In the last few years, more charities than ever have invested in prospect research, but many of them are no closer to securing a major gift.
The rising cost of living and increased pressure on the charity sector have brought research-based fundraising into the spotlight. And with more competition for grant funding, charities are turning to major gift fundraising to keep up with demand.
Research is an essential step in any major gift programme. Pipelines don’t thrive when they rely on personal connections, and it can help fundraisers identify and prioritise prospects quickly.
But despite the sector’s best intentions, many of us are still getting research for major gift fundraising wrong.
Being afraid to do the research
The sector is still struggling with the misconception that wealth screening and prospect research aren’t allowed. This couldn’t be further from the truth, and it’s a misconception that is holding your organisation back.
Carried out in line with GDPR requirements, wealth screening and prospect research are perfectly lawful. In fact, your high-level supporters expect this kind of research to be done before you approach them. It saves their time and yours by avoiding unaligned asks.
Expecting research to replace relationships
Research doesn’t replace relationship-building, which will always remain at the heart of major gift fundraising. Research is part of sustainable major gift fundraising, but it’s not the whole process and should be used as a tool to help you build long-term relationships with your supporters.
Not doing focused research
Research for research’s sake won’t get results. For charities to be successful, they need a clear research brief that defines why they’re doing the research, what they want to achieve, and how it supports their fundraisers to build relationships.
Similarly, undertaking research without an action plan for your results is a waste of time. Things change quickly, and research needs to be regularly updated. If your organisation is still sitting on research carried out a year ago, it’s time to refresh it, but before you do, plan how you will use the results right away.
At Prospecting for Gold, we specialise in research, wealth screening, consultancy and regulatory compliance.
Research can help you expand your donor base and boost your fundraising. By understanding your supporters, you can personalise your approach, making your fundraising efforts more effective and efficient.
Successful major gift fundraising isn’t just about securing a donation. It’s about building relationships, understanding people’s motivations and aligning their interests with your cause.
Ready for research-based fundraising? Get in touch with us today.