Data from the Stop School Cuts coalition has found that 74% of schools in England have experienced budget cuts since 2010. Schools are dealing with crumbling infrastructure and a rising demand for special needs provision, leaving leadership teams struggling to provide more services with fewer resources.
This is where prospect research comes in. Building a sustainable major gifts programme can help schools navigate this storm and supply the funds to support both their capital campaigns and student support needs.
What is prospect research?
Prospect research is a way to get to know your network of supporters better. It involves undertaking research to identify who in your network may be a suitable major gift donor, what is important to them, what drives their giving, and how likely they are to support you.
This information can then be used to make a personalised ask, aligned with their philanthropic values. Prospect research doesn’t replace relationship-building, but it can be a useful shortcut for getting to know your supporters better and making educated asks that don’t waste their time or yours.
How to use prospect research to identify new donors
Prospect research always starts at home. When you’re identifying potential donors, consider alumni, parents (current and past), local businesses, community leaders, foundations, and trusts interested in supporting education.
Shortlist those who have previously made a gift to your school, those involved in similar educational causes, or those who have shown an interest in your activities. Your existing network of alumni and current parents is often the place to find connections to potential donors.
The stages of donor pipeline development
Schools need to consider four stages of pipeline development. It can be tempting to jump straight to the ask, but it will rarely result in a major gift.
Identification – the initial research to find new prospects, which may involve wealth screening your database or using prospect research to identify new names.
Qualification – more in-depth research to understand your prospects’ capacity to give, their alignment with your cause, and any potential issues.
Cultivation – find the right person to connect you, introduce your cause, and build the relationship.
Ask – make sure the right person makes the ask. In a school setting, this is usually the principal or a board member, but consider where the relationship came from and who has the strongest connection when making a decision.
Getting the most out of prospect research
Prospect research isn’t a standalone solution to your major gift fundraising woes. It’s part of a process that enables you to build sustainable major gift relationships. But without a clear research brief and action plan for your results, it’s unlikely to result in a major gift.
The organisations that have the most success have a clear vision for their research. They know why they’re doing the research and what they want to achieve with it. They also have a plan in place for their results. The sooner you use your results to start building major donor relationships, the sooner you’ll receive a major gift.