The First Step in Starting a Capital Campaign
Using Wealth Screenings to Start your Campaign Journey
When taking on the task of a capital campaign for your organization, knowing where to begin can be the most challenging part.
We know all of your donors are important to you. They’ve already shown that they care about your cause – and that is worth its weight in gold. But when it comes to budgeting and planning for the years ahead, some donors will be a more reliable source of revenue.
You might think a capital campaign begins when you start asking for major gifts, but a successful campaign actually begins long before. There are many important steps in the process of earning donations from major donors, but before you can begin asking for — and receiving — those donations, you must first identify who your major donors might be.
The fact is this: organizations that take the time to figure out who their strongest supporters are, are significantly increasing their odds of reaching ambitious fundraising goals.
Starting your capital campaign efforts with a wealth screening will give your organization the data it needs to successfully kick off your capital campaign.
Why Wealth Screenings?
A wealth screening is a tool used to reveal a donor's giving capacity by pulling donor records directly from national databases to reveal new wealth and philanthropic data specific to your donors. When you append your contact database with wealth attributes, you will know who within your list you should reach out to. You will also know how to spark their interest, and – most importantly – how to connect with their network to expand your reach.
The two key components as you screen a contact for wealth are capacity and intent. The best prospects have both components, not just one.
So now you’ve completed your wealth screening, and you have your data in hand. The next big question becomes: Now what? How do I use this valuable information to start my capital campaign?
Understanding your Donors and Prospects
When you are planning your capital campaign, you want to know: who your donors are, and the prospects most likely to give to your campaign. Ultimately, you want your donors who have both the capacity and the intent to give.
Make their intent – their willingness to give to your organization – the priority indicator. When you understand their intent, you will have an idea of what motivates them to give. When their motivation aligns with the mission of your capital campaign, they are more likely to give.
You can learn this information through your wealth screening by looking at past donations your donors have made, as well as other organizations they have donated to in the past that may have a similar mission to yours. This will give you a clearer picture of what donors are the most likely to give.
Make your Fundraising Goals Realistic.
The wealth screening will also give you data on your donors current giving history and their capacity to donate. Capacity can include both financial ability and willingness to invest their time. Knowing your donors’ capacity gives you a more accurate idea of how much you can raise. That helps you refine your fundraising goal, and helps you define the size of the prospect pool you need in order to reach your goal.
Refine your approach to your prospects
You can use the data from your wealth screening to tailor your approach to people in each segment of the donor pool. Your approach will include how much to ask for from each donor segment, as well as knowing who to approach for volunteer opportunities in your campaign.
The takeaway?
Getting started can feel like a challenging task, but focusing on your donors and understanding their connection and willingness to donate to your organization is a great place to start. Utilizing wealth screenings to get you started gives valuable insight into the mind of your prospects, and helps you make better decisions by providing relevant data.
By tailoring your specific approach to each donor, you can offer them the most meaningful opportunities for service in your capital campaign that will continue throughout the duration of your campaign.
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