By: Senior Consultant, Viola Henning
Viola Henning
The scientist in me has always thought of the relationship between a prospect researcher and their gift officer as a symbiotic one: prospect research is data research and frontline fundraising is field research. Because there are things people usually won’t divulge in polite conversation and limits to what information is publicly available, you need both to gain a full picture of a prospect.
The chart below outlines the types of things each may do during the stages of the cultivation cycle to foster a mutually beneficial relationship:
HOW WE CAN HELP EACH OTHER THROUGH EACH STAGE OF THE CYCLE:
Identification
During this first stage, both the gift officer and prospect researcher can be most helpful by looking for leads. The gift officer may obtain them via conversations; the prospect researcher can identify them via prospecting methods such as wealth screening, data mining and monitoring news and incoming gifts.
Qualification
During this stage, the prospect researcher can be helpful by providing an initial giving capacity rating, doing some basic due diligence (e.g., checking for a criminal record and to if the prospect is a sex offender), identifying potential interests (e.g., previous giving and/or volunteering) and suggesting possible connections that may be able to help the gift officer get an “in”/advance the relationship. If a gift officer is having a hard time reaching a prospect, relationship mapping can be helpful. Once the gift officer is able to speak with the prospect, they’ll be looking to evaluate giving potential and interests in an attempt to match organization needs with the prospect’s interests/passions. It’s important that what’s learned, including background information and wealth indicators, be shared via contact reports and stored in the organization’s database for future reference.
Cultivation
During this stage, the gift officer will likely be working to verify relationships, engage the prospect to strengthen their relationship with the organization, suggest gift opportunities and discuss ways to give. At this point, it can be helpful for prospect research to watch for news about the prospect/wealth events to give the gift officer the heads up on, participate in strategy review, monitor (and encourage!) the progress being made and conduct research to answer any specific questions that may have come up as a result of conversations with the prospect.
Solicitation
When an “Ask” is imminent, it’s time to update the capacity rating and expand the research profile. It would also be a good idea to conduct more in-depth due diligence. Prospect research may assist in suggesting strategy and determining an “Ask” amount. The gift officer will be implementing that strategy, identifying solicitors/deciding who is the right person to make/assist with the “Ask” and determining timing/approach.
And finally, stewardship
Hooray! The gift has been received, and it’s time to thank the donor and congratulate those who did the work to get the donation. The gift officer will want to continue the engagement, show the donor the impact of their gift and prepare for the next gift. It can be helpful for prospect research to re-evaluate prospects in stewardship periodically and continue to watch for news/wealth events (e.g., a promotion, selling their company or an IPO) to anticipate the next opportunity.
