Sally Bagwell give her 4 top tips for looking after your philanthropists
Plenty of charities will dream of attracting - and keeping - a rich philanthropist.
Funding from government grants is down (as confirmed in this month’s figures from NCVO), while questions are rightly being asked about some traditional fundraising methods in light of recent tragedies. A wealthy benefactor, who believes in the cause and wants to see you succeed, has seldom looked so attractive.
But philanthropists aren’t found around every corner. Neither are they the right answer for every charity: if their interests don’t align closely enough with your mission, for example, it is better to let them find someone else, and to work with what you’ve got rather than getting dragged off course by the pursuit of money.
Nonetheless, there are plenty of people out their who are canny about their cash, and keen to achieve plenty of good with it. Here are 4 tips on keeping them engaged:
1. Talk to your prospective donors about the difference their contribution could make.
It isn’t just about your need for funding. Whether giving large or small amounts, philanthropists consistently say that their donations are substantially influenced by how the money will be used, and by evidence that the donation is having an impact. Rich donors in particular feel charities could do a better job on that score - and would give more if they felt that charities had upped their game.
2. If you find a philanthropist, get them involved.
Don’t assume they will stay passionate without opportunities to get involved with your work. Not all donors want to develop a deep relationship with a charity, but some are eager to act as a champion for the organisations they support, and often donors who give both time and money to an organisation make a greater financial contribution overall. In addition, higher income donors are more likely than other donors to volunteer valuable professional skills, or serve as a committee member or trustee. It is important get to know your donor: it won’t be for everyone, but they may be interested in many different ways to get involved.
3. Engage their networks too
Your high-value donors may be open to supporting causes about which friends, family and colleagues are passionate. This means that major donors with whom you forge relationships might be happy to go to their own networks - which could include friends, businesses and trusts and foundations - with a compelling fundraising offer. Be ready to support them in sharing their love of the cause.
4. Don’t get over-reliant on a small number of generous donors
A regular donation doesn’t imply an endless commitment. Big philanthropists can’t be a replacement for a robust, diversified funding strategy. Make sure you build in formal review points with any regular major donors: for example, it might be helpful to suggest a three-year commitment which can be reviewed, and hopefully extended for another grant period. Your donors should never be made to feel that their contribution is taken for granted, and neither should they feel tied to an eternal commitment. Rather, they should feel that they are choosing to support a thriving organisation.
Sally Bagwell is senior consultant at NPC
