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The millionaire on your doorstep ~ the millionaire on your database. Do you know who these are? And if so, do you know how to engage with them effectively?
According to the Barclays Wealth UK Prosperity Map, there are around 625,000 millionaires in the UK today. Some of them will have an interest in your area of work and may already be major donors to good causes. Others will have set up charitable trusts to channel their giving tax effectively.
Identifying who these people are, what causes they are interested in and whether they are already on your database, is just the starting point in developing an effective major donor campaign.
We can help you with database analysis and prospect research to help you identify who you should be appealing to. On average, a typical charity’s support base contains around 1% - 2% of people who can be regarded as “high net worth individuals”, so the chances are you are in contact with such people, even if you do not know who they are. Very often, the opportunity is there waiting to be developed.
If working with major donors is new to your trustees and staff then we can support you in every aspect - from how to keep it legal at all times, to adopting best practice so that you develop long term relationships and lasting commitment. We can also help you devise your major gift strategy and provide training in "making the ask."
The ability of major donors to provide gifts for core operations, as well as capital appeals and project work, makes them an important element in a sustainable funding plan. However, depending on how well you already know them, it can take over a year to build links with major donors and so it is important to start this work early in your appeal plan.
All major gift work (as with any fundraising aimed at private individuals) needs to comply with the latest legislation on data protection, so your charity needs to ensure that its registration with the Information Commissioner’s Office is up to date and reflects your actual use of data. You also need to ensure that your information notice (privacy statement) is adequate and that you have donors’ consent to research their philanthropic interests and capacity to give. This is not as daunting as it sounds and we can advise on ensuring you are compliant with current legislation.
Certainly, the potential rewards from major gift fundraising are worth the time and effort invested in them, as this could become a whole new funding stream for your charity if you get it right.
If you are interested in exploring your major gift potential, please call us today on 01903 723519 for a free initial discussion.
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