Rethinking Your Approach to Corporate Donors
Corporations are giving less frequently this year and in smaller amounts, and in many cities the corporate landscape has changed dramatically during this recession due to mergers, consolidations, and bailouts. In an editorial this week, the CEO of Western Union suggested that universities and other nonprofits need to seek out more holistic and intentional partnerships with corporate donors. Caroline Preston’s op ed is timely and implies a broader question — how can universities take stock of what has changed and adjust their approach to corporate donors accordingly? Chris Groff, executive director of corporate and foundation relations at Fairleigh Dickinson University, offers advice for how shops need to re-engineer their approach to cultivating and stewarding corporate donors this year. Profile Your Top 50 “Who are your top 50 corporations that you want to do business with? Update a profile for each of those.” Chris Groff, Fairleigh Dickinson U Given the extent of recent changes in the corporate environment — mergers and acquisitions in the pharmaceutical industry; mergers, bailouts, and takeovers in the banking industry — Groff suggests that the most pressing need is to recalibrate your prospect list. “You need to know who is still viable, and who is not, and you need to start looking […]