Want to make more successful asks? Use the “four-right rule”: the right person asking the right prospect for the right amount at the right time.
At most nonprofits, the weakest part of their fundraising is in managing the ask. It’s important that all of those rights are considered when planning the ask.
- The right person can vary. Someone who knows the prospect may be a good choice, but not if they can’t actually get to an ask over their lips. A good strategy is to send two emissaries to prospect meetings, so one can focus on body language while the other does most of the talking.
- To find the right prospects, perform a wealth-capacity screen. We’re making sure the right prospect is somebody who has the wealth capacity to give the gift we’re thinking of as well as the interest to give the gift.
- Figure the right amount for the ask before your first meeting, because some prospects will want to cut to the chase. Building on wealth-capacity screening, our researchers perform an in-house review of dozens of resources to learn about prospects’ capacities and interests.
- The best time to make an ask is usually during the second meeting. Use the first to educate and inform and earn that second meeting. If the prospect brings new people like family members or financial advisors to the next meeting, you may have to bring them up to speed and ask for a third meeting. It’s usually a case of diminishing returns after that, however.
Many prospects want to be solicited by organizational leaders, like CEOs and board chairs, but these leaders often shy away from asking for money. Train them and your staff to build confidence through role playing.
When prospecting, give as much weight to frequency of past gifts as to size. Many wealthy long-time members of organizations have never made a major gift simply because they’ve never been asked. Just by belonging to an organization and agreeing to a meeting, top prospects are signaling they may be ready to make a major gift.
It’s not unusual to find donors with strong wealth capacity but a modest gift history. The challenge then becomes how to take a $50 member and move them toward a $100,000 ask.
When you make your ask, make sure to offer something in return, like a naming opportunity. Very few donors want to remain anonymous. Most care a great deal about recognition.
Want help building a major gift solicitation strategy for your organization? Start a conversation with Catapult Fundraising.