Cultivating Major Donors in a Changing Economy: What Smart Fundraisers Do Differently

Relationships don’t take a recession. Here’s how to keep your major donors close — and giving — when the economy gets weird.

Let me share something I’ve learned after 25 years and tens of millions of dollars raised: the economy will always do something unexpected. Markets shift. Tariffs spike. The stock ticker starts behaving like a nervous cat. And right on cue, development directors everywhere start whispering, “Should we pull back on major donor outreach?”

No. Absolutely not. Hard stop.

Here’s the counterintuitive truth: economic uncertainty is actually your moment. It’s when donors need to hear from you most — and when the strongest relationships get forged. Think of it like the gym in January. Everyone shows up when it’s easy. The people who show up in the cold, dark middle of February? Those are the ones who actually get results.

Lake Geneva, Montreux, Switzerland © Tonya Hennessey

Relationship First. Ask Second. Always.

Major donor cultivation has never been about transactions — it’s about trust. And trust doesn’t pause for economic cycles.

According to the Association of Fundraising Professionals, “It is critical that the cultivation of major giving prospects continues through economic uncertainty. Major giving is all about cultivation. Even if a donor’s ability to give is limited by the economy, the relationship should continue.”

Read that again. The relationship should continue. Not the ask. Not the proposal. The relationship. This means picking up the phone not to solicit — but to check in. Sending a note about a program win. Inviting your top prospects to a site visit with zero pitch attached. These touchpoints are the infrastructure of generosity. Neglect them during down times, and you don’t just lose a gift — you lose a donor.

Personalize Like You Mean It

Major donors know when they’re getting the same email blast as your annual fund list. And nothing says “you’re not that important” like a Dear Friend letter sent to someone who just gave you $25,000.

In 2026, personalization isn’t a nice-to-have — it’s the baseline. DonorSearch notes that “major donors increasingly expect communications that reflect their unique interests and values,” and that “generic outreach is ineffective and easy to ignore.”

Build an individualized cultivation plan for each of your top 20 prospects. Map out their communication preferences, their philanthropic passions, their family milestones. Know that Margaret collects art and that her granddaughter just started college. Know that Silvio is a fly fisherman who cares about clean water. Use that. Relevance is respect.

Talk Money Differently

When the economy wobbles, pivot the conversation — don’t avoid it. Donors with appreciated stock holdings may actually be in a better position to give charitably, even in a down market. Gifts of securities let them avoid capital gains taxes while still making impact. That’s not a consolation prize; it’s a smart play.

And if a donor simply isn’t in a position to give right now? Honor that. Acknowledge the climate. Offer a multi-year pledge option or a deferred gift conversation. What you’re really doing is planting seeds for the next cycle — and demonstrating that your organization is a partner.

Don’t Ghost Your Donors

Organizations that maintained consistent, authentic engagement during economic turbulence consistently outperformed those that went quiet.

Nonprofits that doubled down on stewardship, transparency, and relationship-building during challenging financial periods were able to sustain and even grow donor support.

Be visible. Be honest about what’s hard. Tell the story of your mission’s urgency with the same energy you’d bring to a capital campaign kickoff.

And if you’re not sure what to say, remember: donors give to people they trust. Be trustworthy first.

The Bottom Line

The economy will always have opinions and go through changes. Your job is to make sure your donors have a positive, more in-depth opinion about your organization, your mission, and the relationship and impact you’ve built together.