This fall, I and my Getting to Giving colleagues were invited to put on a seminar about fundraising for Harvard Business School alumni. We began developing what we hoped would be an inspiring and value-added daylong seminar for people who were very involved in philanthropy, in one capacity or another. The response to the seminar invitation was encouraging, and some alumni brought along directors of nonprofit organizations they supported.
We decided that a session on fundraising myths could be informative and interesting. In a pre-seminar survey of participants, we asked them about myths and truths that they had been taught and/or experienced. Interesting result: many things appeared on both lists! One example: “Fundraising is fun.” Another example: “Fundraising is easy.”
We brainstormed our own list of myths and truths. We too discovered some ambiguity. Much depended on the situation. What was most important for fundraising leaders was to know what questions to ask themselves about each dimension of their efforts: getting started, first encounter with a prospect, courtship, the ask, and stewardship. The conclusion: Yup, not as clear cut as one might think, just as our seminar participants had signaled.
The result is presented below as a handy table. It offers assessment of myths and truths and – most importantly – the questions to ask yourself at each step of the fundraising process.
Some of these myths have been and will be elaborated on in other blogs. No surprise that you will to see an “on the other hand” or two there.
What is your experience with “myths” and “truths?”
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“Myth” |
“Truth” |
Critical Questions |
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Getting Started |
Everyone’s a prospect |
Not everyone’s a prospect |
How do you identify your prospects? |
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It’s all about the money |
It’s about time, talent, networks… and money |
What do you want/need from them? |
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It’s all about the pyramid |
It’s all about the fundraising strategy |
What fundraising strategy is right for you? |
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Volunteers are selfless |
Volunteers have wants/needs too |
What motivates your volunteers? |
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Onward, Lone Ranger! |
It takes a village |
What support do you get (or need)? |
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I can’t do it! |
You can do it!!! |
Do you like fundraising? Are you good at it? |
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First encounter |
Cold calls work fine |
Preparation is key |
Can you be effective going in cold? |
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Give them a document/your pitch |
Socratic selling works best |
How do you approach the first meeting? |
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It has to be a friend |
Have to go beyond “the usual suspects” |
Is it easier to approach a friend or a stranger? |
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Be yourself |
Find your comfort zone but also “read” the prospect |
Is it easy to “be yourself” when approaching someone? |
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They will expect reciprocity |
They may… or may not |
Is fundraising a “quid pro quo” thing? |
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Courtship |
It’s all about the money |
It’s about mission, money and message |
Will you take any gift? What’s your elevator pitch? |
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It’s all about the relationship |
It’s fundraising, not friend raising |
How important is your relationship with the prospect? |
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All donors want recognition |
Donors have different motivations |
What motivates your donors? |
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You have to be number one on their list |
Find your place in their priorities |
How important do you expect your cause to be for the prospect? |
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There’s one decision maker |
There are lots of influencers |
How important are the people around the prospect? |
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People don’t really want to give |
Most people want to give, but may not know how |
Do most people want and know how to give? |
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The ask |
It’s one decisive moment |
It builds over time, and may take more than one try |
How do you define “the ask?” |
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Everyone wants a number |
Explain what you need; let them, decide |
Is it better to be general or specific about the number? |
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Donors want top leadership attention |
Sometimes, but not always |
Who is the best person to make the ask? |
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I can’t ask for more than I give |
It’s important to give something, to show commitment |
Do prospects have expectations about your giving level? |
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It’s over when they say “yes” |
Gift agreements are important |
Are you involved in setting the terms of gift agreements? |
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Stewardship |
They give, they’re gone |
It’s a long term relationship |
What kind of ongoing contact do you have with donors? |
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They say no, they’re gone |
Sometimes “no” means “not now” |
Do you stay in touch with people who decline to give? |