Pay Attention to Female Donors
If you are a development director, who do you want to meet with—the husband, the wife or both?
A recent study of women revealed that they often feel left out of the investment discussion by their investment bankers. On the other hand, investment bankers tend to believe that men will make quicker decisions on investments. Part of the perception underlying these findings is that the men are in control of the finances.
However, a survey by Citi’s Women & Co. found that 63% of women are the chief financial officers of their household. In fact, the same study found it was the women who were driving the long term planning decisions of the family. Men, in fact, were the shorter term thinkers.
What are the implications? Well, perhaps, in the context of a capital campaign, a man might be more quick to make an immediate decision. But for a long term investment with steady but significant giving, the decision might well fall to the female “chief financial officer” of the household.
The message is simple. Pay attention to cultivating relationships with husband and wife. Just realize that in many cases, it will be the women who will write the check.