To show our support for Trustees’ Week, we’re sharing our tips to get them on board with your prospect research project.
Trustees’ Week was on the 4th Nov, celebrating the achievements of the nearly one million trustees across the UK. We’re sharing our tips for getting your trustees on board with prospect research so you can continue to help your charity thrive.
Prospect research is the process of gathering information about potential donors or supporters. Getting your trustees on board and supportive of research means you can make the most of your supporter database, find new prospects, or secure funding from grant-makers.
Know your end goal before making an ask
Before approaching your trustees to gain support for your prospect research project, make sure you know exactly what it entails and what you hope to achieve.
Have concrete evidence to back up your plans. Gather case studies, statistics and other data on your charity’s potential ROI. Make sure you know what the risks involved with undertaking prospect research are and what you can do to mitigate them, as well as laying out the risk that not doing the research poses to your fundraising efforts.
Be prepared for objections
Trustees can be risk averse, but that’s only because they have your organisation’s best interest at heart. Prepare yourself for potential objections and make sure you have the information necessary to put their minds at ease. For example, your trustees may be worried that undertaking research puts your organisation’s reputation at risk. This isn’t the case, as long as you keep your supporters informed. Prospect research is perfectly lawful. Your high-profile and wealthy supporters expect it and would rather be approached with asks aligned to their interests than having their time wasted.
Keep up the communication
Don’t stop communicating with your trustees once they’ve agreed to your project. Bring them along for the ride with regular updates. Once you’ve started to see positive results, share and celebrate your success. Make it easy for your trustees to access data on increased donations, so they can see the impact that prospect research has had on your organisation’s overall fundraising strategy. This will build momentum for your future prospect research projects.
Ask them to spread the word
Your trustees will likely be well-connected with other organisations in the sector. Once they’ve seen the success of your prospect research project, encourage them to share their insights. Prospect research can sound complex but at its core, it’s about connecting your organisation with people who want to support it. By sharing your experience and acting as a champion for prospect research, your trustees will help more people get the support they need.
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.