Cultivating a prospect’s interest and passion for a cause is only half the journey toward securing a major gift. To ensure you make the most of this critical opportunity, several strategic steps must be taken, and meticulous preparation is paramount.
1. Priming the Ask: Seek Permission
Before proceeding with the actual ask, it’s wise to “prime the ask.” This entails requesting the prospect’s consent to discuss a significant contribution:
“Your unwavering support for the Mumford University Entrepreneurship Center has been truly remarkable. May we schedule a meeting to explore a gift that could have a profound impact on the center’s future?”
The response you receive offers valuable insight into the prospect’s readiness to support your university. If they agree to a meeting, establish a follow-up timeline to maintain momentum.
2. The Real Ask: Setting the Stage
The real ask is the moment when the fundraiser proposes a gift amount slightly higher than what the donor might initially consider. This sets the bar for a substantial contribution that aligns with the donor’s philanthropic aspirations:
“Jeff, recognizing your appreciation for the entrepreneurship center’s potential impact on Mumford University’s future, could we contemplate a gift of $250,000 to name the maker space?”
Once the figure is presented, it’s crucial to vividly illustrate the gift’s significance. Prepare a proposal document to support your pitch, offering an array of gift options with varying impact levels, including both an ambitious stretch amount and a sum within the prospect’s reach.
3. Handling Objections: Overcoming Hurdles
In many cases, objections will arise, such as concerns about the gift amount, timing, or financial constraints. To address these objections effectively, employ these techniques:
- Evoke Emotions: “A $500,000 contribution will endow the attendance of ten student leaders at the Grace Hopper Conference each year, a transformative experience for their careers. Your support can ensure all deserving students benefit, just as you did, kickstarting your own career.”
- Detail Impact: “A $1 million gift is essential to fund the Director position for Mumford Women in Engineering. This level secures an annual endowed fund of $50,000, attracting high-caliber candidates. A smaller gift may compromise the quality of candidates and the program’s success.”
- Emphasize Legacy: “You’ve expressed a desire for a lasting tribute to Professor Andrew Johnson, your mentor who left an indelible mark on your college journey. To establish a meaningful legacy, we begin at a $100,000 endowment level, ensuring Professor Johnson’s name resonates eternally at our institution.”
- Leverage Naming Opportunities: “Naming the Mumford Campus Center Auditorium at $500,000 ensures maximum exposure, as all major university events take place there. While other naming opportunities are available for less, none offer the same prominence and prestige.”
If emphasizing impact doesn’t resolve the issue and the gift amount remains a concern, explore alternative methods, like multi-year pledges:
“I understand that this figure may seem substantial. However, to achieve our program’s objectives and create the impact we envision, this level is necessary. Would you consider making the full gift with payments spread over five years?”
4. The Wrap-Up: Confirm and Follow Up
Following negotiations, the prospect may respond with a yes, a no, or a request for time to deliberate. In the latter case, ensure you establish a follow-up date. During this follow-up, consider implementing one of these “9 Strategies to Motivate Prospects to Make Major Gifts.”
In essence, the key to securing a major gift lies in meticulous planning and the ability to convey an inspiring narrative that vividly illustrates the gift’s potential impact.
After a prospect has been properly cultivated towards an area of interest, it is essential that a strategy is in place to maximize the major gift opportunity. To accomplish this, there are several activities that must take place and is important that you are well prepared.
Priming the Ask
Before making the real ask, it is good to first “prime the ask.” To prime the ask, you are essentially asking the prospect for permission to make the real ask.
You have been a great volunteer and supporter of the Mumford University Entrepreneuship Center. Can we talk at our next meeting about a gift that will have significant impact on the center?
The answer you get back will give an excellent picture of where the prospect is in terms of supporting your university. If they agree to a next meeting, make sure to a put a timeline on when you will follow up.
The Real Ask
This real ask is when the fundraiser presents the prospect with a gift amount that is a slightly higher than the donor may be able to accomplish. By doing this, the bar is set for a significant gift that would accomplish the donor’s philanthropic goals.
Jeff, we are glad that you see the importance of the entrepreneurship center and what it will do for the future of Mumford University. Would you consider a gift of $250,000 to name the maker space?
After letting the prospect know the number, it is important to paint a clear picture of the gifts impact. It is helpful to bring an accompanying proposal document that backs up your pitch on why this amount will reach the desired goals. The proposal can also utilize an options list with different gift amounts that detail what each level will accomplish. The options should include both a large stretch amount and an amount in the range where the prospect is able to make a gift.
The Response
If the prospect immediately says yes, that is great, but this means the ask may have been too low. In most cases though, you will get an objection from the donor stating:
- The gift amount is too high
- Now is not a good time
- They have to talk it over with their spouse
- They are putting children through college and they are cash strapped
- They are waiting on an economic up turn
To combat these objections, your first option should be to reiterate the gifts impact. Below are four techniques that can be used to help reinforce the impact:
Tap into the Donor’s Emotions:
“The $500,000 will create an endowment that will fund all ten student leaders to attend the Grace Hopper Conference each year. Anything less would leave some students out of this amazing experience that will help their careers. You had stated previously that this conference helped you get your first job. We want that same opportunity for all these students.”
Detail the Exact Impact:
“We are asking for $1 million because this is the amount needed to fund the Director position within the Mumford Women in Engineering Program. This level will produce yearly endowed funds of $50,000 for a salary range that would allow us to bring in a quality candidate. With a lesser gift, the pool of candidates will not be as good. If we want this program to be a success, we need your support at this level.”
Reinforce the Legacy:
“You have stated that you want this scholarship to be a permanent legacy in honor of Professor Andrew Johnson. Professor Johnson was the faculty member that mentored you and left a lasting impression on your college experience. To accomplish this legacy, the gift must be endowed and our endowment level starts at $100,000. With an endowment, Professor Johnson’s name would be forever known at this school.”
Naming Opportunities for Exposure:
“$500,000 is the amount to name the Mumford Campus Center Auditorium. This space will give you maximum exposure because every marque event at the university takes place at the auditorium. For a lesser amount there are namings such as the Student-Alumni Lounge, but they won’t have this level of exposure and importance attached to them.”
If stressing the impact is not the solution and the problem is too high of a gift amount, you can discuss alternative ways to make the gift. This is where you can explore options such as pledging the gift over multiple years:
“I understand that this amount is a large number. But to have the impact we want and accomplish our goals for this program, this is the level that we would need. Would you be willing to make the full gift but with payments over five years?”
The Wrap Up
After negotiating, the prospect will either give you a yes, a no or say they have to think about it. If they have to think about it, make sure to confirm a date for when it is appropriate to follow-up. During this followup you can use one of these “9 Strategies to Motivate Prospects to Make Major Gifts.“
Overall the key to asking for a major gift is to make sure you have well prepared plan, and an inspirational story that details the gifts impact.
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