Welcome to FastDecisions.org
Welcome to FastDecisions.org

7.5 Steps of Fundraising

Problem: Fundraisers may miss steps, leading to weaker donor relationships and fewer contributions.

Solution: Follow the 7.5 Steps of Fundraising to connect, engage, ask, thank, and grow with donors, building lasting support and maximizing impact through structured, meaningful interactions.

Intro:

This streamlined seven-step process allows fundraisers to diagnose issues and optimize their approach across all levels of donor engagement. Below are the key stages, along with an additional optional strategy development step.

Tool:

  • 1. Prospecting
    • Objective: Identify potential donors. Segment and identify prospects who show potential for major contributions, particularly those capable of making transformative gifts.
    • Action: Create a list of people who could support your cause.
    • Key Principle: Begin with known connections. Later chapters will cover how to effectively build a prospect list.
  • 2. Qualifying
    • Objective: Establish mutual interest. Tailor interactions and communication according to each prospect’s interests and history with the organization. Select the most effective team members to engage with each prospect, managing all interactions and planning "moves" to build the relationship.
    • Action: Confirm that both you and the donor have a genuine interest in the partnership. Continue to cultivate the relationship through well-planned engagements and gradually advance toward asking for a gift when the time is right.
    • Criteria: Qualification involves assessing both the donor’s interest and their capacity to give, prioritizing those with high potential.
  • 2.5. Strategizing (Optional Step for Major Donors)
    • Objective: Develop personalized approaches for key donors.
    • Context: Primarily used in individualized, major, or planned gift work, where tailored strategies maximize donor impact.
    • Tactic: Schedule approximately one interaction (or "move") per month, with at least 4-5 of these meetings held in person each year. The goal of each move is to deepen the donor’s connection and engagement with the organization. The MGO is responsible for managing the donor relationship. This includes devising strategies, tracking relationship progress, planning interactions, and adjusting the approach as needed to strengthen donor engagement.
      • Each move should be designed with both a best possible outcome and a minimum acceptable outcome.
      • Develop a sequence of 5-10 planned moves per prospect, implementing and regularly reviewing progress to refine the strategy over time.
      • Maintain detailed files for each target prospect, noting their natural partners and primary player. Mystique Database
    • Note: Typically unnecessary for annual or mid-level giving efforts.
  • 4. Asking
    • Objective: Secure a donation commitment.
    • Considerations: Timing, wording, and specific asks vary by situation.
      • Determine a precise donation request, as prospects respond best to specific amounts rather than open-ended or broad ranges.
      • Approach the prospect in a location where they feel most comfortable.
      • Allow intuition and experience to guide timing, training solicitors to recognize signals of donor readiness and commitment.
    • Reminder: While critical, the ask is only one part of the process. Success depends equally on preparation and follow-up.
  • 5. Getting Commitments
    • Objective: Ensure donor commitments are honored.
    • Ethical Focus: This step involves stewarding promises to maintain integrity and build trust. In other words, promising something is an issue of integrity. Treat it as such. Following through on promises is key to fostering trust.
    • Partnership Role: Stewardship is not just about receiving funds but ensuring that gifts have the intended impact, reinforcing a genuine partnership.
  • 6. Saying Thank You (‣)
    • Objective: Express gratitude meaningfully.
    • Importance: Thoughtful thank-you practices significantly boost donor retention and foster a culture of gratitude, which is essential for fundraisers.
    • Mindset: Acknowledgment isn’t merely a task; it embodies gratitude and appreciation, sustaining fundraisers through challenges and rejections.
  • 7. Following Up
    • Objective: Reinforce donor trust by sharing the impact of their gift.
    • Method: Engage donors with stories of success and updates, showcasing the effectiveness of their support.
    • Retention Benefit: Consistent follow-up strengthens donor loyalty and lifetime value, turning one-time donors into long-term advocates.
  • 8. Upgrading
    • Objective: Deepen donor commitment and inspire greater engagement.
    • Focus: Cultivate donors to become advocates and ambassadors who introduce others and increase their own giving over time.
    • Perspective: Upgrading emphasizes meaningful donor involvement, aligning their investment with their personal values and aspirations.