How can board members leverage their networks and influence to attract and retain major donors?

1 Identify potential donors

The first step is to identify the people in your networks who might be interested in and capable of making a major gift to your organization. A major gift is usually defined as a donation that is above a certain threshold, such as $10,000 or more. You can use various sources to find potential donors, such as your personal and professional contacts, your social media followers, your alumni associations, your membership groups, and your existing donors. You can also ask your fellow board members and staff to share their contacts and referrals.

2 Cultivate relationships

The second step is to cultivate relationships with your potential donors. This means engaging them in meaningful and authentic ways, such as inviting them to events, sending them updates and newsletters, sharing stories and testimonials, and asking for their feedback and input. You want to show them that you value their interest and involvement, and that you understand their motivations and passions. You also want to demonstrate the impact and value of your organization's work, and how it aligns with their goals and values.

3 Solicit donations

The third step is to solicit donations from your potential donors. This is the most critical and sensitive part of the process, and it requires careful planning and preparation. You need to determine the right timing, amount, and method of asking, based on your research and relationship with the donor. You also need to have a clear and compelling case for support, that explains why your organization needs the donation, what it will achieve with it, and how it will recognize and steward the donor. You should also be prepared to handle objections, negotiate terms, and follow up.

4 Steward donors

The fourth step is to steward donors who have made a major gift to your organization. This means thanking them promptly and personally, acknowledging their contribution publicly and privately, reporting on the progress and outcomes of their donation, and inviting them to see the impact firsthand. You also want to maintain and deepen the relationship, by providing them with exclusive access and opportunities, such as invitations to special events, meetings with leaders and beneficiaries, and recognition on boards and committees. You want to make them feel appreciated and valued, and inspire them to continue or increase their support.

5 Leverage donors

The fifth step is to leverage donors who have made a major gift to your organization. This means asking them to help you reach out to other potential donors in their networks, by introducing them, endorsing them, or hosting them. You can also ask them to advocate for your cause, by sharing their stories, testimonials, or opinions on social media, in the media, or in other platforms. You can also ask them to influence policy makers, decision makers, or influencers who can affect your organization's work, by lobbying, writing, or speaking on your behalf.

6 Evaluate and improve

The sixth step is to evaluate and improve your efforts to leverage your networks and influence to attract and retain major donors. This means tracking and measuring the results and outcomes of your activities, such as the number of donors contacted, solicited, secured, and retained, the amount of donations raised, the return on investment, and the impact on your organization's mission. You also want to seek feedback and input from your donors, board members, staff, and stakeholders, on how you can improve your strategies, tactics, and skills. You want to learn from your successes and failures, and adapt to changing needs and opportunities.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?