I am fortunate to have many talented prospect research colleagues and I’m confident that they’ll agree with me when I say: no amount of prospect research will tell you how a donor is actually going to respond to an ask.
I have found that many volunteers and even a few professionals will insist on trying to know “everything” before they’ll pick up the phone and call a potential donor. Sometimes this is a delay tactic used in the face of uncertainty by solicitors who may be nervous about asking. Other times, it’s what I’d call “institutional habit.” Universities, for example, often have the luxury of full-time prospect researchers and so a detailed prospect profile becomes just part of day-to-day operations. I’ve seen many profiles that have so much information, I wouldn’t even know how to use most of it. It is helpful to get a full picture of an individual, but I think that’s best accomplished by talking to the prospect directly.
Of course, there are some things you really do need to know before making the call. Here’s my list of “must know” items before I feel comfortable picking up the phone:
1. What’s the history of the prospect’s relationship with the organization?
If your database isn’t up to snuff, ask a few long-term volunteers or staff people to fill you in. Not only do you want to know if the prospect has given before, but have they served as a volunteer, been a client, come to events, etc.?
2. Does the prospect know anyone at the organization?
A good database will keep track of links and connections, but if it doesn’t, run your prospect list past the board and staff and see who knows whom. Traditional research can also play an important role in uncovering personal and business connections. If you do find that the prospect has a connection with someone close to your organization, take that person along on the call.
3. What’s the prospect’s relationship to the issue?
If the prospect has no history with your organization, what is it about them that makes you think they’ll be interested? The fact that they have money is not a reason to think they’ll give. Have they taken a stand or shown interest in your cause, perhaps by giving to similar organizations or speaking out on the issue? Does their business have an affinity with the work you’re doing?
4. Does the prospect have the capacity to give a gift at the level you’re seeking?
This is where it gets tricky and where research plays a critical role. I find some of the best indicators are:
a) How much has the prospect given to other organizations? That’s probably a good indicator of what they’re willing to consider when you ask. Keep in mind that a first-time gift is rarely the largest a person will ever make to an organization. If someone’s never given to you, it’s unlikely they’ll start by giving you as much as or more than they’re giving their favorite charities.
b) How much does the prospect love your organization? If they’re already involved, and the time is right, it may be that they will step up their level of giving specifically for you. I have seen many instances of “life-changing” gifts in which a prospect has given their largest gift ever because they were so inspired. In every case, these have occurred through careful relationship building over time and incredible patience over when and how to make the ask. The way research helps in these cases is to make sure there is solid indication of financial capacity (a recent IPO, for example) so that you’re not presenting a completely ridiculous figure to the prospect.
c) Are there extenuating circumstances? There are times when someone will step in and save the day during an emergency. These are rare and while you can get away with it once in a while, it’s not a sustainable, long-term strategy for your fundraising program.
5. What do the prospect and I have in common?
I find it helpful to know if the prospect and I share a love of music, or attended similar schools, or have mutual friends. It just eases those first minutes of small talk.
It really comes down to knowing if the prospect has interest, capacity and connection. Good research will tell you these things and it’s important that you do it. It’s not fair to the donor or to the solicitor to frame such an important conversation in the dark.
If a prospect research profile is going beyond this framework and filling you in on the details of a person’s divorce settlement I suggest it’s going too far. You want to know as much as you need to know in order to frame an ask that is respectful to the donor and offers the greatest potential to benefit them and your organization. Just because a person’s house is worth millions doesn’t mean they’ve got extra resources and, more importantly, that they’d give those resources to you!
In the end, the only way you’ll know what the donor will do for your organization is to ask them.
Here’s an earlier blog on how to ask for the right amount that you might find useful.
