Five ways charities can attract rich donors

Every good fundraiser has an "elevator pitch" ready to use in case they bump into Richard Branson in a lift – but what if you find yourself sitting next to a rich potential donor at dinner? A lot longer than a ride to the fifth floor, it's a perfect opportunity to win them over to your cause, right?

Wrong. Let them eat their dinner! We spent a year talking to rich donors about their philanthropy, and they have told us that they are still people and want to be engaged with as a person first and foremost. Here are five other things they wish those approaching them knew:

1. They appreciate the skill of fundraisers, but would rather interact with leadership and front-line staff

Getting your cause in front of a rich donor is often harder than making the ask itself. Our research shows that more than two thirds (69%) will consider a request if it comes from someone they know and respect, compared to less than a third (31%) when approached by a fundraiser. Once on board, donors who have given £10,000 or more expect to deal with the charity leaders and to spend more time meeting those doing the work, rather than those raising the funds.

2. They expect fundraisers to have done their research — but they must also interpret it properly and approach at the right time

Most people we spoke to believe that fundraisers have become more professional over the past decade; particularly in terms of the quality of research conducted before donors are approached. Given the availability of free information online, there is no excuse for not knowing basic details –but this doesn't stop some charities approaching people who have shown no interest in or connections with their cause. You should also be wary of immediately approaching potential donors for money. Wealthy people expect charities to take their time – sometimes years – before asking for a large sum.

3. They like being appreciated, but for most saying thank you is sufficient recognition

Major donors are deeply aware of – and hurt by – the common perception that their giving is driven more by ego than generosity. The main reason they give, identified in numerous studies, is because of a personal commitment to making a difference. However, having tackled an issue they care about and achieved impact, receiving recognition for their contribution is usually welcomed. Fundraisers should be careful to present options that suit each donor – whether that be seeing their name on a building or a handmade card from the charity's beneficiaries.

4. They want to know their money made a difference, but long reports aren't always necessary

Most charities now understand the importance of showing donors the evidence that their money has made a difference. But what has come to be known as "impact reporting" has quickly turned from common sense into an industry. A few may demand extensive updates on key performance indicators and the like, but many prefer more human-level reporting. They want to visit the work they fund, speak to those they have helped if possible, and hear from the front-line staff. The longer their relationship with a charity continues, the lighter touch reporting they require – a phone call with updates on major news before it becomes public knowledge can be more appealing than a lengthy report.

5. They like being philanthropic, so don't need their arm twisting — but they need you to make the experience as fulfilling as possible

If you meet enough rich people you will inevitably meet some generous rich people, and if you do the right research you will meet generous rich people who have a genuine connection to your cause and are willing to help.

The "ask" is an invitation to work with you to achieve a shared goal, it is not an unwelcome act of begging. Major donors should be treated as long-term partners who share your pride in what the charity achieves. Be as creative as possible to ensure every interaction with your cause enriches their life.

Beth Breeze and Theresa Lloyd are the authors of Richer Lives: Why rich people give

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