It’s a huge and costly mistake to seek support from the wealthiest. Some are philanthropic; most are not.
Within the universe of the philanthropic, there are a number of gradations, including:
- The most generous – vis-a-vis their means
- The generous – vis-a-vis their means
- The somewhat generous – vis-a-vis their means
- The somewhat ungenerous – vis-a-vis their means
- The least generous – vis-a-vis their means
Have you ever noticed how many organizations devote a significant amount of fundraising effort to the wealthiest yet least generous individuals within their means? They assume there must be more to be gotten because there’s so much money there. But the best predictor of what someone might give in the future – both in the absolute amount and as a percentage of their net worth – is what they have already given.
The longer the wealthy but relatively ungenerous persist in that pattern, the more likely they will. The same is true for those who are most generous within their means.
That’s why the most important ratio in fundraising is how generous someone has been within their means for the longest period of time. These folks are remarkably generous within their means because they are the most philanthropically wired and/or the most appreciative of your organization. It doesn’t really matter which one or what combination of each. They should be your most prized philanthropic citizens because:
- They will do their best by your organization no matter what
- If their means increase, they will give you more
- The longer they give, the more likely they are to give until they die
- If they give until they die, they are the most likely to leave estate gifts
- Even if they are of modest means, their generosity within their means will inspire all that cross their paths – and they are the ones we are most likely to remain in awe of, no matter how much we raise or how much we resolve to give
So, the best advice you can give any organizational or advancement leader is not to delude yourself about converting the wealthy but nominally philanthropic. Look for the most generous within their means, no matter how modest their means. Stick with them, be good to them, and they will be good to you.
Use that ratio to determine your best prospects and where your collective time is best spent. That’s how you build the bedrock of an enduring culture of philanthropy.
Jim Langley is the president of Langley Innovations. Langley Innovations provides a range of services to its clients to help them understand the cultural underpinnings of philanthropy and the psychology of donors and, with that knowledge, to develop the most effective strategies and tactics to build broader and more lasting communities of support. Jim has authored numerous books, including his most recent book, The Future of Fundraising: Adapting to New Philanthropic Realities, published by Academic Impressions in 2020.