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Successful Fundraising: getting chosen over the competition
Guest articles > Successful Fundraising: getting chosen over the competition
by: Sharon Drew Morgen
Your important nonprofit or exciting startup helps the world be a better place. But now youâ€™ve got to raise money. Youâ€™ve created a terrific pitch deck, have a highly competent management team and terms, and have identified donor prospects with major gift potential. Youâ€™ve designed a multi-channel approach to build relationships with small investors to excite them to becoming large investors. Why arenâ€™t you raising all the funding you deserve?
Somehow your investors must choose between investments that seem equally promising.
CRITERIA VS. CONTENT
Ultimately, investors choose opportunities based on their own idiosyncratic choice criteria; your marketing efforts may be entering the wrong way, with the wrong goal, offering the right data and asking the right questions at the wrong time.
Investor funds are not sitting there waiting for you to show up, no matter how compelling your information or terms. You may be requesting funding that
1. is earmarked for something else;
2. needs stakeholder buy-in;
3. may be outside their internal goals, relationships, strategy, or agreements.
Sadly, as an outsider, you have no access to their hidden or historic arrangements or political mind-fields. And asking them about their criteria will only get you the obvious answers. The more successful choice is to first, collaboratively, discern their values-based, unique decision/choice criteria and then offer the exact pitch to match it. After all, most pitch decks and requests for funds will sound somewhat similar. If nothing else, your ability to facilitate a collaboration will set you apart from the competition.
ALIGNMENT CRITERIA FIRST
Decades ago I realized the difference between choice criteria (personal, idiosyncratic) vs content (data). As a sales professional on Wall Street I was frustrated with the seeming gap between what I thought prospects needed (my solution, of course) and their willingness to buy. Once I started up a tech company in London and became The Buyer I realized the problem: before any decision to buy or fund, investors use an idiosyncratic set of choice factors familiar only to them.
As a Buyer, before I bought anything I had to align my values-based criteria with my teamâ€™s often divergent and â€“ conventional choice benchmarks aside - subjective, criteria. Whether we met before a vendor meeting or afterwards I learned to never ignore this team alignment: our vibrant conversations always brought more considerations to the table than I would have considered myself; sometimes we discovered as-yet-unforeseen fallout that needed to be handled prior to any action.
And then the problem with marketing materials. As a sales professional they were a tool to exhibit the data I believed relevant; as a buyer they were biased by the facts the presenters wanted me to know, but often missed my unique buying criteria.
I used this realization to change the course of my own selling and fundraising; I first uncovered and discussed decision criteria and then matched my pitch content accordingly. Rather than designing pitch material based on what I thought they wanted to know, I designed flexible materials that made it easy to fit my content into their choice criteria.
As a result of my findings, in 1985 I developed a decision facilitation model and guidelines for designing presentation materials for my sales staff. With my new realization as a buyer, my Aspergerâ€™s systems- thinking brain, and some testing, I coded the path of internal/group decision making and invented Buying FacilitationÂ®, a generic, ethical, facilitation tool that expedites decision making and choice.
Iâ€™ve been teaching and writing books on Buying FacilitationÂ® as a front-end to the sales model ever since. Used in fundraising, Buying FacilitationÂ® helps investors determine all aspects of their choice criteria while encouraging win/win collaboration.
NOTE: Investors and buyers go through this process anyway â€“ with you or without you. You can either use Buying FacilitationÂ® to facilitate choice more efficiently (even during your presentation) or just keep smiling and dialing until you find the low hanging fruit who have finally gotten their ducks in a row.
Buying FacilitationÂ® works on the following assumptions:
Using Buying FacilitationÂ® first enables collaboration through the full range of systemic decisions necessary for buy-in and choice; THEN customized content must meet their specific criteria.
PRESENTING WITH BUYING FACILITATIONÂ®
Here are a few tips:
Your first job is to be a consultant (even on cold calls or group meetings) to facilitate decision making. Otherwise, youâ€™re offering data into a black box of unknowns. Stop trying to have a â€˜relationshipâ€™ or gather and share data up front; money goes to those opportunities that first match their hidden criteria regardless of how likeable you are.
NOTE: if youâ€™re in a group pitch situation, do #1-3 as your opening gambit. It still must be done before you proceed with your pitch.
Ultimately, there is one important question to ask yourself: Do you want to pitch your solution? Or help investors give you money? Two different activities. And you need both.
Sharon Drew Morgen is the author of 9 books, including NYTimes Business Bestseller Selling with Integrity, and What? Did You Really Say What I Think I Heard? She has developed facilitation material for sales/change management, coaching, and listening. To learn more about her sales, decision making, and change management material, (www.dirtylittlesecretsbook.com) go to www.sharondrewmorgen.com. To learn more about her work on closing the gap between what’s said and what’s heard, go to www.didihearyou.com. Contact Sharon Drew for training, keynotes, or online programs at email@example.com. Sharon Drew is currently designing programs for coaches to Find and Keep the Ideal Client, and Lead Facilitation for Lead Generation.
Contributor: Sharon Drew Morgen
Published here on: 29-May-16
Classification: Sales, Fundraising