Do you know what the people who give you money want from you in return for their financial gift? For some its a simple thank you note. For others its to know their gift has lasting impact. For others, well, we don't know unless we ask them.
We asked three philanthropists who have collectively given more than $100 million to social profit organizations some questions about why they give, why they stop giving, and what advice they have for development staff. We had two men and one woman. Ages ranged from 40's to 70's. Here is what they had to say:
What causes you to make a financial gift?
* Emotion
* Personal connection
Why stop supporting an organization?
* Concerns about executive or board leadership
* Feel taken for granted and under appreciated
* Dont feel ongoing personal connection
* Individual giving priorities have changed
* Wasnt really connected to the mission in the first place, but rather gave initially because a friend was involved
How do you decide what size gift to make?
* The level of passion I have causes me to stretch
* Personal involvement
* The need has been articulated clearly ($_________ will do _________)
* The need and cost associated with that need are clear
Pitfalls of fundraisers
* They dont listen, they only go on about their organization. They need to listen and ask questions to learn about my priorities, passion and interests
Overall advice
* Make sure NEED has been explained fully
* Do homework, personalize and customize approach
* Create passion & find out what Im passionate about
* Provide tangible opportunities for a donor to fill a need
* Try different approaches
* Keep good donor records
* Know that not everyone is a fit or cares about your mission, even after you explain it to them. Be okay with letting them go but dont forget to ask if they know someone who would be interested
* Match the ASKER to the DONOR (especially in regards to larger gifts over $1k). The ASKER should have some sort of relationship with the DONOR and always have them accompanied by staff or board member who can speak to the mission and organization details.
Their answers may not surprise you. But will they cause YOU to take action and find out what YOUR supporters are thinking? I hope so.
