At the heart of every solicitation is an ask – a request made of a prospective philanthropist to invest in your organization’s mission and impact. And while asking for money takes time and preparation, it need not be scary.
For more than 30 years, fundraising professionals at Latz & Company have been dissecting the “Anatomy of the Ask.” Through hundreds of personal solicitations, we have learned that there are some common themes and best practices that underpin every solicitation.
Below, Latz & Company is happy to share with you with you three elements of “asking” that should be deployed in every solicitation, no matter how big the gift, or how experienced the investor.
Preparation
It is imperative that every meeting, with every prospective contributor, is prepared for through robust prospect research. This means not only having a specific number in mind ahead of the meeting, but one that leverages wealth screening software to assess the investors capacity and propensity.
It is also essential that major gift officers not just plan for the meeting, but for the person in which they will be soliciting. This means having in mind certain ice breakers that are investor-centric, not just spur of the moment clichés; an understanding of what motivates the person philanthropically; and the input of others who may know the prospect personally.
The Ask
It goes without saying, that “the ask” is the most critical part of any given solicitation meeting.
With that said, it’s important to set yourself up for success by managing the expectations of the person sitting across from you. Meetings where the major gift officer candidly sets the agenda for the conversation and asks permission of the investor to solicit their help ahead of time, assures the investor that you are there to respect their time and perspective.
Remember, you are not attending the meeting to “convince” the investor of anything – rather, your goal is help the individual make a decision that is best for them and aligned with their philanthropic interests.
Once the agenda for the meeting is set and permission to “ask” is given, you should be prepared to tell a compelling story of your organization’s history, program model, vision for the future, and funding priorities. We firmly believe that a case for support presentation deck is a mandatory component of any given solicitation.
The Close
Going hand-in-hand with a major gift officers well-prepared ask, is a well-planned close. This part of the meeting, like the initial icebreaker, may require you to be adaptive – however, this does not mean improvised. Below, here are some examples of the types of ask you might prepare for based on both your prior expectations and real-time indicators of the meeting:
The “Ask to Fund a Specific Need” Close
The major gift officer asks the investor to fund a specific capital or programmatic need.
“Based on our conversation today and your expressed interest in our mission and vision, would you fund ____ need as part of the ____?”
The Leadership Close
“We ask that you, as a leader, make a gift commensurate with your role as a leader and based on how you’ve said we are a top priority for you. A leadership gift which we hope will inspire and motivate others.”
The Pyramid Close
We recommend memorizing your campaign pyramid as not to distract the investor with other giving levels when you make a specific ask for support.
“In order to fulfill our vision/accomplish our goal, we need X number of gifts; at a $100,000 we have W.”
“We need X number at $50,000; we have X.” “We need X number at $25,000; we have Y.”
“Finally, we need Z number at $10,000 will you be the _____?”
The First Time Investor Close
“We really appreciate your willingness to help...so, based on everything we’ve talked about today, where do you see yourself (show them an investor-friendly campaign or annual fund pyramid).”
The Big, Bold, Audacious Vision Close
“We have a big, audacious vision. The vision will impact ______. It is big, bold and audacious...so we are basing our ask/proposal on what it will take to fulfill the vision. As a result, we are being bold in our proposal. We need X number of gifts at the $____ level to make our vision a reality. Will you make a gift at that level?”
As you round out the close, its important to remember to give the investor space to process your request (silence is okay!). If you have done your job successfully, they will be quick to get to yes. And remember, when in doubt, the most important thing to do is to accomplish your one and only goal: to make an ask! It is critical in investor-relations that individuals leave solicitation meetings with a sense that, regardless of them saying yes or no, the ultimate goal of the meeting was accomplished – that being, an ask was made.
To learn more about how you can optimize your major gift solicitations, please contact Latz & Company professionals at: 888.949.LATZ (5289).