Effective major donor fundraisers come in all shapes, sizes, and personalities. They are extroverts and introverts. They are glib and more reserved.
Yet, successful ones tend to share three mindsets in common. And organizations that successfully fundraise from major donors make sure this mindset permeates their staff and board.
Mindset 1: A major donation is an exchange, not a gift.
There are two alternative ways of thinking about major donor work. Those who think about major gifts as a one-way transaction tend to do less well than those who start with an exchange mindset.
Those who think about it as a one-way transaction think:
- Asking for gifts is like asking for a favor
- I need to hit up my friends to secure donations.
Those who think of it as an exchange think:
- Asking for gifts is like asking for an investment.
- I want to invite my friends to participate in a wonderful opportunity to make a difference.
If the exchange mindset is followed, what do major donors get in exchange for their gift?
- A cause the donor believes in is furthered; the world is changed in a way they want
- The nonprofit can do more of the work that they plan to do
- The donor gets a boost in psychological well-being; it feels good
In some circumstances, donors may also get:
- A sense of community from meeting/interacting with other donors
- Recognition
Mindset 2: Relationships come first, not the gift.
While the lesson from mindset 1 is to think of donations as exchanges (not favors), the lesson of mindset 2 is to focus on the relationship, not the gift.
This may seem counter-intuitive given mindset 1. After all, if a donation is an exchange not a favor, why does the relationship matter?
It matters because people are more likely to enter into exchanges with those who:
- They like
- They have things in common with
- They perceive as caring about them, their views, etc.
- They perceive as authentic
This isn’t just true in the nonprofit world. The same four things would be true with regard to selling cars.
That doesn’t mean you want to ask like a car salesman. To the contrary, what you need to do is to genuinely start with the mindset that you are first building a relationship with someone and then asking them to enter into an exchange, rather than the other way around.
Of course, the relationship isn’t strictly between two people. The relationship between the donor and the organization is also critical. Donors are more likely to give if they feel a sense of community with regards to the organization.
Mindset 3: Listening as much as talking
If there is one skill-set that good major donor fundraisers have it is active listening.
While you need to be able to articulate a case, successful major donor fundraising first:
- Forms solid relationships, which requires listening
- Adapts the case to the specific interests of donors
When meeting with donors, whether to solicit, cultivate, or steward a relationship, major donor fundraisers should adopt the mantra “I will be talking less than half the time” in this meeting and then set out to achieve that by asking questions.