Nothing improves your fundraising outcomes like strong donor relationships, and the best way to get to know your donors, their interests, and their giving capacity is by undertaking some prospect research.
Unfortunately, prospect research has been the victim of some misinformation in recent years, and if your organisation is particularly risk-averse, you might be struggling to get them on board. These four tips will set the record straight on prospect research and help you secure organisational buy-in.
Mythbusting – overcoming common concerns & fears
Let’s start by putting to rest some of the common myths around prospect research. It’s perfectly lawful and, when carried out in line with best practice fundraising, poses no risk to your organisation’s reputation. In fact, your high-level supporters expect you to undertake this kind of research.
Prospect research uses publicly available resources to research your supporters’ giving capacity and interests. The only caveat is that before you carry it out, you must let your supporters know that you’re doing it. Update your privacy policy to include your research activities and inform your supporters of any changes. Once they’ve had ample time to opt out of data processing, you’re good to go.
Gathering evidence & building the case for prospect research
When you’re trying to bring leadership onside for prospect research, make sure you have evidence to back up your claims. Use groups like Fundraising Chat or the Chartered Institute of Fundraising Researchers in Fundraising group, or Prospect Research to ask other organisations about their experience of prospect research. Gather case studies, statistics, and other data that demonstrate the potential benefits of undertaking this kind of research.
This is also an opportunity for you to explore any risks involved with undertaking prospect research and what you can do to mitigate them, as well as what risk not doing the prospect research will pose to your organisation’s fundraising efforts.
Winning support & appointing champions
Who has sway in your organisation and is good at getting people onside? These are usually the people who feel passionately about the work you do and are great communicators. Identify the people in your organisation who can help you build momentum and practice your pitch on them. Convincing them is half the battle, and they’ll be able to help you spot any weaknesses in your pitch where you need to gather more evidence.
By building a network of champions, you can increase the visibility and credibility of your argument, ensuring that it is heard by the decision-makers in your organisation.
Gaining momentum & building on your success
Once you’ve convinced senior leadership to invest in prospect research and begun to see positive results, it’s important to celebrate these successes and share them with others in your organisation. 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 will help ensure prospect research continues to be a priority within your organisation.
Ready to get your prospect research project off the ground, but struggling with organisational buy-in? Join our free webinar, Pursuing sensitive projects – getting prospect research across the line, on Wednesday, 22nd October.
Led by Kerry Rock, we’ll cover:
- Concerns and fears
- Building your case
- Winning support
- Building on success
We’ll be focusing on prospect research as a case study, but the methods are relevant to a range of projects where buy-in is required to build success. Book your spot.