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Initially posted in March 2014, up to date in March 2023
One of the fulfilling features 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 provide. However typically nonprofits squander the relationship-building alternatives given to them by not doing any analysis.
Conducting thorough donor analysis lays the muse for attending to know your donors as individuals first and supporters second. On this information, we’ll take a more in-depth 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 data a corporation gathers a few potential donor.
In response to DonorSearch’s information to prospect profiles, this may embrace particulars concerning the particular person’s:
- Group involvement
- Hobbies
- Household
- Schooling
- Profession and employer
You can too use a prospect profile to maintain monitor of interactions with a prospect. Consider it as a residing doc that you simply’re all the time including to if you get new data.
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 facet.
Beneath 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 purpose of analysis isn’t to snoop. We’re solely going to have a look at publicly out there data, but it surely nonetheless would possibly really feel intrusive. Your integrity is all the time value greater than the most important donation an individual might give. At all times. (Click on right here to tweet that.)
A superb observe 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 not too long ago 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 fully forgotten about. It’d been over a decade for the reason that organizations closed, however they nonetheless confirmed up on the listing.
1. Your Donor Database
The very best place to begin your analysis is in your personal database.
For every potential donor, have a look at:
- Their primary deal with data (corresponding to metropolis or state)
- The “notes” on their information
- The “actions” or “interactions” tab
- The “relationships” or “associations” tab
This data is simply 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 have to be documented. One shopper known as this the “hit by a moose” plan: what would occur in case you have been hit by a moose? Might your nonprofit choose up the place you left off? (For these of you not in rural areas, in case you’re hit by a moose, the moose normally wins.)
Be persistent and tenacious in recording all of the pertinent data in your prospect profile.
2. WhitePages.com
If you happen to don’t have the prospect’s deal with or cellphone quantity, WhitePages.com is a good place to look. (Once more, strive looking your self first to see what addresses come up.) This data 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 a prospect’s title tends to drag up a lot of data. Relying on the prospect, you will see that company bios, alumni notes, and even neighborhood volunteer lists. You’ll be able to refine your search by placing the title in quotes, including a location, or looking their title and their enterprise title collectively.
If you copy and paste any useful tidbits onto your prospect profile, embrace the URL of the reference so your workforce can shortly learn extra. I like to avoid wasting 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’ve 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 data and indicators: actual property holdings, inventory holdings, directorships, aircraft or yacht licenses, and many others. Additionally they report on prospects’ charitable giving and lists if persons are on boards of foundations as listed by Guidestar. And it offers you a recommended vary to ask for a donation based mostly on the prospect’s capability.
However watch out. Many wealth screening instruments solely give attention to whether or not a prospect has the monetary means to donate, not in the event that they’d be excited about making a significant reward. They usually don’t allow you to customise the report, eradicating listings you recognize don’t belong to the donor. Right here’s the place DonorSearch shines! They help you take away listings in a profile that you recognize to be inaccurate. They even rating data reliability based mostly 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 based mostly on wealth. However they’ve a way more full listing of items the prospect has made. So in addition they counsel a present ask stage based mostly on the giving, not simply the wealth. A prospect might have the aptitude of creating 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 provide could also be based mostly on the worth of their home. However I’ve not but met a donor who’ll promote 1/10 of her home to assist your nonprofit.
No matter device you employ, be sure you add a PDF of the profile to the shared drive. And jot down any gadgets of observe on the prospect profile sheet.
5. Zillow
Placing the prospect’s deal with into Zillow may also help you discover an estimated value of their home (or homes you will have found within the property listings in WealthEngine or DonorSearch). This may be helpful to incorporate on the prospect profile.
6. GuideStar
If you happen to’ve found clues that point out the prospect might have their very own basis, trying up their Kind 990s on GuideStar may also 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 data onto the prospect profile.
7. Matching Present Database
Some prospects may go for an employer that provides reward 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 reward database to test prospects’ eligibility and file 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 mandatory data to get their donation doubled!
Sturdy Donor Relationships are Definitely worth the Effort
Your nonprofit’s relationship with donors is value taking time to get proper. Utilizing these instruments to arrange a prospect profile may also help you give attention to what’s essential to particular person donors and discover the simplest methods to talk with them.
Creating prospect profiles may assist your nonprofit leaders. One of many high nonprofit CEO fundraising frustrations is just not being correctly ready for a gathering with a significant donor. Donor profiles like these will assist your leaders be their finest of their conferences!
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