Weโre happy to welcome Amy Eisenstein, CEO and Co-Founder of Capital Campaign Pro, to Ask a Responsive Fundraiser! With over 25 years in fundraising, Amy has helped nonprofits raise millions through major gifts and capital campaigns. Sheโs a sought-after speaker, author of โMajor Gift Fundraising for Small Shopsโ and a leader in the nonprofit world, holding both CFRE and ACFRE certifications.
Be sure to check out past editions of Ask a Responsive Fundraiser and leave us a comment on LinkedIn so we can answer your questions!
Dear Responsive Fundraiser: We’re thinking about starting a capital campaign, but we don’t know if we’re ready. We don’t want to take on too much too soon. So, how can we figure that out and make sure that we’re set up to succeed?
Amy Eisenstein: Itโs such an important question to begin with. So first of all, I think every nonprofit needs, before they consider a capital campaign is a big, bold vision. What do they want to accomplish? How will their community look? How will their organization look and function after the campaign?
Sometimes, that will involve a building or a renovation. Sometimes, it’s an expansion of programs and services, which are all important reasons. What’s not a good reason is that you have an upcoming anniversary, a milestone anniversary, or you just want to raise more money.
So, the first thing is a big, bold vision. But then to me, some of the red flags we look for are: Is the organization operating in the black? Or are they operating at a deficit? If you can’t make your annual fund work, it’s going to be really hard to run a successful campaign.
So first we want to make sure that there’s a good, successful annual fund and ideally there’s some staffing in place.
We do have some free readiness assessments on the Capital Campaign Pro website. So if you do want to go through and tick off what you’re working on, what you’ve accomplished, and what you still need to work on, you can go check those out.
Dear Responsive Fundraiser: Getting our board involved in fundraising has always been a struggle, especially when connecting with major donors. So what are some ways that we can get them engaged in a way that feels meaningful and aligned with our goals?
AE: I think this is something that a lot of organizations struggle with. So first, know that you’re not alone. I think most organizations that run successful capital campaigns do so while working to improve their boardโso don’t wait until you have the perfect board or whatever the perceived perfect board is. You’re never going to have that.
The board needs to be excited about the project and the campaign. So that, to me, is the one deal breaker. They have to be excited about whatever the strategic vision is for the organization and be willing to talk about it, be willing to advocate for it and, be willing to contribute themselves. Get them to commit personally to advocate for the campaign and to contribute financially. They all need to contribute financially to the campaign. That’s what you need from your board.
Dear Responsive Fundraiser: With economic uncertainties, we’re nervous about setting big fundraising goals for 2025 and beyond. So, how can we figure out what’s realistic and build confidence that we can actually hit those numbers?
AE: I think sometimes campaigns have an โif you build it, they will comeโ mentality. If you assume you can, then you do. And if you assume you can’t, then you won’t. So, part of it is believing in yourself.
Now, listen, that’s not the whole of the plan.
You’ll need data and other things to back it up. But I will say that I’ve been running campaigns for nearly 30 years through recessions, presidential elections, pandemics, or whatever. And the good news is that in difficult times, donors rise to the occasion. I see it again and again and again. And, campaigns span multiple years. So, if for some reason there’s a six-month or an eight-month dip in the economy and a donor is concerned, you can go back to them in six or eight months because your quiet phase will span multiple years in all likelihood. And so to me, don’t stop. That’s what I say.
Don’t worry about what’s going on outside factors. There’s always going to be something happeningโnatural disasters or a recession. But by the time you plan your campaign, things will have changed. And what we saw is that those organizations that paused for the pandemic are now just starting their campaigns and those that kept going are finished. And so I encourage you to pay attention, but not let it hold you back.
Dear Responsive Fundraiser: There tends to be confusion around feasibility studies. Can you explain what they are and why they’re important for successful campaigns?
AE: Thank you for asking that. Feasibility studies are such an important part of the campaign planning process. I wish they weren’t called โfeasibility studiesโ because many nonprofit leaders and, primarily, board members think, โWell, if we’re going to do a campaign anyway, or we need a campaign, so we shouldn’t figure out whether it’s feasible or not. We should just press ahead.โ I wish they were called campaign planning studies or campaign readiness studies.
Campaign planning studies probably is the best name. Because then everybody would do them and what they really do is prepare you for a campaign. They tell you how to do a campaign and how you can effectively do it, and raise the most that you can possibly raise.
A good feasibility study engages donors. I encourage organizations to really explore the options that are available now. In the past, really what you would do is hire a consultant to interview your biggest and best donors. But today the best way to do it is to hire a consultant who teaches the organization to interview your donors, and then with the consultant, you analyze the data and figure out who to interview and ask the right questions. A great consultant should help you engage and build relationships through the process of a feasibility study. That’s what we do here at Capital Campaign Pro, and I love seeing the evolution of the relationships between the donors and the nonprofit leaders through this really important planning process.
(Editorโs note: Catherineโs answers were edited for length and clarity. Watch the video to see her full answers.)
