The 80/20 rule has been squeezed even further, with the reality it is now likely to be 95% of the money coming from 5% of the people.

While this may bring some solace in that you can achieve a successful outcome and raise 90% of what you need from fewer donors (your top 20 donors will make or break the success of a campaign); it also reduces the margin for error and emphasises that you must get those approaches right.

Campaigns today are becoming a far more sophisticated process than the traditional 2-step feasibility study preparation going into campaigns. The project(s) must be illustrated as to how they fit into a larger strategic vision.
More importantly, each  Major Donor/Prospects' readiness for a campaign does not track at the same cadence as your own internal organisational preparedness. 

As such, it is more important that you provide the opportunities for your most significant donors to be engaged consulted, and involved even during the preliminary plans for your future major campaign. Maximum buy-in and tangible support will come from those who feel like they genuinely have been part of the journey from 'day one'.

There should be no reluctance to bring your key stakeholders in sooner than later. There is a magic of the "DRAFT" stamp on a project summary outline, that is far more impactful than a refined glossy brochure. This says to your donors that "your opinions matter and we're not finalising our plans in stone until we get your feedback first."

Whereas, asking your donors to participate in a study, once all of the internal plans and details have been finalised, for many feels like you are going through a formality of the process leading to a solicitation. 
 

Donors want to be part of a 'BHAG' (the big hairy audacious goal), that will help your organisation transform its future.
Major Donors want to feel they have helped effect change.
They don't want to hear "anything you can do would be great" and 
No Major donor is going to thank you for asking too little of them.
Their participation, engagement, and level of financial support will mirror how important this campaign is to them and how committed they are to helping your organisation take this next significant step.

To be successful in 'transformational campaigns' requires an organisation to 'revisit their vision' and to be able to explain, with absolute clarity, what your organisation looks like in 10 years' time.

The bringing together of leaders, both executive and board level to brainstorm and come up with an inspirational shared vision for the future, is the right way to commence any campaign of significance. 

This internal planning or vision setting should also encompass the identification of those external leaders who you think might play a role in not only contributing significant dollars but also to be able to open doors and bring other interested parties to the table.

A pre-study conversation with these key leaders is a vital part of any campaign preparation and the questions posed as much about the organisation and its direction, as it is about the specific intended projects and the funding that will be sought.

If done properly you will;

• Have a single vision that all internal stakeholders have bought into and will live going forward. 
• Have a small group of external leaders who feel like they have been part of the project from day one and are ready to be actively involved to achieve and drive success.
• Uncover any potential hurdles or obstacles for future support and the chance to rectify them
• With the benefit of time  and strategic thought, be able to develop the very best list of those who should participate and be part of the feasibility study prior to the campaign
• Identify learnings that could uncover significantly more potential than what is considered within your organisations collective knowledge
• Have a greater level of confidence as to the success of a campaign moving forward

We see many campaigns (particularly in North America) where these pre-campaign conversations are taking place even during the latter stewardship phases of the previous campaign (as many organisations have established a practice where they will roll from one campaign to the next in quick succession).

Good stewardship should have you talking regularly with your current donors anyway. 
If this is not happening then you need to be thinking about this, sooner rather than later.  You should be having both this visionary discussion and having these preliminary conversations well ahead i.e. months before the beginnings of any campaign preparation. 

So before you steamroll into the ‘cookie-cutter’ campaign. Ensure you build the right foundation by including the correct preparatory activities both internally and externally.

You can then live the  the “Fundraising  Five P’s” 

“PROPER PREPARATION PREVENTS POOR PERFORMANCE.”