How Do You Do Donor Prospect Research?

What is prospect management?

Description of Practice: Prospect management policies and procedures refer to an organization-wide strategy for building, advancing, and managing relationships and activity with your organization’s constituents (generally major gift donors and prospects)..

What is prospect development?

Prospect Development is the strategic arm of an organization’s fundraising operation, focusing on prospect pools and pipelines.

Why do major donors give?

Your major donors are so important because their gifts make up a large chunk of your overall fundraising revenue. Without them, you likely wouldn’t have been able nearly as much for your mission.

What is wealth screening?

Wealth screening is a powerful tool that nonprofits can use to help determine donors’ capacities to give. As a subset of prospect research, wealth screening looks at top indicators of wealth like real estate ownership, business affiliations, and stock holdings in public companies.

How do I prospect for major donors?

Seven Golden Prospecting Strategies for Major GiftsGo to your current donors first. … Start with your most committed donors and move them into larger gifts. … Look for people who have both wealth and affinity for your cause. … Focus on your top level donors. … Set priorities relentlessly. … Use your informal networks to identify prospects. … Pay attention to the ladies.

Why is prospect research important?

Prospect research firms analyze the data to make predictions about donor behavior. … More importantly, prospect research can show that a prospect has given significant gifts to other organizations that have similar or complementary missions to yours, making that person a stronger prospect for you.

How do you find big donors?

Let’s begin with the process that is central to identifying the right donors for your organization: prospect research.Gather valuable information using prospect research. … Hire a fundraising consultant or coach. … Identify corporate connections. … Invite current and prospective major donors to an event.

What does it mean to qualify a donor?

It’s the process by which you determine whether or not a supporter/donor is someone you should: Spend your valuable time building a 1-to-1 relationship with (remember time is money); Spend your organization’s precious resources on (such as air travel, gifts, meals, etc.).

How do you engage donors virtually?

Update Your Email Strategy To Reflect The Times. … Engage With Your Donors On Social Media. … Use Videos To Connect With Your Donors Virtually. … Host A Virtual Fundraising Or Social Event For Your Donors. … Think Beyond Digital Connection Points. … Highlight Other Ways They Can Give.

How much do prospect researchers make?

Answering random questions and knowing where to look up (and find!) the most reliable answer is a strong suit of prospect researchers – many of whom have Library Science degrees. Average salaries are in the range of $50,000.

What does a prospect researcher do?

A prospect researcher is a role within or coordinating with the fundraising operation that is responsible for compiling data on fundraising prospects. Based on the situation, the prospect researcher may also be responsible for the consolidation and/or implementation of data into the fundraising activities.

What is prospect analysis?

Prospect Analytics is a new field of sales and marketing software designed to help companies achieve their single most important goal: to sell more, and to sell more profitably. It does this by tracking and analysing interactions between the company and its prospects, both online and off.

How do you donate a research prospect?

ToolsInternal donor records. Your nonprofit’s CRM contains a wealth of data and analytics that can reveal important trends.Internet archive tools. … Social media platforms. … Government records. … Matching gift databases. … Google and Wikipedia. … Prospect generator tools. … Prospect research databases.

How do you identify a donor prospect?

Top 4 Strategies to Identify New Major Gift ProspectsScreen Your Most Loyal Donors. Your journey for new major donors begins at home. … Find Donors Who Support Related Nonprofits. … Leverage Your Donors’ Relationships with Foundations or Corporate Boards. … Take Advantage of Donor Interaction Opportunities.

What does it mean to cultivate a donor?

1. Cultivation means you treat the donor like a whole person, instead of just a checkbook. 2. Cultivation is where you get to know your donors to find out things you have in common, especially what you each most like about the organization, so you can talk about something besides money when you see them.

What do major donors want?

6 things major donors want from you:Go Back to Basics. What first comes to mind for most people are the obvious wants as outlined in this article by the Veritus Group. … Go Beyond by Tapping into an individual’s motivation to give. … Understand their Circumstances. … Be Transparent. … Personalize the Levels of Involvement. … Make them Feel Appreciated.