The truth about prospect research (and 3 tips to make it easier) BONUS: Killer Prospect Research Template
We all gotta start somewhere and with donors and it usually begins with some research.
Now you all might think I’m a little gangster for what I outline below, but in my experience, traditional wealth engine screening tools only give you a very thin slice of the pie of information you are working to discover. They also rely so heavily on home purchases (which can manipulate reality) and political campaign donations which are limited in nature. Alternatively, you can hire a costly consultancy or company to run the information for you, but I’m guessing that isn’t that option you are keen on.
In my opinion, nothing replaces good old fashioned stalking, errrr, research (I like to use the phrase professionally stalking). You have to put in the work which includes gathering information from various sources.
Let’s start with some basics:
What is a prospect?
A prospect is a potential donor that has the capacity to give to your organization. This may be an individual, company or foundation that a board member, volunteer, or friend to the organization told you about. For example, “Hey - do you all know XYZ? She would LOVE the work you all are doing.” or “Does COMPANY ABC support your work? They should - they have a new focus on XXX.”
Information about their true interest, amount they can give, and if they are inclined to give is all in the research you need to do.
What is prospect research?
Prospect research is the tool fundraisers use to learn about their prospects. It is the process used to collect valuable information on your donor such as: who they are connected to, where they live, where they work, what school they went to and if they give to any other organizations. I’m going to dive in below to some tools and methods I’ve found to be helpful.
Where I go to conduct my prospect research
So, you have a name, and maybe a tid-bit or two of information. Or perhaps, you have a donor who gave $25, but has just signed up to attend a lunchtime learning session and you want to find out more.
Time to get searching.
Google: I’m sure you are already good friends with this incredible search engine. You know what to do. Pop in something like one of the following to get you going:
PROSPECT’S NAME and CITY
PROSPECT’S NAME and COMPANY
PROSPECT’S NAME and AFFILIATION
PROSPECT’S NAME and INDUSTRY
What did you come up with? Anything valuable? If your prospect has a super common name (like Jessica Campbell :/) you may have to do some more digging. I also like the search the “images” and “news” tabs at the top of the page to confirm I’m searching the correct person or to gather some additional information which brings me to my next favorite search tool….
LinkedIn: If you are not already on this social platform, you aren’t doing things right. To date, with more than 250 million monthly users, 4 out of 5 LinkedIn customers are decision makers within their company meaning - they have access to resources both personally and professionally. Linkedin can also tell you who or where people are connected. For example, if you do a search on a person, you will see where they work currently, but maybe more importantly:
Where they used to work
Who their current and former colleagues are (and you can cross check to see if any of they are already affiliated with your organization).
Where they attended school
If they are affiliated with any professional groups
If they have any side projects
If they are on any nonprofit boards or affiliated with any nonprofit organizations
What did you find this time? Even more information? Did you uncover any connections that you might be able to follow up on?
Social media: Facebook/Twitter/Instagram: For better or worse, we live in a world where people are online. Even for me personally, when I go to check out a new organization I visit 1) their website quickly followed by 2) their Instagram account. Social media gives you an insight into a person’s vibe, their interests, and their style. This information may allow you to connect up with these people or bring to the conversation something less formal and sincere.
Using the Killer Prospect Research template I’ve created, insert as much information on your new prospect as you can. From there, talk to someone on your team about this person. I’ve said it once and I will say it again - fundraising is a team sport - and two heads are better than one. When you go over your prospect sheet - talk through 1-3 strategies you want to try out to either get in front of this prospect OR to engage with them if they proactively are coming to your organization on their own.
In the coming weeks I plan to do a blog series on moves management and major gifts - stay tuned. Prospect research is very much the beginning of that movement.
So get your inner (professional) stalking on. Can’t wait to hear what you find out.
