Initially posted in March 2014, up to date in March 2023
Some of the satisfying points of main reward fundraising is getting to construct relationships with donors—relationships that final past one donation and stay sturdy even when it’s difficult for donors to present. However usually nonprofits squander the relationship-building alternatives given to them by not doing any analysis.
Conducting thorough donor analysis lays the inspiration for attending to know your donors as folks first and supporters second. On this information, we’ll take a more in-depth have a look at the donor analysis course of and methods to compile donor prospect profiles that may inform your interactions with potential donors.
What’s a donor prospect profile?
A donor prospect profile is a donor administration device that organizes all the knowledge a company gathers a few potential donor.
In response to DonorSearch’s information to prospect profiles, this could embrace particulars concerning the particular person’s:
- Neighborhood involvement
- Hobbies
- Household
- Schooling
- Profession and employer
You too can use a prospect profile to maintain observe of interactions with a prospect. Consider it as a dwelling doc that you just’re all the time including to if you get new info.
7 Instruments You Can Use to Create Prospect Profiles
Making a profile for a potential new main donor begins with conducting thorough analysis, and to take action, you’ll want the fitting instruments in your aspect.
Under are eight instruments you should utilize to get a fuller image of who your potential donors are.
Earlier than we get began, a phrase of warning: the aim of analysis isn’t to snoop. We’re solely going to take a look at publicly accessible info, nevertheless it nonetheless may really feel intrusive. Your integrity is all the time price greater than the most important donation an individual may give. All the time. (Click on right here to tweet that.)
A great observe is to run your self by the prospecting device first that can assist you see what comes up and the way correct it’s. After I just lately ran myself by the steps outlined under, I used to be shocked to see myself listed on the boards of nonprofits I’d fully forgotten about. It’d been over a decade because the organizations closed, however they nonetheless confirmed up on the listing.
1. Your Donor Database
The perfect place to begin your analysis is in your individual database.
For every potential donor, have a look at:
- Their fundamental tackle info (comparable to metropolis or state)
- The “notes” on their recordsdata
- The “actions” or “interactions” tab
- The “relationships” or “associations” tab
This info is barely pretty much as good as the continuing record-keeping of main reward officers. In my expertise, main reward officers and nonprofit leaders rely far an excessive amount of on their reminiscence when working with main donors. Most appointments and interactions should be documented. One consumer known as this the “hit by a moose” plan: what would occur when you had been hit by a moose? May your nonprofit decide up the place you left off? (For these of you not in rural areas, when you’re hit by a moose, the moose normally wins.)
Be persistent and tenacious in recording all of the pertinent info in your prospect profile.
2. WhitePages.com
In case you don’t have the prospect’s tackle or telephone quantity, WhitePages.com is a good place to look. (Once more, attempt looking out your self first to see what addresses come up.) This info helps fill out their profile and is required to do the extra detailed wealth screening later.
3. Google
Among the finest donor analysis instruments is Google. Looking a prospect’s identify tends to drag up a lot of info. Relying on the prospect, you’ll discover company bios, alumni notes, and even neighborhood volunteer lists. You’ll be able to refine your search by placing the identify in quotes, including a location, or looking out their identify and their enterprise identify collectively.
While you copy and paste any useful tidbits onto your prospect profile, embrace the URL of the reference so your group can rapidly learn extra. I like to avoid wasting useful webpages as a PDF and add them to the prospect’s file on my pc or my nonprofit’s shared server. This manner, anybody can see the supply materials even when the webpage is eliminated sooner or later.
I additionally do a picture search on Google. As soon as I discover a picture that appears to be correct, I reserve it to the prospect’s folder within the shared drive and paste it into the highest of their prospect profile. It’s a lot simpler to speak with a donor when you could have a face to place to their identify.
4. Wealth screening device like DonorSearch
Wealth screening instruments like DonorSearch, WealthEngine, or iWave pull collectively all types of publicly-accessible wealth info and indicators: actual property holdings, inventory holdings, directorships, airplane or yacht licenses, and so on. In addition they report on prospects’ charitable giving and lists if persons are on boards of foundations as listed by Guidestar. And it offers you a urged vary to ask for a donation primarily based on the prospect’s capability.
However watch out. Many wealth screening instruments solely deal with whether or not a prospect has the monetary means to donate, not in the event that they’d be fascinated with making a significant reward. And so they don’t allow you to customise the report, eradicating listings don’t belong to the donor. Right here’s the place DonorSearch shines! They will let you take away listings in a profile that to be inaccurate. They even rating info reliability primarily based on their expertise doing this kind of analysis.
Extra importantly, DonorSearch is weighted extra towards demonstrated philanthropy than towards wealth. They’ve all of the wealth indicators and so they offers you an estimated capability primarily based on wealth. However they’ve a way more full listing of items the prospect has made. So additionally they recommend a present ask stage primarily based on the giving, not simply the wealth. A prospect might have the aptitude of constructing a $25 million to $50 million reward. But when the very best reward they’ve ever given is $100,000, it’s higher to contemplate asking at that stage, at the least at first! Plus, an perceived skill to present could also be primarily based on the worth of their home. However I’ve not but met a donor who’ll promote 1/10 of her home to help your nonprofit.
No matter device you utilize, make sure to add a PDF of the profile to the shared drive. And jot down any objects of word on the prospect profile sheet.
5. Zillow
Placing the prospect’s tackle into Zillow might help you discover an estimated price of their home (or homes you could have found within the property listings in WealthEngine or DonorSearch). This may be helpful to incorporate on the prospect profile.
6. GuideStar
In case you’ve found clues that point out the prospect might have their very own basis, trying up their Kind 990s on GuideStar might help you get a extra full sense of their giving.
The Kind 990s listing each what organizations they’ve supported and the way a lot they gave to every. Jot any worthwhile info onto the prospect profile.
7. Matching Present Database
Some prospects may fit for an employer that gives reward matching as a part of their company philanthropy efforts. Realizing which prospects are eligible for matching is effective, as employers will usually supply a 1:1, 2:1, and even 3:1 match.
Leverage an identical reward database to test prospects’ eligibility and report it in your prospect profiles. Then, when the time comes, be certain to teach your donor about matching items to allow them to submit the required info to get their donation doubled!
Robust Donor Relationships are Well worth the Effort
Your nonprofit’s relationship with donors is price taking time to get proper. Utilizing these instruments to arrange a prospect profile might help you deal with what’s vital to particular person donors and discover the best methods to talk with them.
Creating prospect profiles also can assist your nonprofit leaders. One of many prime nonprofit CEO fundraising frustrations isn’t being correctly ready for a gathering with a significant donor. Donor profiles like these will assist your leaders be their finest of their conferences!
