The Fundraising Masterminds Podcast: Episode 72 Summary
Title: How to Follow Up With Your Donors at Year-End [Year-End Fundraising 7 of 8]
Hosts: Jim Dempsey and Jason Galicinski
Release Date: December 18, 2024
Podcast Description: As the #1 podcast for nonprofit leaders, the Fundraising Masterminds Podcast offers practical solutions to daily fundraising and development challenges, aiming to help nonprofits become fully funded. Hosted by seasoned experts Jim Dempsey and Jason Galicinski, who have worked with over 5,000 nonprofits and raised over $2 billion globally.
1. Introduction and Context (00:00 – 02:02)
The episode opens with Jim and Jason welcoming listeners back to the Fundraising Masterminds Podcast. They introduce this installment as part seven of an eight-part series focused on year-end fundraising strategies. The hosts emphasize the importance of follow-up in donor engagement, noting that a significant percentage of ministries neglect this crucial step.
Notable Quote:
"About 60 to 70% of ministries just send out a letter or an email and don't follow up. But if you really want to take your development efforts to the next level, you have got to follow up with that."
— Speaker B (Jason Galicinski) [00:10]
2. Recap of Year-End Activities and Giving Tuesday (02:02 – 04:07)
Jim and Jason provide a timeline overview, highlighting that the year-end fundraising campaign is in full swing. They reflect on the recent Giving Tuesday event, expressing hope that listeners successfully utilized tools like Fund Easy to achieve their fundraising goals. The conversation underscores the necessity of ongoing follow-up through letters, visits, and reminder emails in the weeks following Giving Tuesday.
Notable Quote:
"You should have a match all ready to go with your letters. Giving Tuesday was yesterday."
— Speaker A (Jim Dempsey) [02:04]
3. Strategies for Following Up with Donors (04:07 – 09:34)
a. Identifying Donors to Follow Up With
The hosts discuss the importance of targeting the top 20% of donors who contribute 80% of the funding. They stress the need to segment donors based on their giving levels, ensuring personalized and effective follow-up interactions.
Notable Quote:
"Number one, determine who to follow up. It's so important that you're going to, once again you're going to focus in on the 20% that brings in 80% of the giving."
— Speaker B (Jason Galicinski) [04:12]
b. Roles in Donor Follow-Up: Executive Director vs. Development Director
Jim and Jason delve into the roles of the executive director and development director in donor follow-up. They highlight that major donors expect to engage directly with the organization's leadership, such as the executive director, rather than secondary staff members.
Notable Quote:
"The executive director has to be in that meeting and has to be part of that. So they may open up the conversation, the person may close, and then the executive director ends things."
— Speaker B (Jason Galicinski) [08:39]
4. Optimizing Donor Meetings and Calls (09:34 – 14:18)
The conversation moves to best practices for conducting meetings and calls with major donors. The hosts emphasize preparation, including setting clear objectives and anticipating donor responses. They advise against vague asks, recommending that fundraisers enter meetings with specific donation amounts based on the donor's past giving and potential.
Notable Quotes:
"You need to go in there with a dollar amount... If they have given in the past $25,000 at year end, that may be one of the areas you start with."
— Speaker B (Jason Galicinski) [12:28]
"How am I going to respond to a yes? How am I going to respond to a no? Does a no mean never or does a no mean just right now?"
— Speaker B (Jason Galicinski) [10:45]
5. Promotion of the Major Donor Mastery Course (13:22 – 16:47)
Jim and Jason introduce their online course, Major Donor Mastery, designed to equip nonprofit leaders with the skills needed to secure major donations. They highlight the course's comprehensive content, which covers finding, meeting, preparing for, and appealing to major donors. The hosts share personal anecdotes about the challenges of meeting high-profile donors and how the course addresses these hurdles by building confidence and effective communication strategies.
Notable Quote:
"Major Donor Mastery is all about taking you from that timid, shy, you know, person and taking you all the way over to going into an appointment with confidence."
— Speaker A (Jim Dempsey) [16:10]
6. Final Advice and Conclusion (16:47 – 19:08)
In their concluding remarks, Jim and Jason reiterate the critical importance of following up with donors beyond initial communications. They acknowledge that year-end is a busy period, making the follow-up process challenging, yet essential for successful fundraising outcomes. The hosts encourage listeners to stay engaged with the year-end series for accountability and to provide feedback. They also remind audiences about the podcast’s availability in both audio and video formats on platforms like YouTube.
Notable Quote:
"It's not easy. It takes confidence, and that's generally why people don't want to do it. It's much easier to be passive and to just sit back. But if you do it, it's going to be a game changer."
— Speaker B (Jason Galicinski) [17:17]
Key Takeaways
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Follow-Up is Crucial: Merely sending out letters or emails is insufficient; active follow-up can dramatically increase donation rates.
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Segment Your Donors: Prioritize the top contributors who significantly impact your fundraising goals.
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Leverage Leadership in Follow-Ups: Engage executive directors in meetings with major donors to convey passion and commitment.
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Prepare Thoroughly for Donor Interactions: Enter calls and meetings with clear objectives and specific donation amounts based on donor history and potential.
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Invest in Training: Courses like Major Donor Mastery can provide invaluable skills and confidence for engaging with high-profile donors.
Conclusion
Episode 72 of The Fundraising Masterminds Podcast provides nonprofit leaders with actionable strategies for effectively following up with major donors during the critical year-end fundraising period. Through expert insights and practical advice, Jim Dempsey and Jason Galicinski emphasize the importance of personalized engagement, strategic planning, and continuous improvement in development efforts. Listeners are encouraged to implement these techniques and consider further training through the hosts' Major Donor Mastery course to enhance their fundraising success.
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