Starting with a clear definition helps ensure everyone is on the same page. When discussing major gifts for your library, the term can encompass a wide range of contributions. A major gift is a large donation that a library receives from an individual donor. The amount that constitutes a major gift varies by library, but for larger libraries it may be over $100,000, while smaller libraries may consider a gift of $1,000 or more to be major. Major gifts can be made in cash or as non-cash gifts, such as stocks, mutual funds, real estate, vehicles, or art. They can be used to fund specific projects, support general operations, or meet fundraising goals.
Why does my library need major gifts?
Your library needs major gifts because it helps you reach your goals faster. It also helps engage more people in a larger way. Usually, when libraries raise any goal amount, 60-70% of the total given comes from 12-16 donors. This is important because it helps to save you time and effort reaching out to hundreds of people for smaller gifts. It’s about working smarter here.
In addition, major gifts can help your library:
- Accelerate achievement of library goals
- Engage donors in a deeper and more meaningful way
- Increase efficiency and effectiveness in fundraising efforts
- Enable transformative projects and initiatives
- Strengthen long-term financial stability
- Enhance community visibility and prestige
- Foster a culture of philanthropy
How do I secure a major gift?
Securing major gifts can often seem like a daunting task filled with uncertainties. Here’s our suggested approach to successfully securing major gifts:
- Identify your major donors
To secure a major gift for your library, the first critical step is to identify your major donors. This process involves analyzing your current donor base to identify individuals or organizations with the potential to make substantial contributions. Look for patterns in giving history, such as consistent donations over the years or significant one-time gifts. Utilize donor management software or a simple spreadsheet to track these patterns and segment your donors accordingly. Additionally, consider the wealth indicators and philanthropic interests of potential donors, which can often be discerned through public records and social media simply by completing some brief research. By pinpointing the right prospects, you can focus your efforts on those most likely to support your library’s mission in a significant way.
- Cultivate your major donors
Once you've identified potential major donors, the next step is to cultivate these relationships. Cultivation involves engaging with your prospects to build a strong, personal connection. This can be achieved through personalized communication, such as tailored emails, phone calls, or handwritten notes, as well as inviting them to exclusive library events or tours. Share your library’s vision, successes, and the impact of their potential contribution, and listen to their interests and feedback. One rule of thumb to remember is, if you ask for money, you’ll get advice, if you ask for advice, you’ll get money. You can begin a relationship with a prospective donor by asking for their advice. The goal is to make them feel valued and integral to your library's success, because they are. Building a genuine relationship takes time and effort but is crucial in laying the groundwork for a successful major gift solicitation.
- Solicit your major donors
When it comes time to solicit your major donors, preparation and timing are key. Develop a compelling case for support that clearly outlines the need, the proposed solution, and the impact of the donation. Arrange a face-to-face meeting whenever possible, as this personal touch can significantly increase the likelihood of a positive response. Be direct yet respectful in your ask, specifying the amount and how it will be used to benefit the library and the community. Be prepared to answer questions and address any concerns the donor might have. A well-prepared solicitation that aligns with the donor’s interests and capacity can greatly enhance the chances of securing a major gift.
- Steward your major donor relationships
Stewardship is the ongoing process of nurturing and managing the relationship with your major donors after they have made a gift. This involves showing genuine appreciation and demonstrating the impact of their donation. Regularly update your donors on how their contributions are being used and the successes that result from their support. Personalized thank-you notes, recognition in library publications, and exclusive invitations to events can help maintain a strong connection. Effective stewardship ensures that donors feel valued and recognized, which can lead to continued support and potentially larger gifts in the future. By maintaining a consistent and heartfelt approach to stewardship, you cultivate long-term relationships that benefit both the donor and the library.
How many major gifts does my library need?
The approach to securing major gifts can vary, but it's wise for any library to start small and gradually scale up. Begin by aiming to acquire one or two major donors. After achieving this, take time to reflect on what strategies were successful and what could be improved. Additionally, once you have secured a major donor, ask if they can introduce you to others who might be interested in supporting your library. This reflective and incremental approach allows you to learn, adapt, and ultimately enhance your fundraising efforts more effectively.
How should you start a major gifts program?
Getting started is often the most challenging step. Here, we outline our recommended approach to launching a successful major gifts program.
- Agree as a leadership team that this is the right approach for your library
The foundation of a successful major gifts program begins with unified support from your library's leadership team. It's essential that everyone, from the board of directors to the executive staff, agrees that focusing on major gifts is the right approach. This consensus ensures that the program will receive the necessary resources, attention, and commitment. Engage in thorough discussions to highlight the potential benefits, such as increased financial stability and the ability to fund significant projects as we mentioned above. By achieving alignment, you lay a strong groundwork for collective effort and enthusiasm, which is crucial for the success of the program.
- Create a fundraising committee
Once the leadership team is on board, the next step is to establish a dedicated fundraising committee. This committee should consist of individuals with diverse skills and a passion for the library’s mission, including board members, community leaders, and experienced fundraisers. The committee’s role is to guide the major gifts program, providing strategic oversight and helping to identify and engage potential donors. Be sure to draft a brief role description when asking people to join the committee including the time commitment, length of commitment and goals of the committee. They can also assist in planning events, drafting communication materials, and ensuring accountability. A well-structured committee leverages collective expertise and networks, driving the program forward with a coordinated and informed approach.
- Identify your goals and outline the need
With a committed leadership team and a fundraising committee in place, it's time to clearly identify your goals and outline the specific needs of your library. Set realistic, measurable targets for the amount you aim to raise and how these funds will be utilized. This might include expanding facilities, launching new programs, or enhancing existing services. Articulate the urgency and importance of these needs, showing how they align with the library's mission and benefit the community. Clearly explain what happens if your need is not met. Clear goals provide direction and purpose, helping to inspire both your team and potential donors to support your vision.
- Create a mini case statement or one page overview that explains your need
To effectively communicate your library's needs, develop a concise and compelling mini case statement or one-page overview. This document should succinctly explain the purpose of your major gifts program, the specific needs you aim to address, and the impact of potential donations. Use engaging language and visuals to illustrate the benefits of giving, making the case as relatable and persuasive as possible. This overview serves as a key tool in your fundraising efforts, providing a clear and attractive summary that can be shared with prospective donors, stakeholders, and the wider community.
- Create customized letters for each prospect
Personalization is crucial in major gifts fundraising. Craft customized letters for each prospect, addressing their specific interests and past contributions, if applicable. These letters should acknowledge the prospect’s unique connection to the library and outline how their support can make a significant difference. Don’t forget to include a specific ask amount in your letter. Highlighting specific projects or initiatives that align with their values can make your appeal more compelling. A well-crafted, personalized letter demonstrates your respect for the prospect’s individuality and can greatly increase the likelihood of a positive response.
- Create a connection strategy
Building strong relationships with potential major donors requires a well-thought-out connection strategy. This involves identifying the best ways to engage each prospect, whether through personal meetings, phone calls, events, or other forms of communication. Consider their preferences and past interactions with the library. Develop a timeline and action plan for regular touch points to keep them informed and involved. The goal is to build trust and rapport, ensuring that donors feel valued and connected to the library’s mission. A strategic, personalized approach helps to deepen these relationships, paving the way for meaningful contributions.
- Implement stewardship plan
Stewardship is the ongoing process of managing donor relationships after a gift has been made. Implementing a thorough stewardship plan ensures that your donors feel appreciated and see the impact of their contributions. This plan should include regular updates, personalized thank-you notes, recognition in library publications, and invitations to special events. Tailor your communication to each donor’s preferences, ensuring they feel continuously valued. Effective stewardship not only acknowledges the generosity of donors but also fosters long-term loyalty and encourages future gifts.
- Identify your successes and opportunity areas
As your major gifts program progresses, it’s important to continuously evaluate and reflect on your successes and areas for improvement. Regularly review your goals and outcomes, assessing which strategies have been most effective and why. Celebrate and document your successes to motivate your team and build momentum. At the same time, identify any challenges or missed opportunities, and adapt your approach accordingly. Continuous evaluation and learning enable you to refine your strategies, ensuring the long-term sustainability and effectiveness of your major gifts program.
Major gifts are essential for libraries because they accelerate the achievement of goals, engage donors in deeper ways, increase fundraising efficiency, enable transformative projects, strengthen long-term financial stability, enhance community visibility and prestige, and foster a culture of philanthropy.
To secure these gifts, it’s crucial to identify and cultivate relationships with major donors, solicit them with well-prepared and personalized appeals, and steward these relationships carefully to maintain their support over time. Start small, aiming for one or two major donors initially, and learn from each experience to refine your approach.
Launching a major gifts program begins with gaining unanimous support from your library's leadership team. Forming a dedicated fundraising committee, clearly identifying goals, and crafting compelling communication materials are key steps. Personalizing outreach, building strong connections with potential donors, and implementing a detailed stewardship plan are vital to success. Continuously evaluate and adapt your strategies to ensure the program's long-term effectiveness.
By focusing on major gifts, your library can work smarter, not harder, and build a sustainable foundation for future growth and success. Engage your team, leverage your community, and embark on this journey with confidence, knowing that major gifts can make a significant and lasting impact on your library's mission and service to the community.
Feeling stuck with your major gifts program? Don't worry, we're here to assist you every step of the way. Reach out to us at brianna@fundraisingforlibraries.com and let's work together to elevate your fundraising efforts!