Hot, medium, cold: Finding new donors who care about your organization's mission
When we look at the traditional donor cycle of an organization, it's important to note that acquisition—finding new donors—doesn't live within the circular cycle of cultivation, solicitation and stewardship. It's actually a separate arrow outside of the cycle.
What does this mean for the way you think about engaging new donors? Living outside of the cycle as an on-ramp, think about acquisition as a separate but related entity to your everyday fundraising strategies and tactics with its own set of unique considerations.
Think about how donors have found and started to support your organization in the past. They could have come through any number of pathways. Some of the ones we see the most include:
- Word-of-mouth from a trusted friend or family member
- Attending an event you've hosted
- Subscribed to an online newsletter
- Donating to a peer-to-peer fundraising page of a friend or family member. (Think of the personal appeals your supporters make as part of walkathons, etc.)
- Receiving a mailer your organization sent via the US Mail
- Many more! Insert your organization's pathways here.
If you're just getting started with donor acquisition strategies, we like the "Hot/Medium/Cold" method of categorizing your prospects and getting a real feel for where you might choose to spend your time!
- Hot prospects are people who already know you, love your mission, and give to you consistently. Perhaps you examine your data to find previous donors who have lapsed their support by one or two years, then create a re-engagement campaign with your latest updates and an invitation to join you again. Or, thank your consistent donors for support, and give them actionable ways to help spread the word more widely. Think about board members and your most engaged supporters.
- Medium prospects are people who might care about your mission, but haven't yet made a financial gift to your organization. Think about volunteers, newsletter subscribers, or event attendees who are not yet donors. Thank them for their interest in (and action on behalf of) your work, and make a clear case for their financial support of your cause.
- Cold prospects are people who may be interested in what you do in the community, but may not be deeply aware of your work quite yet. Think about people who live in your community. Some may be aware of your name, and others may have just not had pleasure of learning about what you do just yet. This will always be your largest group of prospects, but will also likely take the most work in building the case for support—it's the cold calling of the fundraising world.
Ready for a little homework while this framework is fresh in your mind? You guessed it—we encourage you to classify your potential donor audiences in this Hot/Medium/Cold universe while the framework is still fresh in your mind! Take a few minutes to download our Hot/Medium/Cold worksheet and use it to spark some new thoughts!
Then, discuss it with others on your team, consider your capacity and areas of strength, and brainstorm some potential ways you might make a clear ask to some of these groups!
