When segmenting your organization’s database to better utilize its giving potential by targeting your requests, there is one category you may elect to focus more attention on in this current atmosphere of uncertainty. Over and above the usual suspects of annual and monthly givers, special event attendees, business sponsors, and grant prospects, the executive director, development staff, and board members may wish to explore ways to capitalize on your organization’s Major Givers.
While this category may not be extensive initially, with consistent attention and follow-up, you could be surprised by how quickly your Major Giving pool can grow.
Step One: Determine at What Level a Gift Becomes Major
The denomination of a Major Gift is determined by an organization’s annual budget. For some, a $500 contribution is major, while for others, it is $5,000, $50,000, or higher. In all cases, it is based on the top 10% of contributions. Begin with that number and, in all cases, work to make that number higher. Once the level is established, the next step is to organize a Major Gifts Committee:
Step Two: Establish a Major Gifts Committee
Identify, cultivate, and recruit a Chair or Co-Chairs of the Committee. Candidates can be members of your organization’s board, a prominent donor who is enthusiastic about your mission, or a community leader who you would like to become involved with your organization in a significant way. It can be effective to seek Co-Chairs by recruiting a Chair and asking that person to identify and involve someone to work with them. That way, full responsibility for the success of the effort falls to two leaders, lending moral and hands-on support.
The Chair(s) then works with the Executive Director, Board members, and staff to identify, cultivate, and recruit between 5 and 8 additional members who should extend the organization’s reach to influential community leaders and philanthropic rock stars.
Step Three: Compile a List of Major Gift Prospects
Starting with current Major Donors, work with the Committee to identify potential Major Giver prospects to augment the list based on members’ existing relationships or access to potential Major Donors. Then, break that down into a manageable list of five top prospects for the initial approach.
Step Four: Develop Individual Cultivation Strategies
When the initial list of prospects is determined, the Committee works to develop individual strategies to cultivate and engage each prospect, essentially making each prospect a capital campaign of one. Determine the best possible contact, be it peer-to-peer, based on existing relationships, mutual interests, or individual access, and then develop individualized strategies of approach.
Once all top prospects have been cultivated and solicited, determine the next five for approach, possibly recruiting help from those who have committed, thereby widening the pool and further involving new donors on a deeper basis with your organization.
Pro Tip: Once this process has begun, keep it moving. Be sure Major Donors receive the attention they deserve to invite them to be active in your mission; allow them to be more than a contribution by making them Ambassadors and Advocates for your cause. Be sure to include them fully in your intimate family circle.
While all donors are important and must be acknowledged appropriately, Major Gifts has to be an elite giving level as most organizations with limited resources can only focus so much time on individualized attention. It makes sense to utilize that time to cultivate and involve those who can most directly advance your essential cause.