Not too lengthy in the past I become having a conversation with a pro fundraiser. This man or woman works with a big organization as a consultant. He informed me that a billionaire had despatched $1,000 to the nonprofit and that the CEO fast sent out a letter to the billionaire requesting $50,000.
My colleague was lamenting approximately how tons of a mistake this changed into, and I couldn’t agree more with the assessment.
Missing the Point
Although the CEO of the enterprise become excited whilst he noticed the $1,000 present from a high-profile billionaire, the last component he should have executed is to send an acknowledgment with an ask for more money. The reality is that the billionaire will possibly in no way donate to the agency again. The letter overlooked the entire point of development.
Donor Has the Money
The first thing that probable came to the mind of the CEO who despatched the letter turned into, this donor is a billionaire. He has the cash! While that is, of path correct, just because a person has the cash to offer on your organisation does no longer suggest they have the propensity to accomplish that. Think approximately it, why have to they supply for your organization? No one desires to supply money, even if they have a number of it, to every body and anyone. Additionally, millionaires and billionaires have a tendency to get hit up with requests all the time.
Many years in the past, I served as the CEO of a nonprofit company, and I’ve been for your shoes. I’ve had people that I’ve wanted to get to fund our group send GA Ducks Unlimited a test, and I’ve experienced the pleasure that comes from receiving one of those fundamental items. But, like my colleague, I might by no means have despatched the billionaire a letter inside the mail thanking him for the $1,000 and in the equal letter asking for extra cash!
Here’s what I could have finished:
Sent a customised thank you letter in the mail with a penned signature and perhaps a little notice. I might have expressed my gratitude for the gift and knowledgeable the billionaire donor what might happen together with his donation of $1,000.
I might were privy to the truth that the $1,000 gift might have been given for a large number of reasons, inclusive of a pal asked him to donate, or he come what may came throughout our organization. A in all likelihood purpose become that he became additionally “checking out” us with the $1,000 gift to see how a relationship should expand.
Therefore, I might have then followed up the letter in the mail (e-mail is high-quality, but the chances are that a letter that is personalized will get opened due to the fact human beings acquire too much e mail). My observe-up could had been a note, electronic mail or possibly even a private call to thank the donor.
I could have evolved a method to determine out how I should get a communique with him in individual. All the at the same time as, I might have been sending data and often hold in touch to start building awareness of our organization.
Once I had secured a personal assembly with the billionaire prospect, I would have gotten to recognize him. I could have asked about his historical past, hobbies, family, why he gave to our organization, different philanthropic pastimes, and many others. As CEO, I might have made it a point to examine as a whole lot as possible approximately the donor.
I would have recognized that learning the billionaire for my part was in all likelihood the most crucial hobby I could do because it was the introduction of a dating. I could have served as his liaison with our group and the paintings we do.
Once I understood his motivations and hobbies, it might had been only then that I might have considered beginning to see how we could interact him greater notably with our institution.