Fundraising is both a major priority and an enormous source of stress for nonprofit leaders. On our Talking Nonprofits with Teak Media videocast, Teak Founder and President Jackie Russell got some great insights into the world of fundraising from Meg George, Co-Founder and President of George Philanthropy Group.
Q: What’s one of the biggest challenges nonprofits face when trying to raise major gifts?
A: One of the primary challenges is articulating a bold yet achievable vision. It’s about getting everyone on the same page and having a shared understanding of the organization’s goals and priorities. Bringing leadership together to discuss and define the vision is essential.
Q: How important are relationships in the fundraising process?
A: Relationships are at the heart of fundraising. It’s not just about asking for money; it’s about building genuine connections with potential donors. The process involves qualifying donors, cultivating relationships based on their interests, making the solicitation, and stewarding gifts by thanking donors and reporting on outcomes.
Q: What daily actions should fundraisers be taking?
A: A key daily activity is reaching out to schedule meetings. The goal of these meetings is to listen and learn about people, not just to pitch. It’s about getting to know the donor and understanding what they care about.
Q: What’s the key to asking for more money effectively?
A: The key is to ask regularly and with a personalized approach. Tailor your ask to the donor’s capacity and affinity, and don’t be afraid to be ambitious. Nonprofits should think like businesses and deliver their messages effectively.
Q: Is it better to listen or pitch when meeting with potential donors?
A: It’s definitely better to listen. The initial stages should be focused on understanding the donor and their interests. The pitch comes later, after you’ve established a connection and know what resonates with them.
Q: What’s the ideal way to structure a fundraising request?
A: A good approach involves two parts. First, outline the organization’s biggest need and the problem you’re trying to solve. Second, make a specific ask that aligns with that need and the donor’s capacity and interests.
Q: What’s the fundraiser’s role in the process?
A: Fundraisers act as facilitators. They connect the donors with the organization’s needs. Their role is to bridge that gap and create meaningful partnerships.
Q: How do you balance a bold vision with a realistic goal?
A: It’s a delicate balance. You need to dream big but also be grounded in reality. For instance, with a food bank, you can have a bold vision of ending hunger in the city, but your immediate realistic goal might be to increase food donations by a certain percentage.
Q: What’s the most important piece of advice you’d give to someone new to fundraising?
A: Put people before the pitch. Focus on building relationships, follow a disciplined process, and be specific and proactive in asking for money. And most importantly, be patient; building strong relationships and achieving fundraising goals takes time.
You can find a link to the video version of this interview here.
