Initially posted in March 2014, up to date in March 2023
Probably the most pleasing 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 offer. 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 individuals first and supporters second. On this information, we’ll take a better take a look at the donor analysis course of and the best 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 software that organizes all the data a company gathers a couple of potential donor.
In line with DonorSearch’s information to prospect profiles, this will embrace particulars concerning the particular person’s:
- Group involvement
- Hobbies
- Household
- Schooling
- Profession and employer
You may also use a prospect profile to maintain monitor of interactions with a prospect. Consider it as a dwelling 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 proper instruments in your aspect.
Beneath are eight instruments you should 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 have a look at publicly obtainable data, 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.)
A great observe is to run your self by way of the prospecting software first that can assist 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 because the organizations closed, however they nonetheless confirmed up on the checklist.
1. Your Donor Database
One of the best place to begin your analysis is in your personal database.
For every potential donor, take a look at:
- Their fundamental tackle data (akin to metropolis or state)
- The “notes” on their information
- The “actions” or “interactions” tab
- The “relationships” or “associations” tab
This data is just nearly as good as the continued 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 must be documented. One consumer referred to as this the “hit by a moose” plan: what would occur in case 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, 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
Should you don’t have the prospect’s tackle or telephone quantity, WhitePages.com is a superb 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
Top-of-the-line donor analysis instruments is Google. Looking out a prospect’s title tends to tug up a lot of data. Relying on the prospect, you’ll find company bios, alumni notes, and even neighborhood volunteer lists. You may refine your search by placing the title in quotes, including a location, or looking their title and their enterprise title collectively.
While you copy and paste any useful tidbits onto your prospect profile, embrace 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 pc 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 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 may have a face to place to their title.
4. Wealth screening software 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, aircraft or yacht licenses, and so on. In addition they report on prospects’ charitable giving and lists if individuals are on boards of foundations as listed by Guidestar. And it provides you with a prompt vary to ask for a donation primarily based 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 desirous about making a serious reward. 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 help you take away listings in a profile that you already know to be inaccurate. They even rating data 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 provides you with an estimated capability primarily based on wealth. However they’ve a way more full checklist of presents the prospect has made. So in addition they recommend a present ask stage primarily based on the giving, not simply the wealth. A prospect could 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 think about asking at that stage, not less than at first! Plus, an perceived capability to offer 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 assist your nonprofit.
No matter software you employ, 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 may also 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
Should you’ve found clues that point out the prospect could have their very own basis, wanting up their Type 990s on GuideStar may also help you get a extra full sense of their giving.
The Type 990s checklist 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. Figuring out which prospects are eligible for matching is effective, as employers will usually provide 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, make sure that to teach your donor about matching presents to allow them to submit the required data 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 may also help you give attention to what’s essential to particular person donors and discover the best methods to talk with them.
Creating prospect profiles may also assist your nonprofit leaders. One of many prime 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 greatest of their conferences!
