Making an A** out of You & Me
Most people know that making assumptions — about anyone or anything — is often a mistake that can be applied in all areas of life. In fact, I did a quick search on Google and found a myriad of graphics and sayings about assumptions, including these:
Never assume anything.
Assumptions are the termites of relationships. (Henry Winkler)
Don’t be too assuming. It doesn’t get you anywhere. (Anne Frank)
Jumping to conclusions is not actually exercise. (Unknown author)
Before you “assume”, try this crazy method called “asking”. (Unknown author)
These quotes/sayings relate to life in general, but in fundraising, they’re especially important. As a donor, I have faced assumptions about myself more times than I can count — and those are the ones that I actually know about. Because of assumptions, donors often feel that they’re being “sized up” by fundraisers — and fundraisers often seem to think that the donors aren’t aware of this. Whether it’s by staring at their attire and accessories, their marital status, the size and location of their home, their profession, or their past donation history, assumptions relating to the donor’s “capacity” are made all the time.
Sometimes these assumptions are actually correct, and things work well.
Other times, not so much.
When I ask nonprofit professionals how many Millennials they count among their donors and/or board members, I often get a blank stare. For those who actually verbally respond, the answer is usually something like “but they don’t have any money yet” or “do you mean so that we can get them to ask their parents to donate?”
No, I’m asking because, according to a 2019 report from Coldwell Banker/Wealth Engine, there are 618,000 Millennial millionaires in the US alone — with about 93% of them “worth” between $1MM and $2.5MM. The assumption that “they” don’t have any money yet is, in the case of these particular Millennials, incorrect. The assumption that “their parents” have more money than the Millennials do, and are more likely to be donors than their kids, is also likely to be flawed.
One would assume, then, that the place where most millennial millionaires live is California — or maybe New York. Faulty assumption? Yes! Although the Coldwell Banker/Wealth Engine report does tell us that, yes, 44% of the 618,000 live in California, with many of the rest living in New York or other major cities, the city with the highest number of Millennial millionaires live in Traverse City, Michigan.
Surprised? Me, too. Now think about how surprised you would be if you looked at someone’s clothing — or the size of their home — and assumed, based on those observations, that they were or were not a “qualified” prospect. Imagine your surprise when, just like the Traverse City fact, you find out that you were completely wrong. It’s one thing when you’re wrong on the high end (i.e. when the person you thought was wealthy doesn’t have the resources you assumed they had), but what about when you’re wrong on the low end (when you find out that the person you thought had little or no resources just set up an endowment at your alma mater)?
Don’t get me wrong. Information is powerful, and some of the information you have on your prospects can be helpful. However, it’s critical that you take those “facts” or data points with a grain (or two) of salt.
And when in doubt, or just to check yourself, “try this crazy method called asking”.
I’m Saving Giving by providing a clear path to success, supported by data, statistics, and interviews. You can find more great newsletters like this one here on Philanthropy 451, in my bestselling book, Philanthropy Revolution, or on socials at Twitter, Facebook, and LinkedIn to learn more.
- Lisa