Initially posted in March 2014, up to date in March 2023
One of the pleasing facets of main present 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 provide. However typically 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 better have a look at the donor analysis course of and the right way 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 corporation gathers a couple of potential donor.
Based on DonorSearch’s information to prospect profiles, this will embody particulars in regards to the particular person’s:
- Group involvement
- Hobbies
- Household
- Training
- Profession and employer
It’s also possible to use a prospect profile to maintain monitor 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 suitable instruments in your facet.
Under are eight instruments you need to use 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 out there info, nevertheless it nonetheless may really feel intrusive. Your integrity is all the time price greater than the largest donation an individual may give. All the time. (Click on right here to tweet that.)
An excellent follow is to run your self by way of the prospecting device first that will help you see what comes up and the way correct it’s. Once I lately ran myself by way of the steps outlined under, I used to be shocked to see myself listed on the boards of nonprofits I’d utterly forgotten about. It’d been over a decade for the reason that organizations closed, however they nonetheless confirmed up on the record.
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 (corresponding to metropolis or state)
- The “notes” on their information
- The “actions” or “interactions” tab
- The “relationships” or “associations” tab
This info is barely nearly as good as the continuing record-keeping of main present officers. In my expertise, main present officers and nonprofit leaders rely far an excessive amount of on their reminiscence when working with main donors. Most appointments and interactions must be documented. One consumer known as this the “hit by a moose” plan: what would occur for those who had been hit by a moose? May your nonprofit choose up the place you left off? (For these of you not in rural areas, for those who’re hit by a moose, the moose often wins.)
Be persistent and tenacious in recording all of the pertinent info in your prospect profile.
2. WhitePages.com
When you don’t have the prospect’s tackle or cellphone quantity, WhitePages.com is a superb place to look. (Once more, strive looking 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
The most effective donor analysis instruments is Google. Looking out a prospect’s title tends to tug up a lot of info. Relying on the prospect, you’ll find company bios, alumni notes, and even group volunteer lists. You possibly can refine your search by placing the title in quotes, including a location, or looking their title and their enterprise title collectively.
Whenever you copy and paste any useful tidbits onto your prospect profile, embody the URL of the reference so your group can rapidly learn extra. I like to save lots of useful webpages as a PDF and add them to the prospect’s file on my laptop or my nonprofit’s shared server. This fashion, 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 photograph 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 have got a face to place to their title.
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, aircraft or yacht licenses, and so forth. Additionally they report on prospects’ charitable giving and lists if persons are on boards of foundations as listed by Guidestar. And it gives you a prompt 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 eager about making a serious present. They usually don’t allow you to customise the report, eradicating listings you already know don’t belong to the donor. Right here’s the place DonorSearch shines! They permit you to take away listings in a profile that you already know 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 they usually gives you an estimated capability primarily based on wealth. However they’ve a way more full record of items the prospect has made. So additionally they counsel a present ask degree primarily based on the giving, not simply the wealth. A prospect might have the aptitude of creating a $25 million to $50 million present. But when the very best present they’ve ever given is $100,000, it’s higher to contemplate asking at that degree, at the least at first! Plus, an perceived potential to provide 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 employ, make sure you add a PDF of the profile to the shared drive. And jot down any objects of observe on the prospect profile sheet.
5. Zillow
Placing the prospect’s tackle into Zillow can assist you discover an estimated price of their home (or homes you might have found within the property listings in WealthEngine or DonorSearch). This may be helpful to incorporate on the prospect profile.
6. GuideStar
When you’ve found clues that point out the prospect might have their very own basis, trying up their Type 990s on GuideStar can assist you get a extra full sense of their giving.
The Type 990s record 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 go for an employer that provides present matching as a part of their company philanthropy efforts. Understanding which prospects are eligible for matching is effective, as employers will typically supply a 1:1, 2:1, and even 3:1 match.
Leverage an identical present database to test prospects’ eligibility and document it in your prospect profiles. Then, when the time comes, be sure to coach your donor about matching items to allow them to submit the mandatory info to get their donation doubled!
Sturdy Donor Relationships are Definitely worth the Effort
Your nonprofit’s relationship with donors is price taking time to get proper. Utilizing these instruments to arrange a prospect profile can assist you deal with what’s essential to particular person donors and discover the simplest methods to talk with them.
Creating prospect profiles can even assist your nonprofit leaders. One of many high nonprofit CEO fundraising frustrations will not be being correctly ready for a gathering with a serious donor. Donor profiles like these will assist your leaders be their finest of their conferences!
