Five signs it’s time to refresh your prospect pipeline
January 2021
How well do you know your existing supporters? Have you kept up-to-date with your research to see which of them might be good prospects for your major gifts programme? This is more important than ever as we respond to the challenges brought by the pandemic with pressure on income and the changing priorities of your supporters. Your fundraising efforts might not bring the best returns if you're cultivating the wrong people, or if you’re approaching people who might be a perfect fit for your cause without doing any research in advance. Here are five signs it’s time to review your current supporters to give your major gifts pipeline a boost.
1) You have not identified a new major gift prospect from your existing network in a while
Your existing database could be full of willing prospects waiting to be asked to further support your cause but, without undertaking a solid review of it, you may never identify them and get the opportunity to ask. You’ll need to put a few things in place before wealth screening your database, but once you’ve covered the basics (reviewing your legitimate interest for processing the data, making sure your privacy policy is fit for purpose, letting your supporters know of any changes you’ve made to it and giving them the opportunity to opt-out of further processing) you’re good to go.
2) You’re not sure of your existing supporters giving potential
Another red flag is if you are unsure of your existing supporters giving potential. This can be easily resolved with a wealth screening of your database to identify who among your current supporters has the ability to become a major donor, which of your supporters are known philanthropists and who the business leaders that are already supporting your charity are. Undertaken in line with GDPR guidelines, wealth screening can open the door to inspiring new major gift opportunities.
3) You’re not sure of your key donors broader philanthropic priorities
Does your major gift donor give at the same time every year? Is it associated with one of your annual campaigns or their personal philanthropic preferences? A little research to familiarise yourself with their overall philanthropy may well provide new insights for your own relationship with them. Philanthropists tend to be busy people with lots of causes vying for their time (and money). Knowing their giving preferences, what they are interested in supporting, how they like to show that support and when they like to give will help you stand out from the crowd.
4) You want to increase attendance and engagement at your fundraising events
Knowing what the people you are trying to cultivate are interested in, means that you can ensure you are inviting them to the right events and connecting them with the right people to properly showcase your cause and the good their donation will do. This is more important than ever as we use the opportunities arising from smaller-scale online events to engage and steward major donors during these times of social distancing and lockdown.
5) You’re ready to convert some of your prospects into major gift donors
A thorough review of your prospect pipeline will ensure you have the information you need to cultivate and make asks of the supporters who have an affinity to your cause and are capable of making a transformational gift. If you are ready for effective research-based fundraising, get in touch with our team at info@prospectingforgold.co.uk to find out how we can help.
