Sunday, May 17, 2015

No idea where to start interacting with your prospects?

"I have to start raising funds from individuals in a country where HNWIs have a very poorly developed culture of giving.

"...We have no idea where to start interacting with our prospects"


This message could have come from any number of schools and universities that I know of and, I suspect, a large number of other nonprofits. It has certainly been true of several organizations where I have worked either as a manager or a consultant. I've seen the problem, heard the challenge and felt the anxiety. Or you might say "Been there, done that and bought the T-shirt!"

In my experience there is a simple solution. Get out there and start talking to these HNWI prospects. It's not as difficult as you might think. The second part of this reader's problem – "a very poorly developed culture of giving" – could be precisely the hook on which to start the conversation.

The process starts as with almost all fundraising by identifying and researching the people whom you want to go and meet with. The criteria that you used to identify such people will vary according to your situation. However, in some way it will be related to their capacity to give (not just money but also experience and networks) and the strength of their connection to your institution or cause[1]. Writing this causes me to hope you are reflecting on the importance of fundraisers or someone on your fundraising team doing proper prospect research.

Having identified and qualified a list of prospects with whom you have some connection then the message I suggest you send them goes something like this:

Dear Name

You are one of our most significant supporters/friends/alumni and we are very proud of our connection with you. We know we haven't spoken with you a lot in recent times and now we would like to do so with a very specific purpose.

You, I am sure are aware, that institutions such as ours thrive, grow and make a difference in the community because of the support we receive from many quarters.

However, we recognize that one area where we have a challenge is that we have a very poorly developed culture of asking for gifts.

The purpose of this letter is to ask if we can come and talk with you to get your advice on how we might begin to approach this challenge. We feel that because of your experience and success in your field you will have faced similar challenges and will have a great deal of wisdom to offer us.

I will telephone your office sometime next week to see if I can arrange a time when we can meet you.

Yours sincerely

Of course the actual wording of such a letter will vary with your specific situation. However, the basic structure suggested above is:


  • One or more opening factual statements showing that you identify with the reader.  Put yourself in their shoes. What is true about them and what is important to them enough that they will continue to read the letter?
  • A short phrase summarizing your mission or case for support.
  • State the specific problem (note the re-frame as “asking” not “giving”. Us not “them”).
  • A request for their advice (remember the fundraising adage, "Ask someone for money and they will give you advice. Ask them for advice, and they will give you money")
  • Timeframe and an indication that you intend to follow this with an action.

Then, do follow-up. Make a time to go and talk. When you do have the conversation remember another important piece of fundraising wisdom: "you have two ears and one mouth - use them in that ratio!" You will learn more and develop a better rapport by listening. 

Ask them what they think about you. How well do they think you are performing? What could you do differently? What would they do in your shoes? Who else do they know who it would be worth having a similar conversation with?

Then you will exit by saying “Thank you for those important suggestions. I will keep you up-to-date on our progress and, if I may, come back and bounce a few ideas of you at some other time.”

Of course, this is only the start of a relationship. However, you will have broken the ice. In all likelihood, you will come away having gleaned some valuable nuggets of information about the prospects, her interests, values, and connections.

This first interaction should only be the beginning of a series of interactions which you will use to bring that person closer and closer to what your organization does. If you treat their ideas and connections with respect you will undoubtedly when their support and that of others like them.

In another blog, I will suggest some ideas on how to continue to bring major prospects closer and closer.



[1] Your target here will be someone who is one of the “wealthy, wise and well connected”.

No comments:

Post a Comment