You know who your biggest donors are. But your ‘BIGGEST’ donors are not necessarily your ‘BEST’ donors.
Before I break down the difference between your BIGGEST and your BEST donors, you first have to accept a very important premise.
Fundraising is not all about money.
Once you understand… Once you believe it to be true, you will see you donors in a whole new light and redefine how you invest in your own fundraising efforts.
In this new reality, in the new norm, your BEST donor will have CPRS characteristics.
Let's look at them one by one.
1. Connectivity - con·nec·tiv·i·ty ‘the state or extent of being connected or interconnected.’
Some donors are just donors. They give you a donation and that’s it. But when you have a donor that is a connector, you are opening up a new world of potential for your organization.
Connectivity is based on a donor’s ability to connect us with others who can become donors. A good connector is beyond valuable.
Connectivity is simply a measure of how connected, willing and able a donor is to influence others to give.
The new norm, in this generation, whether you like it or not, is a world that is interconnected, built on social networks, powered by word of mouth.
Your ability to connect to key players in any network will determine your funding success moving forward.
Your donor may give you $10K, but if he connects you with his people who can give an additional $100K, then he is really a 10X more valuable donor.
2. Potential - po·ten·tial ‘latent qualities or abilities that may be developed and lead to future success or usefulness.‘
The new norm for our donors is they can become very wealthy within a shorter space of time than ever before. They can sell off businesses, inherit large sums or act as a trustee for someone else's money.
The old definition of potential was the difference between what he gives now and what he could give now.
But now, beyond what a donor gives you (and what he could give you), take into account the future potential of this donor, his work/business reality, his family situation or age.
3. Responsiveness - re·spon·sive·ness ‘the quality of reacting quickly and positively.’
There is no question that it’s harder to connect with our donors than it was five or 10 years ago.
That being the reality, a donors’ level of responsiveness to your communications is now a key measure of how valuable he is as a donor.
How responsive is he to your emails/texts/calls? Does he respond or not? How difficult is it to get to see him, to reach him to make a solicitation, or to collect on a pledge?
Some of our biggest donors can be the least responsive, which makes our efforts to bring stability to our organization more challenging.
Re look at your donors with a new lens of responsiveness. Invest more efforts with more responsive donors.
4. Stickiness - stick·i.ness ‘attracting a long visit or repeat visits from users’
For sure the size of your donor’s donation makes him more or less important to your organization. But a key measure alongside this is to take into account the donor’s lifetime value.
This is your donor's stickiness.
For example - A guy who gave you a one-off gift of $50K is valuable. But consider a guy who gives you $20K for the next 20 years is eight times as valuable!
How much is this donor going to be there for you tomorrow and the year after?
We can measure stickiness by his giving history to us or to others. If we are to give a value to a donor, we must weigh in stickiness together with size.
When we invest time with a donor, ask yourself - How sticky is he? Invest the most time with your sticky donors and least with the less stick ones.
The Donor Qualifier™ Tool
Based on these four measures, I’d like to share with you The ‘Donor Qualifier™ Tool. It will give you a clear base to redefine who you need to be investing your time into.
It uses these four simple measures to give a value to each of your donors.
Use the Donor Qualifier™ to identify your ‘Best Donors’. With this value you can more simply prioritize your BEST donors and the efforts you'll make.
This shift in perspective should be a game changer in your fundraising efforts and success.