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 …