7 Instruments for Making a Prospect Profile

Initially posted in March 2014, up to date in March 2023

Some of the fulfilling features of main present fundraising is getting to construct relationships with donors—relationships that final past one donation and stay sturdy even when it’s difficult for donors to present. However typically nonprofits squander the relationship-building alternatives given to them by not doing any analysis.

Conducting thorough donor analysis lays the muse for attending to know your donors as individuals first and supporters second. On this information, we’ll take a more in-depth take a look at the donor analysis course of and the way to compile donor prospect profiles that may inform your interactions with potential donors.

What’s a donor prospect profile?

A donor prospect profile is a donor administration device that organizes all the knowledge a corporation gathers a few potential donor.

In response to DonorSearch’s information to prospect profiles, this may embody particulars concerning the particular person’s:

• Group involvement
• Hobbies
• Household
• Training
• Profession and employer

You may also use a prospect profile to maintain monitor of interactions with a prospect. Consider it as a residing doc that you just’re at all times including to whenever you get new info.

7 Instruments You Can Use to Create Prospect Profiles

Making a profile for a potential new main donor begins with conducting thorough analysis, and to take action, you’ll want the appropriate instruments in your aspect.

Under are eight instruments you should use to get a fuller image of who your potential donors are.

Earlier than we get began, a phrase of warning: the purpose of analysis isn’t to snoop. We’re solely going to take a look at publicly out there info, nevertheless it nonetheless may really feel intrusive. Your integrity is at all times value greater than the largest donation an individual may give. At all times. (Click on right here to tweet that.)

A very good apply is to run your self via the prospecting device first that can assist you see what comes up and the way correct it’s. After I just lately ran myself via the steps outlined under, I used to be shocked to see myself listed on the boards of nonprofits I’d fully forgotten about. It’d been over a decade because the organizations closed, however they nonetheless confirmed up on the checklist.

1. Your Donor Database

One of the best place to begin your analysis is in your individual database.

For every potential donor, take a look at:

• Their primary tackle info (resembling metropolis or state)
• The “notes” on their information
• The “actions” or “interactions” tab
• The “relationships” or “associations” tab

This info is just nearly as good as the continuing record-keeping of main present officers. In my expertise, main present officers and nonprofit leaders rely far an excessive amount of on their reminiscence when working with main donors. Most appointments and interactions have to be documented. One shopper known as this the “hit by a moose” plan: what would occur when you have been hit by a moose? Might your nonprofit choose up the place you left off? (For these of you not in rural areas, when you’re hit by a moose, the moose often wins.)

Be persistent and tenacious in recording all of the pertinent info in your prospect profile.

2. WhitePages.com

For those who don’t have the prospect’s tackle or telephone quantity, WhitePages.com is a superb place to look. (Once more, strive looking your self first to see what addresses come up.) This info helps fill out their profile and is required to do the extra detailed wealth screening later.

3. Google

Among the finest donor analysis instruments is Google. Looking out a prospect’s title tends to tug up numerous info. Relying on the prospect, you’ll discover company bios, alumni notes, and even neighborhood volunteer lists. You’ll be able to refine your search by placing the title in quotes, including a location, or looking their title and their enterprise title collectively.

Whenever you copy and paste any useful tidbits onto your prospect profile, embody the URL of the reference so your workforce can shortly learn extra. I like to save lots of useful webpages as a PDF and add them to the prospect’s file on my pc or my nonprofit’s shared server. This fashion, anybody can see the supply materials even when the webpage is eliminated sooner or later.

I additionally do a picture search on Google. As soon as I discover a photograph that appears to be correct, I put it aside to the prospect’s folder within the shared drive and paste it into the highest of their prospect profile. It’s a lot simpler to speak with a donor when you may have a face to place to their title.

4. Wealth screening device like DonorSearch

Wealth screening instruments like DonorSearch, WealthEngine, or iWave pull collectively all kinds of publicly-accessible wealth info and indicators: actual property holdings, inventory holdings, directorships, airplane or yacht licenses, and many others. Additionally they report on prospects’ charitable giving and lists if persons are on boards of foundations as listed by Guidestar. And it offers you a instructed vary to ask for a donation primarily based on the prospect’s capability.

However watch out. Many wealth screening instruments solely deal with whether or not a prospect has the monetary means to donate, not in the event that they’d be all in favour of making a significant present. And so they don’t allow you to customise the report, eradicating listings don’t belong to the donor. Right here’s the place DonorSearch shines! They assist you to take away listings in a profile that to be inaccurate. They even rating info reliability primarily based on their expertise doing this kind of analysis.

Extra importantly, DonorSearch is weighted extra towards demonstrated philanthropy than towards wealth. They’ve all of the wealth indicators they usually offers you an estimated capability primarily based on wealth. However they’ve a way more full checklist of presents the prospect has made. So in addition they counsel a present ask degree primarily based on the giving, not simply the wealth. A prospect might have the aptitude of constructing a $25 million to $50 million present. But when the best present they’ve ever given is $100,000, it’s higher to think about asking at that degree, a minimum of at first! Plus, an perceived capacity to present could also be primarily based on the worth of their home. However I’ve not but met a donor who’ll promote 1/10 of her home to assist your nonprofit.

No matter device you employ, you should definitely add a PDF of the profile to the shared drive. And jot down any objects of observe on the prospect profile sheet.

5. Zillow

Placing the prospect’s tackle into Zillow can assist you discover an estimated value of their home (or homes you might have found within the property listings in WealthEngine or DonorSearch). This may be helpful to incorporate on the prospect profile.

6. GuideStar

For those who’ve found clues that point out the prospect might have their very own basis, wanting up their Kind 990s on GuideStar can assist you get a extra full sense of their giving.

The Kind 990s checklist each what organizations they’ve supported and the way a lot they gave to every. Jot any worthwhile info onto the prospect profile.

7. Matching Reward Database

Some prospects may match for an employer that gives present matching as a part of their company philanthropy efforts. Understanding which prospects are eligible for matching is efficacious, as employers will typically provide a 1:1, 2:1, and even 3:1 match.

Leverage an identical present database to examine prospects’ eligibility and report it in your prospect profiles. Then, when the time comes, be certain to coach your donor about matching presents to allow them to submit the required info to get their donation doubled!

Robust Donor Relationships are Definitely worth the Effort

Your nonprofit’s relationship with donors is value taking time to get proper. Utilizing these instruments to arrange a prospect profile can assist you deal with what’s vital to particular person donors and discover the simplest methods to talk with them.

Creating prospect profiles may assist your nonprofit leaders. One of many prime nonprofit CEO fundraising frustrations isn’t being correctly ready for a gathering with a significant donor. Donor profiles like these will assist your leaders be their finest of their conferences!