These five tips will help convince your organisation that saying “yes” to prospect research will identify new donors and boost your fundraising.
Getting your organisation to say “yes” to prospect research can be half the battle. Even if you’ve done your research and know it’s the best course of action for your charity, senior leaders or board members unfamiliar with the difference good prospect research can make can be hesitant.
These five tips will help convince your organisation that investing in prospect research will identify new donors and boost your fundraising.
Know exactly what you’re talking about
Do you fully understand the benefits of research? It’s hard to get buy-in if you are not convinced yourself. In a nutshell, it’s the process of gathering focused and relevant information about potential donors or supporters. It can help you make the most of your current supporters, find new prospects, or secure funding from grant-makers or corporates.
Research the success stories of other charities that have used prospect research and learn about the different ways it can be implemented. Once you understand how prospect research can work for you, that will shine through when you speak to others.
Gather evidence
Have concrete evidence to back up your claims. Gather case studies, statistics and other data on your charity’s potential ROI. This is also an opportunity to explore the risks involved with undertaking prospect research and what you can do to mitigate them, as well as calculate what risk not doing the research poses to your fundraising efforts.
Appoint champions
Who’s good with people, understands prospect research, and will have your back? Find them and get them on your side. Ask them to act as your champion for prospect research to help you get where you want to be. And don’t stop at one! Approach members of your senior leadership team, fundraising staff or other people who have a strong interest in the organisation’s fundraising success. By building a network of champions, you can increase the visibility and credibility of your argument and ensure that it is heard by decision-makers across your organisation.
Bring in the experts
Sometimes, an invaluable outside perspective is the only thing for it. Bring in an expert on prospect research or reach out to other charities that have successfully implemented prospect research in their fundraising efforts. Make use of the existing research and fundraising networks on social media, where people are always happy to share their experiences and views. These external voices can help add credibility to your argument and provide additional evidence to support your case.
Celebrate your success
Once you’ve convinced your organisation to invest in prospect research and started to see positive results, celebrate and share those successes. Share data on increased donations, highlight successful fundraising campaigns and showcase the impact that prospect research has had on your organisation’s overall fundraising strategy. Celebrating these successes and documenting your processes can help build momentum for future fundraising efforts and ensure that prospect research continues to be a priority within your organisation.
At Prospecting for Gold, we specialise in research, wealth screening, consultancy, and regulatory compliance, making fundraising more effective and successful. Contact us today to find out how we can help you on your fundraising journey.