ARTICLE
The True Key To Unlocking Giving Is Generosity
Rethinking Wealth Screening To Find Generous Donors
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Updated - 03/26/2024
In the world of fundraising, it’s common practice to prioritize prospects based on their wealth. Wealth screening has traditionally been a go-to method for identifying potential major donors, but it overlooks the essential factor that determines a person’s likelihood to give: Generosity.
Generosity is the heart of fundraising
Just because someone is wealthy doesn’t automatically mean they’re generous. But generosity is the key to unlocking the funds you need to propel your mission forward, and finding donors who have both wealth AND generosity is the secret to successful fundraising.
This article will show you how to identify the right donors to focus on, how to nurture them, and how savvy fundraisers can find them in their existing data.
Identifying the anatomy of generous donors
A generous donor embodies a trifecta of qualities: they’re ready, willing, and able to give.
READY signifies an active and engaged connection with your cause—an individual attending events, responding to communications, or even dedicating time through volunteering, showcasing a palpable enthusiasm for your mission.
WILLING spotlights their history of financial support for your cause. These donors have already shown a commitment to your organization through their previous contributions, displaying a genuine belief in your mission through their financial contributions.
ABLE emphasizes their wealth—specifically their financial capacity—to contribute meaningfully. These individuals possess the resources or wealth necessary to make substantial donations that significantly impact your cause.
When you find someone who embodies the readiness, willingness, and ability to give, you’ve discovered a potent force for advancing your cause—a passionate supporter with the qualities to effect transformative change. And savvy fundraisers know that focusing on these donors first can unlock your fundraising potential with less effort.
But how do you spot generous donors, especially if you’re stuck using spreadsheets or outdated systems? That’s where Bloomerang comes in.
Bloomerang simplifies the process of pinpointing potential generous donors. Predictive Giving Insights, included at no additional cost, automatically analyzes every record in your database and then spotlights ideal donors without complicated steps or complex coding.
Predictive Giving Insights is comprised of two ratings: Engagement and Generosity. Together these two measures can give you a good idea of how they can contribute to your organization. And with a little nurturing, they can bloom into an even more valuable force that can move your mission forward.
Segmentation and personalization: The secret of savvy fundraisers
Categorizing your donors into segments and then tailoring your strategies and communications can maximize engagement, retention, and contributions. To make it easy, Bloomerang provides pre-built templates that let you segment and prioritize who to focus on with just a few clicks, so you don’t have to be a data expert. Segmentation and personalization are the secrets that savvy fundraisers use to amplify engagement, retention, and contributions, paving the way for personalized interactions that build stronger connections between donors and your cause.
But not everyone in your database is going to be ideal. And that’s okay. Categorizing your donors into segments like the ones below and then tailoring your strategies and communications to them can help you maximize engagement, retention, and contributions.
Effective fundraising often involves categorizing donors and tailoring strategies to suit different segments to unlock hidden potential. This can enhance engagement and contributions. Consider these four donor categories:
- Ideal Donors (High Generosity + High Engagement): Treat them like VIPs! They already love your cause and give generously. Prioritize them for meaningful updates, impactful projects, and major gift solicitations.
- Prospective Patrons (High Generosity + Low Engagement): They’re big givers, but the flame needs fanning. Find ways to ignite their passion. Invite them to volunteer events, share personalized impact stories, and offer opportunities for deeper involvement. You might witness a meteoric rise to Ideal Donor status.
- Passionate Champions (Low Generosity + High Engagement): These aren’t just donors; they’re your cheerleaders! Channel their enthusiasm by engaging them in advocacy, volunteer opportunities, and peer-to-peer fundraising. Their dedication can inspire others to contribute, and who knows, they might surprise you with a larger gift down the line.
- Disengaged Defectors (Low Generosity + Low Engagement): Don’t give up on them just yet. A heartfelt reconnection email, a personal update on their past contributions’ impact, or a simple “thank you” can ignite their connection. You might be surprised by how a touch of appreciation rekindles their support.
Remember, segmentation isn’t a one-time exercise. As your donors evolve, so should your strategy. By analyzing their behavior and adjusting your approach accordingly, you’ll unlock a world of fundraising possibilities.
Sticking with the same old approach might feel comfortable, but it comes at a hidden cost: missed opportunities.
Consider Bloomerang an investment in your fundraising efficiency—your own data-powered assistant, identifying the donors most likely to give generously and helping you prioritize your outreach. The results? Less time chasing cold leads, more resources for meaningful engagement, and ultimately, the unlocked potential to fuel your cause to new heights.
Take the first step in finding your most generous supporters
Take a step toward a more informed, generosity-focused fundraising strategy. By taking advantage of Bloomerang Predictive Giving Insights, included as part of your subscription, your organization can unlock the full fundraising potential of your data, shifting from broad prospecting to building meaningful connections with those most likely to support your cause significantly.
How does your organization find and steward generous donors? Let us know in the comments.
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