When raising money for fraternity and sorority chapters, there’s one approach to generating donations that’s sure to prove successful. Take a moment to consider how much time and effort goes into planning small and major special events. Now, imagine that same effort strategically targeted toward cultivating a lifetime donor…a fan who loves and supports your chapter and its mission over the long term. This single concept, so often ignored, can make the difference between surviving from event to event and having a steady stream of program-sustaining funding coming into your house corporation and/or educational foundation.
While many chapters believe that coordinating special events is an ideal method for raising funds, an established program to build relationships with current and prospective donors generates far greater sustainability. You may want to consider the following Five Rs of fundraising:
This forms a solid basis of understanding of your chapter’s fundraising endeavors, not to mention its individual constituent relations. From basic records management to in-depth interviews, information is key to success. With proper research, the interests, needs, charitable backgrounds, professional experiences, personal connections and links to your chapter are identified and recorded.
This phase is on-going, primarily during the same time frame as heavy research. Chapter leaders, including development committee members, board members, and campaign steering chairpersons play integral roles in successful fundraising campaigns. The amount of work involved and the number of prospective contributors and volunteers connected with the chapter, who must be contacted, requires proper recruitment and management.
Commonly called cultivation, this is perhaps the most important part of the process. All contact with prospective contributors is a form of cultivation. Every newsletter, email, phone call, tweet or Facebook message, event, and publicity item serves to inform and pique the interest your chapter’s potential supporters. Romancing these prospective major donors, volunteers, and community leaders occurs on a regular basis leads to strategic and successful solicitations. The goal is to encourage prospects to become actively engaged and connected.
This is the good part, where individual prospects are asked, or invited, to invest in the chapter. It’s important to note that the levels of gift size and donor satisfaction are increased with proper romancing or cultivation. Actual soliciting of contributions is carried out by key chapter leaders who are personally engaged in the chapter and connected to the person(s) being solicited.
Early, frequent, and creative ways to thank volunteers and donors will insure that they stay involved and invested in your chapter. It breeds proper stewardship of future donations of time and dollar. It also sets a pattern which other prospects will notice, which be a determining factor when they’re asked to contribute funds.
Every contact, with every individual prospect, involves one or more of the Five R’s. Planning ahead and maximizing the effectiveness of those contacts is what will drive your chapter closer to its fundraising goal.