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How can prospect research lead to major gift donations?

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Prospect research is a vital strategy for nonprofit organizations that want to secure major gift donations from individuals, foundations, or corporations. Major gifts are large, often multi-year, contributions that can make a significant impact on a nonprofit's mission, programs, and sustainability. However, finding and cultivating potential major donors requires careful planning, research, and relationship-building. In this article, you will learn how prospect research can help you identify, qualify, and engage your best prospects for major gift donations.

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1 What is prospect research?

Prospect research is the process of gathering and analyzing information about your current and potential donors to determine their capacity, affinity, and inclination to give to your cause. Capacity refers to how much a donor can afford to give, based on their income, assets, and giving history. Affinity refers to how much a donor cares about your mission, vision, and values, based on their interests, passions, and involvement. Inclination refers to how likely a donor is to give to your organization, based on their philanthropic behavior, preferences, and motivations.

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2 Why is prospect research important?

Prospect research is important because it helps you focus your fundraising efforts on the most promising and qualified prospects for major gift donations. By conducting prospect research, you can segment your donor database into different categories based on their giving potential and readiness. For example, you can identify prospects who have high capacity and high affinity, but low inclination, and design strategies to increase their awareness and engagement with your organization. Or, you can identify prospects who have high capacity, high affinity, and high inclination, and prioritize them for cultivation and solicitation.

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Jeremy Reis
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By understanding a prospect's past donations, interests, and affiliations, organizations can craft personalized messages and proposals that align with what the donor cares about. Knowledge about a donor's background and interests is crucial for building long-lasting, meaningful connections, essential for ongoing support.

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3 How to conduct prospect research?

When conducting prospect research, there are many methods and tools available, depending on your goals, resources, and budget. Your own donor database can provide information about giving patterns, communication preferences, feedback, and interactions with your organization. Public records and databases can give you insight into wealth indicators such as property ownership, stock holdings, business affiliations, and charitable donations. Social media and online platforms can reveal interests, hobbies, opinions, and networks. Third-party services and software can provide comprehensive data and insights about prospects like wealth screening, ratings, and scores.

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Jeremy Reis
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Using LinkedIn for prospect research involves strategically searching for potential donors on the platform. Start by looking for profiles of individuals who have shown interest in philanthropy or causes similar to yours. Check their profiles for signs of charitable activities, such as involvement in nonprofit organizations or participation in fundraising events. You can also use their network to find mutual contacts who might help with introductions or offer additional insights. Joining LinkedIn Groups related to your cause can be another way to find and connect with potential donors. The goal is to gather information respectfully and use it to craft a personalized approach for outreach.

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4 How to use prospect research for major gift donations?

Prospect research can be a useful tool for planning and executing effective strategies for major gift donations. You can create a major gift pipeline, ranking and prioritizing prospects based on their giving potential and readiness, and assigning them to appropriate staff or volunteers for cultivation and solicitation. Furthermore, you can develop a donor profile which summarizes key information and insights about each prospect, such as their personal and professional background, philanthropic interests, connection to your organization, and preferred ways of giving. Additionally, you can craft a personalized proposal that aligns with the prospect's values, needs, and expectations while demonstrating the impact of their major gift donation. Finally, you can build a long-term relationship by thanking donors, recognizing them, reporting on outcomes, inviting them to events and activities, soliciting feedback and input, and asking for referrals or renewals.

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5 What are the best practices for prospect research?

Prospect research is an ongoing and dynamic process that requires constant monitoring, evaluation, and improvement. To ensure success, you should establish clear and realistic goals and criteria for your major gift program, such as the number, size, and frequency of major gift donations. It's also important to collaborate and communicate with your team and stakeholders to share information about prospects. Furthermore, you should respect and protect your prospects' privacy and preferences by following ethical and legal guidelines. Lastly, it's essential to test and refine your strategies and tactics by measuring and analyzing your results, identifying strengths and weaknesses, and adapting to changing circumstances.

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Andrew Cecil

Nonprofit Tech Advisor | Changemaker at Givebutter ??
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It's often easy to have extreme views of prospect research: Since it's sometimes incomplete or wrong, it's useless. We never use it. That information is gold and I immediately pick up the phone when I get a hit. I think the correct mindset around prospect research is that you're gathering clues. Clues to help you determine if someone is philanthropic and at what level. Getting wealthy people to give that aren't philanthropic is a fool's errand. Under-asking generous people due to a lack of prospect research is leaving millions on the table. Correct usage of prospect research allows you to avoid all these ditches.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Jeremy Reis
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Ethical considerations in donor prospect research are vital to maintain trust and respect in fundraising. It's important to gather information responsibly, sticking to public sources and respecting privacy laws. Ethical practices mean avoiding any form of pressure or manipulation, focusing instead on building genuine, beneficial relationships. This approach not only respects individual rights but also helps maintain the fundraising organization's credibility.

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How can prospect research lead to major gift donations?

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1 What is prospect research?

2 Why is prospect research important?

3 How to conduct prospect research?

4 How to use prospect research for major gift donations?

5 What are the best practices for prospect research?

6 Here’s what else to consider

Non-profit Leadership

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How can prospect research lead to major gift donations?

1

2

3

4

5

6

1 What is prospect research?

2 Why is prospect research important?

3 How to conduct prospect research?

4 How to use prospect research for major gift donations?

5 What are the best practices for prospect research?

6 Here’s what else to consider

Non-profit Leadership

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