How to Research Donor Prospects Before Asking for Money
Asking for money can be intimidating for even experienced fundraisers, but it's obviously THE essential part of fundraising, so it's time to do our homework! Before approaching potential donors, it's crucial to research their interests, giving history, and capacity to give. Today we'll share some tips on how to research donor prospects to help you make a successful ask.
Identify Your Ideal Donor Profile: Before you even begin the actual research, figure out where you should be aiming! Start by identifying the type of donor you are looking for. Create an ideal donor profile based on factors such as age, gender, income level, and philanthropic interests. This will help you target your research efforts and identify prospects that are most likely to give to your organization. Quality over quantity is the key, especially when you are taking the time to research someone thoroughly, so make sure they fit the profile before investing the time.
Use Online Tools and Databases: Online tools and databases can be a great starting point for donor research. Use resources like WealthEngine, DonorSearch, or Guidestar to access information on a donor's wealth, giving history, and charitable interests. These resources can help you get a better understanding of the prospect's capacity to give and their philanthropic priorities. Your own CRM is also a great place to start to get giving history and background info if you have any data on the donor.
Check Social Media Profiles: Facebook stalking is key! Social media profiles can provide valuable insights into a donor's interests, hobbies, and affiliations. Check platforms like LinkedIn, Twitter, or Facebook to see if the prospect has posted about any causes or organizations that they support. This information can help you tailor your approach and make a more meaningful connection with the prospect.
Leverage Your Network: This is the best source of information if you have access to it. Anecdotal information from a peer is usually as accurate and current as it get, and your organization's network can be a valuable source of information on potential donors. Reach out to board members, volunteers, or other supporters who may have a connection to the prospect. They may be able to provide insights into the donor's giving history, personal interests, and capacity to give.
Plan Your Approach: Once you've conducted your research, it's time to plan your approach. Use the information you've gathered to tailor your message and make a more compelling ask. Consider the prospect's philanthropic interests, giving history, and capacity to give when crafting your request, and always aim high! People will never be offended if you ask for too much.
Researching donor prospects is a critical step in any fundraising effort. By taking the time to identify your ideal donor profile, leveraging online tools and databases, checking social media profiles, leveraging your network, and planning your approach, you'll be better equipped to make a successful ask. Remember, the key to successful fundraising is building relationships with donors, and the more you know about them, the better you can build a meaningful connection.
Have more questions on researching donor prospects? We can help! Book a call with one of our team members and we would be happy to walk you through some of the best practices.
