Asking for Corporate Gifts
Many people I talk to think that corporate gifts will solve all their financial woes. Companies make tons of money, right? Of course, they want to invest in your mission, right?
Some companies do have lots of money, others, not so much. Some companies want to invest in their communities; others want to make as much money as possible for their owners and stockholders, and every dollar they give to you becomes a dollar they do not have for themselves.
We could say the same about individual donors. Some have lots of money, others, not so much. Some want to invest in their communities, while others want to keep as much money as they can for themselves.
Because of this, soliciting corporate gift should mirror how you ask for money from individuals … with a focus on best practices of major gift fundraising as your model.
What does this mean?
1. Do your research. Think of which companies have a mission like yours or would have an interest in your cause. Look at their financials to determine their capacity. Look at what they have supported in the past, either through public documents or by paying attention to where local companies invest their philanthropic dollars. Just because Amazon has tons of money does not mean they want to invent in your cause, community, or organization. Thankfully, a lot of public information about companies and their giving exists, making this research process much easier for companies than for individuals.
2. Develop relationships. People give to people. Even if the money comes from the corporate bank account instead of the personal bank account, a person still makes the decision whether to give to your organization. Personally reach out to the company’s contact person with a phone call or an email asking for a meeting or phone call – NOT a blanket email or letter. Many companies get hundreds of these asks a week and simply put them in the circular file. Besides, you cannot develop a meaningful relationship through form letters or bulk emails. Instead, you want the opportunity to learn more about the company and their giving and to educate them about your mission and organization. Nothing beats a phone call, personal visit, or virtual visit for that kind of relationship building activity.
3. Cultivate the relationship. If the company seems to have an interest in your cause or organization, continue to reach out, especially when you do not need something. Ask questions. Invite them to your programs or performances. Attend other events that they sponsor and talk to them at these events. Real relationships involve give and take, so don’t just take.
4. Formally ask for the gift. Even though you have developed a relationship with the corporate contact, do not assume you can just send an email that says “Hey. We have this project. Will you give to it?” They have processes and a hierarchy through which those requests get vetted. Learn their process and follow it. Your relationship might allow you to send a quick email with the gist of your project and ask if they have time for a lengthier discussion or if they want to learn more, but don’t assume that brief email alone will yield a gift.
5. Steward the gift. Say thank you. (Should go without saying, but…). Provide regular reports – both the required reports and other reports as you have something to share – of how their gift makes a difference for your clients. Invite them to stay involved with your organization, to the extent they want. Put them on your mailing list and email list so you stay on their radar.
Even with these similarities with individual donors, most nonprofits have corporations on their radar and inundate them with request for money, volunteers, and guest speakers not to mention invitations to events and copies of newsletters. Take your cues from the company – heck, ask! – how they want to stay engaged with your organization. Maybe they only want to hear from you when you need money again. OK, then do that. Like any relationship, you need to listen and adjust to meet their needs.
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