What Happens in a 7-Figure Donor Meeting
Summary:
In this episode of the 7-Figure Fundraising Podcast, host Trevor Bragdon sits down with Tarren Bragdon, his brother and co-founder of 7-Figure Fundraising. Tarren is the CEO of the Foundation for Government Accountability, a nonprofit he started in 2011 with $50,000 in seed money and has grown to produce $13 million in revenue annually. He also teaches the 7-Figure Fundraising Workshop.
Tarren shares the details of how to successfully prepare and execute a 7-figure donor meeting. He walks through what fundraisers should ask at the beginning of every donor meeting, how to transition from small talk to asking for money and how to structure a compelling pitch that resonates with donors.
A good pitch makes asking for money easier
Tarren shares that earlier in his career, he struggled with managing a donor meeting because he didn’t thoroughly plan what he was going to say. He thought going into a meeting with an idea of which points to cover was enough, but often it led to a nice small talk conversation that strayed from the point of the meeting.
2:11 “[There’s] nothing wrong with a pleasant conversation, but it doesn’t raise money.”
Tarren learned to spend the time necessary to create a thoughtful pitch that outlines: what his organization has accomplished, where it’s going and how the donor can help it get there. A donor can understand how much of a difference their gift makes only if the fundraiser puts in the effort to communicate the vision and pitch in a memorable way.
To prepare well, fundraisers should ask themselves:
What are the right words to say?
What are the right ways to enhance what is said with compelling visuals?
What is the one point I want to get across?
How do I actually make the ask at the end of the pitch?
Donor meeting structure
First, ask the donor up front how much time you have together so you know how to best communicate your pitch and respect their time. Second, spend the first few minutes with small talk — but no more than 10 minutes because you’ll lose track of time. Third, tell the donor the amount of time you’re going to spend telling them about what your organization has accomplished and the opportunity for progress; this also signals to the donor to hold their questions until the end of the meeting. Fourth, go into your script. Fifth, end your pitch with a direct ask for a donation and stop talking.
8:49 “You never want to be the next person to speak [after the ask] because you want to give the respect of the donor or the prospect to think about it. And that can be really hard for somebody who’s in sales to just be quiet because they're used to filling the air with something.”
Sometimes the wait can be a few seconds or a minute. Once the donor has responded to your ask for money, ask them what is the best way to follow up about the gift. But most importantly, make the ask during the meeting because people rarely volunteer to donate money without an ask.
Ending the meeting
Tarren says to not be afraid to look at a clock or your phone as your meeting approaches its scheduled end time. It’s important to honor the time your donor has given you.
22:12 “And if they don’t have broad time constraints, just let the meeting go to its natural course and I think you can always end the meeting by saying, ‘I know you’re busy, I really appreciate how generous you’ve been with your time and I really appreciate your partnership with us. We’ve accomplished a lot and I look forward to seeing you again.’”
Following up
Tarren says explicitly asking how to follow up with the donor about a donation is the best course of action. Donors usually give direct and helpful responses on when and how to best reach them. This will make both your life and the donor’s easier because the donor has let you know how to make sure you get their donation.
Create a pitch
Tarren gives two common frameworks for making a fundraising pitch.
For established organizations: Look back, look down, look forward
Thank them for their continued partnership
Look back: Recap your organization’s accomplishments
Look down: Lay out the present opportunity or project with a sense of urgency
Look forward: If you accomplish the project, show them what the world will look like because of their partnership
Ask for the donation
For start-ups or smaller organizations, use the David and Goliath approach:
Lay out the big challenge in front of you
Give some brief biography on you as a leader and why you are uniquely qualified to meet this challenge
Though you are small, spell out how you’re going to accomplish the challenge
Communicate what success will look like 12 to 24 months from the present with the donor’s partnership
Ask for a donation
Give donors one thing to remember you by
Give donors the words that enable them to explain your partnership to others.
Tarren elaborates with the example of how we talk about our purchases. When we purchase things, we tell others about it with a story that explains its value to us — like it was a good deal or it was intellectually fascinating. Allow donors the ability to do the same about your organization so they can easily remember you and advocate for you to other potential donors. Find out what donors like about your organization and build that up more.
Practicing the pitch
Tarren shares that preparing and practicing the pitch is essential. He personally prepares and practices two hours for every minute of pitch he makes.
36:58 “It’s (the pitch) high stakes, and the fact is if that one experience goes well, the rest of your year is easier. And if it doesn’t, your entire life, personally and professionally, becomes more difficult.”
Tarren stresses that though creating and making a pitch may seem intimidating, no one is born an expert. It takes practice. And the way for your organization to become a priority to donors is to give pithy, compelling and memorable fundraising pitches.
40:40 “What we’ve just been talking about is the way to do it. And once you know how to do it, you’re willing to do it over and over again.”
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