It’s a trend that’s getting a ton of attention in the nonprofit sector— the rise of the mega donors.
In recent years, super wealthy individuals have pledged massive amounts of money to charities, nonprofits and NGOs. Some well-known names like Warren Buffet and Oprah Winfrey have committed themselves to donating half of their wealth to mission-driven causes.
The Bill and Melinda Gates Foundation has decided to fund healthcare services all over the globe, including support for HIV/AIDS patients. And in 2018, just 50 philanthropists gave 14.1 billion in donations to causes they believed in.
It’s an exciting time for nonprofits with big goals and strategic objectives.
So why aren’t more charity enterprises, NGOs and nonprofit organizations focusing on this new surge of the ‘mega donor’?
It starts with understanding these 3 common myths:
Myth 1: Millennials Aren’t Givers
National studies have shown that younger people aren’t highly-involved with charitable giving, volunteering, voting or other types of political and social activism. This means that the highest group of non-givers are in their 20s and 30s versus those who are 40 years of age and older.
Looking at these studies, it’s easy to believe that high net-worth donors are only found in older demographics, but the truth says something much different.
As the first generation to grow up with emerging technology and social media, millenials are less motivated by long-term commitments and more motivated by pressing issues and causes. Instead of giving to the same cause every year, they’re more likely to give to wildfire relief today, plastic eradication next year and water-well development in Africa 2 years from now. They prefer to respond to what they feel is important NOW.
So if you can connect with one of the thousands of affluent millennials, convey the heart of your purpose, and help them understand why your cause is immediately needed, they’re most likely to give big.
Myth #2: It’s All About The Giving
Charities, nonprofits and NGOs often try to appeal to donors’ empathy and compassion. Some will use photos of emaciated animals or victims of war for email campaigns, hoping to tug at the emotional heartstrings of potential high net-worth donors.
In some cases it works. But it doesn’t work for everyone.
The reality is that some people don’t give just because they care— but also for self-interested reasons. Some wealthy individuals are focused on tax benefits. Some desire admiration from a social entrepreneur or leading organization.
Others give to solidify their legacy— and some mission-driven organizations have appealed to this need by putting the names of their high net-worth donors on buildings or projects. It’s a popular funding tactic for hospitals, universities, libraries, and museums.
So when you’re trying to find, attract and retain high net-worth donors, remember to highlight multiple benefits AS WELL AS appealing to their empathy and compassion. If your organization is connected to the heart of its purpose and communicates its personal benefits to the donor, you’ll have a much higher chance of landing a 6 or 7-figure donation.
Myth #3: Women aren’t high net-worth donors
For the first time in history, women are holding more financial wealth, leverage and power than ever before— and they’re using their wealth to support causes they believe in.
Like people of color, women are becoming some of the biggest sources of major donations. According to the Million Dollar List, individual women gave more than 1,686 gifts of $1 million or more from 2000 to 2016, about 31 percent of all gifts made by individuals.
This means that savvy charities, NGOs and nonprofit organizations are shifting some of their focus to more diverse groups of potential donors. And once you know how to find, attract, land and retain them, they’re often some of the most committed long-term benefactors you can find!
Not sure how to do this? With my Ideal High Net-Worth Donor Training, you’ll leverage what you’re already doing to land ideal high net-worth donors who are perfectly aligned to your purpose— no matter what gender, sex, race or age group you’re targeting.
These tools have helped some of the biggest organizations, businesses and leaders like WWF UK, The Learning trust and Article 25 create MASSIVE change in the world. Plus, I’ve done it myself with my own charity, Giving Africa.
And in this training, I’ll show you the exact steps to attract wealthy philanthropists, top-tier staff and passionate volunteers so your charity, nonprofit or NGO achieves more than you ever thought possible.
Imagine— how much MORE could you achieve if you landed just one 6 or 7-figure donation from a mega-donor?
Isn’t it time to find out? Get started now: Ideal High Net-Worth Donor Training,