6. Explain giving levels. Campaigns to raise money are usually on tiers. Your name might go on a plaque. You might get a room named after you. There are benefits to the donor. pell them out. Explain how the money can be paid in over time, often up to three years.
Prospecting: A money manager might need a minimum of a $100,000 investment. You need a few for style and size diversification. Mention a number. For people investing less money, mutual funds or ETFs might be the better route. Why is one better than another?
7. Ask for a specific amount. Don’t close with: “How much would you like to give?” or “What do you think?” Ask for a specific commitment, which can be paid off over time. Aim high. They should feel it’s flattering you think they can part with that amount. You are bearing in mind they will likely trade you down.
Prospecting: You intend for this to be a long-term relationship. You plan to deliver great service. You believe in the idea. Think big. Asking for a small investment might imply you aren’t confident it will work out.
8. Establish next steps. They might say: “Let me think about it.” Be respectful. Try to establish a timetable. “We are doing the press photo of major donors in four weeks. Can we talk again in two?”
Prospecting: If they want to think about it, how are you going to follow up? What makes it timely?
9. Thank them multiple times. One of the axioms in fundraising is you can never thank donors enough. Thank them verbally. Send a handwritten note when you get home. Let the board chairman and executive director know. They will likely send notes too. The institution will send a formal acknowledgement.
Prospecting: Congratulate them on making a good decision. Let them know what happens next. Get the onboarding and welcome process started.
10. Follow-up. Stay involved between the time you ask and the ribbon cutting on the completed project. Get them to the press photo shoot. Involve their spouse where possible. Confirm they are getting thanked each time another portion of their contribution is made. Get them into the “I’m liking this” frame of mind. Make them feel important.
Prospecting: Call when their money has been put to work. Call to review the first statement, either the paper or online version. Deliver on those quarterly and annual reviews you talked about. Let them know they are an important client.
You can see the similarities between charity fundraising and asking a friend to become a client. Because of your skillset, you should be good at both.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, Captivating the Wealthy Investor can be found on Amazon.