Initially posted in March 2014, up to date in March 2023
One of the gratifying points of main present fundraising is getting to construct relationships with donors—relationships that final past one donation and stay robust even when it’s difficult for donors to present. 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 individuals first and supporters second. On this information, we’ll take a more in-depth take 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 software that organizes all the data a company gathers a few potential donor.
In keeping with DonorSearch’s information to prospect profiles, this could embrace particulars in regards to the particular person’s:
- Group 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 simply’re at all times including to whenever 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 appropriate instruments in your aspect.
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 objective 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 at all times value greater than the largest donation an individual might give. All the time. (Click on right here to tweet that.)
follow is to run your self by way of the prospecting software first that will help you see what comes up and the way correct it’s. Once I just 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 because the 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, take a look at:
- Their primary tackle info (similar to metropolis or state)
- The “notes” on their recordsdata
- The “actions” or “interactions” tab
- The “relationships” or “associations” tab
This info is barely nearly as good as the continued 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 should be documented. One consumer referred to 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 normally 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 good place to look. (Once more, strive 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
Probably the greatest donor analysis instruments is Google. Looking a prospect’s identify tends to tug up a number of info. Relying on the prospect, you can see company bios, alumni notes, and even neighborhood volunteer lists. You possibly can 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 staff can shortly 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 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 could have a face to place to their identify.
4. Wealth screening software like DonorSearch
Wealth screening instruments like DonorSearch, WealthEngine, or iWave pull collectively all kinds of publicly-accessible wealth info and indicators: actual property holdings, inventory holdings, directorships, airplane or yacht licenses, and so on. Additionally they report on prospects’ charitable giving and lists if individuals are on boards of foundations as listed by Guidestar. And it offers you a urged vary to ask for a donation based mostly 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 significant 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 assist you to take away listings in a profile that you already know to be inaccurate. They even rating info reliability based mostly on their expertise doing this type 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 presents the prospect has made. So additionally they recommend 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 present. But when the very best present they’ve ever given is $100,000, it’s higher to think about asking at that stage, at the least at first! Plus, an perceived capability 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 software you utilize, you’ll want to 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 tackle into Zillow might help you discover an estimated value 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
When you’ve found clues that point out the prospect could 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 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 certain to coach your donor about matching presents to allow them to submit the required info 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 might help you deal with 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 shouldn’t be being correctly ready for a gathering with a significant donor. Donor profiles like these will assist your leaders be their finest of their conferences!
