nonprofits must conduct prospect research—“the process of gathering and analyzing information about potential major donors to understand their ability to give and cultivate strong relationships with them,” according to Insightful Philanthropy.
Prospect research enables nonprofits to identify major donors and make data-backed outreach decisions that are more likely to secure the individual’s support. After all, the one primary characteristic all major donors have in common is that they want to make a significant impact on the lives of others through an organization they believe in. Effective prospect research helps you identify those individuals and demonstrate to them that you’re the organization they’re looking for.
Identifying prospective major donors can be challenging and time-consuming. However, organizations that invest adequate time in donor research and prospecting will often reap the rewards of increased funding.
Here are some proven methods for identifying potential major donors:
After pinpointing the individuals most likely to make a major gift, you can segment them according to shared characteristics for an even more detailed perspective. For example, group together major giving prospects who have donated to similar organizations and those who have volunteered for similar causes.
Once you’ve identified prospective major donors, refrain from jumping straight into solicitation. Prospects, especially those who weren’t previously connected to your organization, want to get to know your organization before committing to some level of involvement. Spend ample time in the cultivation stage, which involves educating prospects on your mission and goals and inspiring them to become part of your efforts.
Key cultivation strategies include:
Above all, remember to be transparent in your cultivation efforts. Prospects need to know that they can trust your nonprofit before they’re ready to commit to a gift. Developing this trust will pay off in the long term, resulting in long-lasting donor relationships.
Your official ask should be direct, specifying the amount you’re asking for and what program the gift would support. Explain why the gift is necessary and what your nonprofit could accomplish with it.
Don’t look at solicitation as the last step in your donor acquisition efforts. No matter how the prospect responds, the end goal is to maintain a relationship with them long after your solicitation. Here are a few ways you can continue setting up your ask for future solicitations:
The most important approach you can take to solicitation is a methodical one. Campaigns for major gifts take a lot of time and patience. Initiate each solicitation with the expectation that it may take some time and diligence.
Let’s examine the tools your nonprofit can use to streamline its efforts throughout the major donor identification and acquisition process.
Start by using prospect research tools to identify major donors. These tools help you learn more about prospective and existing donors so you can deepen your relationships with them and secure their support.
There are numerous types of prospect research tools you can invest in, like:
Depending on your nonprofit's prospect research needs, you may use a combination of these tools or find just one useful.
As you learn more about your prospects, use donor management software to organize data about them and get a fuller picture of each individual. This software allows nonprofits to quickly and easily separate large donors from small donors and to use data to personalize communications to them.
Keela is one example of a donor management solution designed for nonprofit organizations. This software can track donor interactions, analyze giving trends, and even automate personalized communications.
When the major gifts start rolling in, you’ll need a platform that can effectively track and manage those funds.
Aplos offers a nonprofit accounting solution that makes it easy and efficient to manage donations of all giving levels. Track donors and donations, improve engagement and retention, streamline your fundraising efforts, and much more.
Before drafting any solicitations for major gifts, use your data to make informed decisions about the best ways to cultivate high-value donors. With strategic research and the right technology, your nonprofit will be better positioned to successfully identify and acquire major donors.
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Copyright © 2024 Aplos Software, LLC. All rights reserved.
Aplos partners with Stripe Payments Company for money transmission services and account services with funds held at Fifth Third Bank N.A., Member FDIC.