Integrate with the Development Process

Prospect research is an essential part of the development cycle. Researchers who work directly with the fundraisers to determine the best cultivation strategy empower the fundraisers by supplying them with the information required to approach prospective donors for financial or other types of support. Research allows the fundraising team to develop a smart approach strategy and to make the appropriate ask. It is crucial to remember that prospect research together with the anecdotal and personal information that is learned through the cultivation process is how a successful solicitation strategy is formed.
With individual wealth and the number of billionaires climbing to all time highs, it is impossible to ignore the fact that individual giving represents the majority of total charitable giving in the US. This does not mean that corporate and foundation giving can be ignored by your organization. Corporate profits and innovative marketing programs allow companies to create more robust philanthropic giving programs to benefit their communities. As individuals accumulate more wealth, they often create charitable foundations to lessen their tax burden while allowing them to be philanthropic. Individuals, corporations and foundations should all be looked at closely in your development strategies. You can quickly and easily start your research on charitable foundations, people and companies at www.nozasearch.com.
A well-run prospect research unit will spend time on both proactive and reactive research. Reactive research is conducted based on a request from a fundraiser to rate a prospect, prepare for a meeting or event, update a profile or to develop an appropriate cultivation strategy. Proactive research is the process of identifying and rating new prospects for your organization. Unfortunately, many research units do not have the time or the manpower to place as much emphasis on proactive research as would be beneficial for their program.
When a development team has learned the value that prospect research brings to their fundraising efforts, it is up to the research team to manage expectations. Fundraisers will need to be educated on what research can and cannot provide (see Part One for more detail), that a prospect’s net worth is impossible to determine and that not every prospect needs a complete research profile (the information needed depends on where the prospect is in the cultivation cycle). It is important for the research team (even if the “team” consists of a sole researcher) to meet with the fundraisers and Vice President of Development (or your organization’s equivalent) to determine what their individual research needs are and what they can expect from the prospect research team.
Host informal training sessions on a semi-annual basis for the entire development staff. If necessary, introduce the concept of prospect research, explain the services that you provide and demonstrate some quick tips for finding information if and when you aren’t available. Give them links to some basic sites like NOZA or phone and address directories and demonstrate a few Google search tips to make life easier for them.
Lead bi-weekly, monthly or quarterly meetings with the development team to discuss research needs, prospect strategy and other goals and expectations. Make sure that you are included in any regular review of events, new program initiatives or other priorities where research could add value.
Establish formal research policies and procedures. Create a research request form and maintain an electronic version so that everyone has access to it. Request that the form be used whenever a client has a research need so that you can make sure the request gets logged and not lost in a pile. Insist that the requestor include a specific deadline for the research (not “ASAP” but an actual date) and that he or she indicates why the research is needed, where the prospect is in the cultivation cycle and any information the requestor knows about the prospect that may help you get started.
Keep a log of the research requests so that you can be sure you are completing each assignment on time. The log should include the requestor’s name, the reason the research is needed, the date it was requested, the deadline given, and the date it was completed. This will also help you manage your work flow. Be sure to review this log on a regular basis with your supervisor and/or the fundraisers that you are working with to ensure that everyone’s needs are being met.
Create and use research profile templates for each type of research that you conduct (full profiles, event briefings, etc). Review your templates with the fundraising team to see if they have any suggestions or additions. Have a privacy policy in place. Inform development officers where the confidential information is safely stored.