Corporate partnerships are a great way for charities to receive much-needed support and resources. A charity of the year partnership may not feel in reach if you’re not a household name but don’t worry, corporate partnerships offer lots of opportunities for smaller charities too. But how do you go about finding the right corporate partner for your charity? That’s where prospect research comes in.
Define your goals and target audience
Before you start your research, it’s important to have a clear understanding of your charity’s goals and target audience. What kind of support do you need from a corporate partner? What industries or companies would be most relevant to your cause? Answering these questions will help you narrow down your search and focus on the most relevant potential partners.
Identify potential corporate partners
Once you have a clear idea of what you’re looking for, it’s time to start researching potential corporate partners. Look for companies that have expressed interest in causes similar to yours, or that have a history of supporting charitable causes. You can also use online databases and directories to search for companies that have a corporate social responsibility (CSR) program in place. Also, search for successful businesses located close to you. You should also consider looking also for key individual supporters of your charity who own or work at relevant companies. They may be the link you need to identify and access a new corporate partner.
Evaluate their suitability
Once you have a list of potential corporate partners, it’s important to evaluate their suitability for your charity. Look at their industry, size and financial stability. Consider their values and mission, and whether they align with your charity’s own values and mission. It’s also important to consider their level of engagement with their CSR program and whether they are genuinely committed to making a positive impact.
Gather information on their giving history
As with prospect research for individual donors, it’s important to gather information on a potential corporate partner’s giving history and patterns. Look for information on their charitable donations, as well as any partnerships or collaborations they have had with other charities. This can give you insight into their philanthropic values and priorities.
Make use of your existing network
Once you have identified potential corporate partners and evaluated their suitability, it’s time to reach out and build a relationship. Use your existing network to see if anyone can make an introduction, LinkedIn is a great way of seeing who is connected to the company you want to reach. Once you have an introduction or have researched the right person to approach, send them information about your charity and its mission and get the conversation started. Building a relationship takes time and effort, but it can pay off in the long run if you are able to secure a corporate partner who is passionate and committed to your cause. Remember you can also see if key people in the company are already supporting your charity on an individual basis.
If you are interested in researching corporates, join our webinar, Corporate Connections – prospect research for your corporate fundraising, which will give you tips and methods for corporate prospect research.
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