Prospect Research/Donor Management
In most fundraising shops there is more work than there is time. Research and prospect management can seem like just one more thing that we SHOULD do but falls to the bottom of the list in the push to get appointments and send out mailings.
And yet, filling your pipeline with prospects interested in your work, being able to reach out and communicate with those individuals, and being able to track relationships in such a way that you can plan programming and resources, is fundamental.
Prospect research, locating biographical and financial background, is a tool to help you better understand your prospects and donors. A quick web search (the most basic type of research) to check for any breaking news (obits, business announcements, etc.) is vital before picking up the phone or meeting with a donor. However, no one can Google every name in their database.
Using a wealth screening service can provide a lot of publicly available information quickly and with minimal effort. The results of a screening can help you prioritize those individuals who merit additional resources—most important of which is the time of your fundraising team. In addition to providing an indication of gift capacity, screening can fill in biographical gaps—spouse name, business and title. All of this data helps identify prospects for gift qualification, board membership, event invitations, peer review and innumerable other uses throughout your organization.
Increasingly important is the ability to find individuals who are philanthropic and to notice their patterns of giving—at what level, to what type of charities, and using which gift vehicles (such as planned giving). Knowing these few details can focus donor conversations and accelerate the solicitation process.
Once you’ve created a prospect pool, you will want to be able to measure and report on progress toward your fundraising goals—prospect management (aka relationship management or moves management). This does not need to be complex—it can be as simple as an Excel spreadsheet–but many databases can be configured to reflect who is responsible for a relationship, what steps they’ve taken with the donor, and specific plans for solicitation.
A consultant can often set up the systems and processes that allow you to work efficiently and effectively in raising the most money for your organization. Start with research and prospect management and enhance your fundraising operations!
