Here are a few examples of organizations that conduct prospecting and how each utilizes the data they collect: Prospect research can enrich your nonprofits operations in a myriad of ways. When B2B stakeholders need to make buying decisions, they often incorporate credible research into their process. In-Depth prospect research to provide detailed biographical, wealth, philanthropic, connection and motivational information. This one-stop approach gives sales reps and business owners a more comprehensive view of their leads. For instance, if a donor has a common name like Tim Smith, the research might have pulled data for someone else who shares that name. Webidentify relevant donors who have an interest in a particular cause; ensure all communications to donors are tailored to their interests and relevant to them; and avoid sending donors unwanted or irrelevant communications which For example, it can empower nonprofits to discover prospects for: Beyond discovering gift opportunities, prospect research can also empower nonprofits to grow their base of support beyond their existing network and update their database with valuable information. You could then conclude that Maria would be a great potential donor to pursue and begin your outreach efforts! Appending data, such as adding an address or a date of birth to your existing information, helps you build a more complete picture of your prospects. Knowing what donors are looking for in terms of timing, amount, location, etc. Other times, you can prioritize prospects based on likeliness of converting them into a customer. Try another search, and we'll give it our best shot. Not every nonprofit will choose to conduct extensive prospect research independently or invest in outside research and strategy support. Accessing valuable information on matching gift eligibility among your prospects will help you double the funds you need for your organization. A podcast can help with prospect research by providing information on things like the companys goals, new products theyve released, and insights into their industry in general. Researchers take masses of raw data and turn it into usable, digestible information. Who are its competitors? Blogs are a decent place to find information about companies, and you can often track down the author if they have their email listed on the site. Build a persona in your head of who this person is, and think over how you'd address him or her if you were face to face. Have they worked with your company in the past? For instance, you might have a faithful donor whose contributions have been steadily increasing over the past five years. Dont underestimate the impact matching gifts can have on your prospect research process. While not as important a role for endowments, prospect research is still helpful for identifying large donors who might be interested in funding an endowed chair or program area that fits their interests. Prospect research is used by a wide variety of organizations to improve their fundraising efforts. After your team has conducted prospect research (or partnered with a consultant or research service), there are five general next steps to follow: Review the research. Double the Donation is the leading provider of matching gift solutions, and can give your nonprofit the ability to maximize donations with corporate matching gifts. Visit the company website. Through this process, youll establish qualification criteria for different giving levels, helping you determine the prospects you should reach out to first. The marketing department uses prospect research to decide which prospects should be on mailing lists, where fundraising appeals will be sent, and how best to engage with them. Data Points Included in Prospect Research, Philanthropic indicators represent an individuals, While knowing the basics, such as a donors preferred name, gender, and marital status, can help when you send out donation appeals, prospect research can also help you learn more about the hobbies and interests of your prospects. Youre not just selling to them, youre constantly building a relationship with each one of your prospects. Start and develop relationships When you research prospects, youre actually developing relationships with them. Without it, you wouldnt be able to complete your day-to-day operations and tasks. A consultants entire job is to understand the ins and outs of prospect research and how it can advance your nonprofits strategy. What's their role? Before you can build relationships and engage new high-capacity donors, you have to know who those donors are. new partnerships that are forming or breaking up with other companies in the market (this is a great way to verify if theres anything you need to be aware of), site: operator helps narrow the results to sites related to your topic e.g. Another great way to prepare for grant prospect research is to gather all of your organizations documents such as proof of nonprofit status, articles of incorporation, board meeting minutes, tax documents, etc. In short -- dont judge a book by its cover, but make sure to read and analyze whats right in front of you, too. Learn the key elements and best practices of a prospect research report, and how to use it to identify, qualify, and cultivate potential donors for your organization. When learning about prospect research, you may come across the term wealth screening. Its important to understand the distinction between these two terms, as theyre not interchangeable. Effective prospect research allows you to evaluate potential donors for both high giving capacity and affinity. Here are some of its perks: When you research prospects, youre actually developing relationships with them. Prospect research can help you get there, putting your nonprofit on the road to long-term, sustainable growth. These include: DonorSearch helps your nonprofit learn more about your donors and complete comprehensive donor profiles. Guest Post: Encouraging Matching Gifts During Peer-to-Peer Events, How Matching Gifts Can Aid in Prospect Research, 3 Steps to Get Started With Fundraising Data Analytics, Major Gifts: How to Unlock Your Donors Giving Potential, Free Download: Matching Gift Case Studies, Matching Gift Programs: The Definitive Guide, Top 24 Matching Gift Companies: Leaders in Corporate Giving, Corporate Giving Programs: Your Ultimate Guide, Volunteer Grants: Breaking Down the Basics for Nonprofits. Sign up with your email address to receive news and updates. Why are you looking for new major donors? Prospect research, also called prospecting or donor research, is the process of identifying potential major donors for your nonprofit, helping you take a more focused approach to secure major gifts, capital campaign contributions, planned gifts, and more. If you are not already using this tool, I recommend setting up daily alerts for similar keywords that would be pertinent to your business. How you use the platform to prospect will depend on the nuances of your market and your ideal customer. Prospect research is an essential tool for any size nonprofit seeking major gifts, running a capital campaign, or taking part in annual giving. They can also help you put your data into action and begin cultivating relationships with prospects. Its like turning Google into your personal research assistant. There are two ways to go about in-house prospect research. Look back to the goals that motivated your prospect research in the first place. Directories can help prospect researchers identify target companies for research. Some basic information you should quickly gauge include: You should also do some more in-depth sleuthing that gives context to that information. 5. Your thesis or dissertation topic can start out very broad. If your nonprofit is just starting out or if you have a tight budget, this may be a great initial option. Analyze the results, seeking prospects with positive affinity and capacity indicators. Plenty of consultants and research services specialize in nonprofit development, and working with one of these firms is often the most effective way to gather new insights. While prospect research is most often used to identify and solicit major gifts, there are a variety of fundraising efforts that prospect research can improve. Try to find out what a company is doing to address their problems relevant to your product or service offerings, already. It offers a huge amount of data on companies and stocks, including recent financial statements and earnings calls. You are seeking results that are comprehensive and actionablenot just a supplement to your existing research. You can type in a search term, and itll provide you information such as how many shares an article has, what social networks its popular on, and the number of links to the page. What are they tweeting about? It provides valuable information about how donors typically give, what motivates them financially, and where they come from so that staff can develop an appropriate plan for stewardship. While its an essential part of prospect research, this only indicates an individuals ability to give. Stock holdings at publicly-traded companies are reported to the SEC and available through SEC.gov. Examples of typical affinity markers include: Donation history and past involvement with your organization or similar organizations, Professional and personal connections with current donors in your database. Looking to hire a new major gifts officer or more development staff? Aristotle Onassis Types of Prospect research Ad hoc research to find specific information like telephone numbers and addresses. Focusing on donors with matching gift potential, Dont underestimate the impact matching gifts can have on your prospect research process. Take the time when your results first come in to ensure their accuracy. Prospect research should also include an analysis of how the list member ranked your organization when you were soliciting their support. As with anything else in the nonprofit world, becoming a prospect research expert might involve a steep learning curve. Your nonprofit might choose to conduct this type of research when: Youre trying to discover the best prospects within your existing database, Youre looking to supplement your existing research completed internally or by a research partner, You specifically want to update the wealth data in your CRM system. This can help the organization tailor its message, so its more likely to resonate with the potential funder. One word: context. After conducting prospect research, you may find a local veterinarian, George, who has supported similar missions in the past and has the capacity to make a large gift. If you work for a nonprofit organization and youre looking for a way to maximize your fundraising efforts, theres one avenue you might not be paying enough attention to: prospect research.
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