Above $1000: Ask Strings as Part of a Major Donor Fundraising Strategy
We’ve previously shown how donors prefer round numbers. The pattern holds true for major gift fundraising. The following chart of 43,617 donations above $1,000, compiled from annual fund results for 80 organizations, shows how much round numbers are preferred. When donors upgrade or down grade, they use certain round numbers and skip everything inbetween.
For gifts above $1,000 up to $20,000, eight preferred round numbers account for 75% of all the gifts, as we show here.
Our Recommended Ask String Table uses these round numbers.
Major donors have the biggest influence on your annual fund result. Keeping their renewal rate high is essential. Gradually increasing their gift amount makes a big difference to the overall results.
When they make those increases,they tend to be in big jumps. Don’t be afraid of using the above round numbers in your direct mail ask strings. If you ask a $1,000 donor to increase by 10% to $1,100, you are probably leaving money on the table. It is far more likely they will move up to $1,500 or $2,000. Percentage increases aren’t how people naturally think with they are considering a number.
Close attention should be paid to what you ask for from major gift donors.
For major givers with last gifts above $1,000 (smaller organizations) or $5,000 (large organizations) - or however you define major givers for your organization - different strategies are used by different non-profits. Here are some of them.
Customize the ask string based on your knowledge of their past giving or their capacity.
Ask for only one target amount.
Use no ask amount at all, just $________.
One risk with this method is that the donor will give less than she would have if asked for a specific amount. Use this method only in conjunction with a meeting or phone call in which you discuss the requested donation.
Or, use the suggested numbers from our Recommended Ask String Table.
In every case, check our Recommended Ask String Table when deciding the amount you ask. Using one of those numbers will be to your advantage.
Important! Whatever your major donor fundraising strategy, the key to renewing or upgrading major givers is a personal follow-up before or after the letter is received. Don’t let your major donor support slip due to inattention!
For more information on asking (for major gifts or otherwise) and donor stewardship, read the following posts:
We've got your back!
Five Maples helps fundraisers save time, raise more money and enjoy doing it!
Give us a call today for a free consultation.
Contact Sarah Gnerre, CFRE, VP of Philanthropy, at 1-802-387-3091 or sarahg@fivemaples.com!
