How much should you ask for? Determining the right ask amount can be a balancing act. Requesting too much may upset a potential donor while asking too little might leave money on the table. Striking a balance – bold without overstepping – can help maximize donations and strengthen donor relationships. Here are 5 tips to consider when determining the right ask amount.

1. Consider capacity
First, understand the donor’s financial capacity using information such as wealth screening, employment information, lifestyle indicators and public records. You’re not only aiming to make an informed request, but you also want to show the donor that you have done your homework. A well-informed ask resonates with donors who value their support being recognized and maximized through impact.

2. Review their giving history
Past giving is one of the strongest indicators of future giving; look at the giving history of a donor – at your institution and other organizations- if available. By studying patterns such as frequency and scale, you’ll be better able to gauge a respectable, but aspirational ask amount. 

3. Benchmark with peers
When determining the proper ask amount, sometimes it can be helpful to see the activity of their peers. Similar donor profiles, whether it be age, career stage, past giving amounts, engagement and volunteerism can serve as a guide. Highlighting giving levels achieved by donors of a similar profile can help set expectations and encourage healthy competition between peers, especially when thinking about reunion class giving.

4. Aim high 
While it may seem counterintuitive, asking for more can be beneficial for a few reasons. First, if a donor declines the first ask, this will give you an opportunity to re-engage with a second ask amount. Second, a higher ask usually implies high-quality impact for your institution. High-level donors can interpret a high ask amount as a sign of importance and worthiness; which can be persuasive. You can always assume that if a donor says “yes!” to your first ask amount, you could have asked for more. Remember, if a donor chooses a lower amount than you asked for, that is still a success – you have opened the door to more meaningful conversations about their giving. 

5. Be specific 
A clear and specific ask is always better than a vague request. Suggesting a figure tied to a project or fund that resonates with the donor will be deemed more successful than asking “to increase their support”. When you are specific with an ask, you are showing thoughtfulness and intentionality to your conversation. If a donor can picture their impact – they’re more likely to see the value and support they will provide to the institution through their contribution. 

Setting the right ask amounts is both an art and a science. The right can set the tone for a long and mutually rewarding relationship, helping both your donors and your institution achieve their philanthropic goals.