While annual giving creates the basis of sustainable fundraising, securing major gifts can be transformational. In this guide, we’ll take you through 7 steps to securing a major gift, from defining your goal through to stewarding your new donor.
STEP 1: Define what a major gift is for your organization
By nature, the term “major gift” is subjective (and it should be!). Each nonprofit will have a monetary level that defines a major gift appropriate for their organization and donor base.
Some questions to consider when determining your definition of a major gift are:
What are your organization’s existing levels of donations?
What is the capacity of your current donors and community?
How connected are you to potential new high capacity supporters?
What gift amount would have a significant impact on your organization?
Discuss this with your board, your development staff, and other key stakeholders to ensure you have alignment on your definition.
STEP 2: Identify your prospects
Use your donor management system (DMS) to pull lists and analyze your current supporters and prospects. Look at those who have historically given the most financially, and those who have given over the longest amount of time. Next assess the strength of your relationship with these top donors – are these people who you communicate with regularly? Or do you need to increase your cultivation and build a relationship? Create a list of your top 5-20 donors (or whatever number feels right for you) who you want to cultivate for a future major gift.
STEP 3: Build relationships
While you should cultivate relationships with all your donors throughout the year, this newly identified group of major donor prospects should receive special attention. If you haven’t already, call and thank them for their past support. Invite them to coffee to learn more about their interests, and why they give. Ask them to visit your facility to see your work in action. Send them research articles that support the work you are doing. Report back on how their gifts have made a difference, telling specific stories of impact. Consider asking if they will give a match for your end-of-year appeal. Build trust and connection through communication and dialogue that is centered on the donor, not your organization.
STEP 4: Map out your plan for the ask
Now that you’ve developed authentic relationships with your major donor prospects, you can design an ask that speaks to their interests and passions. As you decide what the right ask is for each person, make sure you can articulate why their support is needed, how it aligns with their personal values (not your strategic plan), and how their gift will make an impact. Your plan should include who will make the ask - who does the donor connect with?
STEP 5: Set up a meeting
Picking up the phone, or sending this email, can be one of the hardest parts of the process. But it doesn’t have to be! Keep in mind that you are giving them an opportunity to make a difference, to be a part of a bigger cause. If you’ve done your homework from the steps above, they are ready to hear from you.
Reach out with a phone call or email, and be direct. Let them know you have an opportunity that you think will interest them and that you’d like to talk about their support. If you are asking a couple, include both people in the meeting request, and know who, from your perspective, is essential to attend.
The best result is an in-person meeting, but a scheduled phone call or virtual meeting works too.
STEP 6: Make the ask
Once you are in conversation with the donor, remember that want to do good and have an impact – it’s your job to ask so they can do that! Focus on the positive outcome that would be a result of their generous support. Conclude by asking for a specific number and then stay silent and let them speak. Don’t fill in the silence with apologies or additional explanations!
They may say yes, which is wonderful and deserves sincere gratitude. They may say no, yet be flattered they were asked. In that case, leave the door open for the future, and tell them you are grateful for what they have already done, their time, and their interest. They may have questions – if you don’t have the answers, let them know you will get back to them soon. Questions, or push back, can ultimately be a way to build their confidence as you share information about your organization.
STEP 7: Thank, recognize, and report
Immediately following every meeting, send a thank you. If a gift is secured, make sure a gift or pledge form is created and that they are generously and personally thanked. If you plan on publicly recognizing the gift, make sure you ask your donor beforehand!
A major gift is not the end, but the beginning! Your job now is to report back to the donor on the wonderful and tangible impact of their gift, to ask for their advice and feedback when appropriate, and to most importantly stay in touch.