One Small Step for Fundraising: Best Practices Soliciting Major Donors with WealthEngine
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Slidedeck from the Idealist Consulting-WealthEngine webinar 4/30/14.
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One Small Step for Fundraising: Best Practices Soliciting Major Donors with WealthEngine
- 1. 1wealthengine.com wealthengine.com Soliciting Major Donors with WealthEngine April 30, 2014
- 2. 2wealthengine.com Introductions Danielle St. Germain-Gordon Director of Development Guthrie Theatre Minneapolis, MN Sally Boucher Director of Research WealthEngine Bethesda, MD sboucher@wealthengine.com
- 3. 3wealthengine.com WealthEngine Trusted By 20+ Years Experience 4,000+ Clients 120MM+ Households 10+ Terabytes 2,000+ Unique Attributes
- 4. 4wealthengine.com Our Services Smart Solutions to Support Your Strategy & Budget Data Services Analytics Services Marketing Services Direct Mail Email Campaigns Digital Wealth Screening Lifestyle Appends Prospecting Custom Models Segmentation Analysis Circle of Friends
- 6. 6wealthengine.com Best Practices in Soliciting Major Donors Through the lens of the donor cycle: Identification Qualification Discovery Cultivation Solicitation Stewardship
- 7. 7wealthengine.com Major Gift Thresholds 0 50 100 150 200 250 300 Average Minimum Major Gift Threshold Overall Average Minimum Major Gift size=$18,660
- 8. 8wealthengine.com Identification Identification Qualification DiscoveryCultivation Solicitation Who are my major gift prospects? Where/how can I find more prospects?
- 9. 9wealthengine.com Identification Best Practices Use a combination of methods to identify major gift prospects in your database Data mining Peer screening Data screening/wealth & lifestyle appends Find new prospects using all the tools at your disposal In the news Published donor lists Peer referrals Custom prospect lists
- 10. 10wealthengine.com Qualification Identification Qualification DiscoveryCultivation Solicitation Does this prospect meet my minimum criteria for a major gift prospect?
- 11. 11wealthengine.com Qualification Best Practices Find enough data to answer the question: “Is this a major gift prospect?” Capacity – can s/he make at least a gift of $X over 3-5 years? Affinity – Does s/he have some connection to our organization? Philanthropy – Has s/he indicated a philanthropic propensity by donating to our or other charitable organizations?
- 12. 12wealthengine.com Discovery Identification Qualification Discovery Cultivation Solicitation Does this prospect have the interest to further engage with our organization?
- 13. 13wealthengine.com Discovery Best Practices Ask for permission to speak with them: “Is this a good time?” Be open about who you are and what you do Ask open-ended questions Listen for cues of reluctance or interest If there is interest, make an appointment to visit face-to-face, or get permission to contact them at a later time If there is not interest, move on!
- 14. 14wealthengine.com Cultivation Identification Qualification DiscoveryCultivation Solicitation How can I move this prospect closer to our organization? What are his/her specific interests and passions?
- 15. 15wealthengine.com Cultivation Best Practices Identify organization touch points Learn the important “rights” Right time Right amount Right partners Right purpose
- 16. 16wealthengine.com Solicitation Identification Qualification DiscoveryCultivation Solicitation Ask for a specific gift amount for a specific purpose
- 17. 17wealthengine.com Solicitation Best Practices Make sure you have the decision makers present Prepare written/graphic materials as appropriate Ask for a specific amount for a specific purpose Don’t be first to speak after the ask Establish next steps
- 18. 18wealthengine.com Comments or Questions? Additional Resources: Join WealthEngine Institute @http://info.wealthengine.com/Institute.html Annual Giving Workbook Individual Giving Workbook Best Practices for Advocacy and Community Organizations