Four tips for finding new donors to support your cause
December 2020
This year has seen a drop in individual giving for some organisations and it’s hard to know what’s yet to come. Despite these hard times, we’ve also seen organisations pivoting their fundraising plans to embrace a research-based approach and cultivate new donors. Here are our tops tips for seeking out new donors for your cause.
Data Mining
Your own database is the perfect starting point for in-house prospecting. Before getting started take some time to understand what it has to offer and what you can get from it. What fields and tables can you search for and report on? What insight can it bring you? Start by running a search for anyone with a senior-sounding job title: President, Chief Executive, Owner, Founder, Chairman. Next, run analysis on past giving and then sit down with your team to brainstorm for other useful parameters you can search.
Wealth Screening
At Prospecting for Gold, we’re all about wealth screening. The good news is that it doesn’t take too much effort to carry it lawfully and effectively. It remains one of our most popular services and it’s worth us stating that wealth screening is, and always was, completely lawful. Before undertaking a wealth screen there are some key steps you have to take to make sure it’s GDPR compliant. Check out this blog to assess if your organisation is ready for a well-planned wealth screen or email us at info@prospectingforgold.co.uk and we’ll talk you through the process.
Desk research (cold prospecting)
Maybe you’ve already looked at your existing supporters’ potential to give and now you are ready to expand your search to include people that aren’t already supporting you? If you’re interested in widening your search take a look at our New Names service. This type of approach researches people, not currently connected to your organisation, but (research suggests) have both the capacity to give and an affinity to your cause. When we do this research, we provide you with a rationale for each person we identify, this explains why we think they are appropriate for your cause. Our selection is made using agreed criteria that are developed with you.
Face-to-face
Face-to-face prospecting has taken a back seat this year, but that doesn’t mean you can’t plan for the future. When you are ready to do it, use these tips for carrying out your prospecting in-person interviews:
- Background research on the interviewee
- Make sure they know why you are there - be very clear about your objectives
- Start by asking who they know
- Use a Contacts Needed List to prompt
- Confirm next steps
And if you’re thinking of carrying out some prospecting in-person groups, here are some tips for structuring them effectively.
- 8 - 10 participants
- 2 - 3 home team
- 150 - 200 on your contacts needed list
- Two hours maximum
- An effective meeting chair who is briefed
- Boardroom or dining room table
- Some refreshments
Before getting started decide what type of research will meet your needs. What kind of research will best help you build a good relationship with your prospects? Will wealth screening give you the initial information that you need? Perhaps you need more in-depth prospect research? Speak to some external organisations who can help you work out the best research for your cause. Once you know what you’re doing and how you’ll do it, make sure you update your privacy policy and let your supporters know about your research plans.
For more information on data mining, wealth screening, our new names service or how you can prospect in-person get in touch with us by emailing info@prospectingforgold.co.uk or calling us on 01491 577311.
