Initially posted in March 2014, up to date in March 2023
One of the pleasant elements 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 muse 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 easy 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 data a company gathers a few potential donor.
Based on DonorSearch’s information to prospect profiles, this could embody particulars concerning the particular person’s:
- Group involvement
- Hobbies
- Household
- Training
- Profession and employer
You may as well use a prospect profile to maintain observe of interactions with a prospect. Consider it as a residing doc that you simply’re all the time including to whenever 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 precise instruments in your facet.
Beneath 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 objective of analysis isn’t to snoop. We’re solely going to have a look at publicly out there data, however it nonetheless would possibly really feel intrusive. Your integrity is all the time value greater than the largest donation an individual might give. All the time. (Click on right here to tweet that.)
A great follow is to run your self by means 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 means of the steps outlined beneath, 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 record.
1. Your Donor Database
The perfect place to start out your analysis is in your individual database.
For every potential donor, have a look at:
- Their fundamental handle data (similar to metropolis or state)
- The “notes” on their information
- The “actions” or “interactions” tab
- The “relationships” or “associations” tab
This data is simply nearly 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 shopper referred to as this the “hit by a moose” plan: what would occur should you had been hit by a moose? Might your nonprofit decide up the place you left off? (For these of you not in rural areas, should 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
When you don’t have the prospect’s handle or cellphone quantity, WhitePages.com is a good place to look. (Once more, attempt 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
Among the finest donor analysis instruments is Google. Looking a prospect’s identify tends to tug up a lot of data. Relying on the prospect, you can see company bios, alumni notes, and even group volunteer lists. You possibly can refine your search by placing the identify in quotes, including a location, or looking their identify and their enterprise identify collectively.
Once you copy and paste any useful tidbits onto your prospect profile, embody the URL of the reference so your staff can rapidly 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 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 photograph that appears to be correct, I put it aside 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 gotten a face to place to their identify.
4. Wealth screening device like DonorSearch
Wealth screening instruments like DonorSearch, WealthEngine, or iWave pull collectively all kinds of publicly-accessible wealth data and indicators: actual property holdings, inventory holdings, directorships, airplane 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 provides you with a urged 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 thinking about making a serious reward. They usually don’t allow you to customise the report, eradicating listings don’t belong to the donor. Right here’s the place DonorSearch shines! They help you take away listings in a profile that to be inaccurate. They even rating data reliability based mostly on their expertise doing this form of analysis.
Extra importantly, DonorSearch is weighted extra towards demonstrated philanthropy than towards wealth. They’ve all of the wealth indicators and so they provides you with an estimated capability based mostly on wealth. However they’ve a way more full record 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 could 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, not less than at first! Plus, an perceived capacity to present 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 help 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 notice on the prospect profile sheet.
5. Zillow
Placing the prospect’s handle into Zillow will help you discover an estimated value of their home (or homes you’ll 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 could have their very own basis, trying up their Type 990s on GuideStar will help 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 data onto the prospect profile.
7. Matching Reward Database
Some prospects may match for an employer that gives reward matching as a part of their company philanthropy efforts. Understanding which prospects are eligible for matching is efficacious, as employers will usually supply a 1:1, 2:1, and even 3:1 match.
Leverage an identical reward database to examine prospects’ eligibility and report it in your prospect profiles. Then, when the time comes, ensure to coach your donor about matching items to allow them to submit the required data to get their donation doubled!
Sturdy Donor Relationships are Well worth the Effort
Your nonprofit’s relationship with donors is value taking time to get proper. Utilizing these instruments to arrange a prospect profile will help you give attention to what’s necessary to particular person donors and discover the simplest methods to talk with them.
Creating prospect profiles may assist your nonprofit leaders. One of many prime nonprofit CEO fundraising frustrations just isn’t being correctly ready for a gathering with a serious donor. Donor profiles like these will assist your leaders be their greatest of their conferences!