Diamonds in the Rough: Finding The Best Donor Prospects Hidden In Your Database (NAYDO 2019)
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https://bloomerang.co/resources/speaking/ Let’s face it: prospect research is difficult. Those who have mastered it are truly artists, but not every nonprofit has access to a dedicated professional. For those wearing multiple hats, wealth screening tools, social media, and good-old-fashioned Google searches can only get you so far. Even if you do find a rich stranger in your area, there’s no guarantee that they’ll drop a million bucks in your lap. In this session, we’ll explore prospect research strategies that build deeper, more meaningful relationships with donors. Participants will learn engagement strategies that enhance existing relationships, as well as uncover those with a propensity to give to your organization for the first time. Learning objectives: How to get to know the donors you already have (and why you should want to) What donors actually want from you What factors signal a likelihood that a donor will give to your organization How to find prospective donors that are right under your noses How to leverage current donors to acquire new donors Strategies for re-activating lapsed donors
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Diamonds in the Rough: Finding The Best Donor Prospects Hidden In Your Database (NAYDO 2019)
- 2. About Steven » Chief Engagement Officer, Bloomerang Co-founder/ED, Launch Cause Contributor: Fundraising Principles and Practice: Second Edition Member: Fundraising Effectiveness Project (FEP) Project Work Group, AFP Center for Fundraising Innovation (CFI) Fun facts: • 1st job: producing fundraising videos • prefers tea to coffee • allergic to rhubarb • won the David Letterman scholarship @StevenShattuck @StevenShattuck
- 10. Our “prospect” list » • 1st-time donors • donors who have given for 3-5+ consecutive years • monthly donors • volunteers who have not yet donated (including board members, fundraisers) • lapsed donors • donors who complain directly or answer surveys negatively / donors who answer surveys positively • current / former service recipients • out-of-town donors, not from P2P or memorial (if you are a local org) • constituents of a benefactor @StevenShattuck • donors who give you updated contact info (unprompted) • donors who upgrade • donors who submit matching gifts from their employer • members who also give • adult children (especially daughters) of parents who give surviving relatives of deceased long-time donors • aging, childless donors • donors who just had their first child • contact person at a company that sends volunteers • employees of a corporate sponsor • donors who use check, vs credit card • donors who use American Express, vs Visa/Mastercard
- 11. Outcomes » • bequests • major gifts • membership • a second gift • a first gift • reactivation • a monthly commitment • further engagement • data cleansing @StevenShattuck
- 13. @StevenShattuck Who are the best prospects? » • Length of giving to your organization (5+ years of regular giving) • Giving to you over a long period of time (Giving may not be year after year - but gifts have been made over a long, extended period of time) • Frequency of Giving (monthly credit card donors, multiple gifts within a year) • Is an active volunteer (at one time or now a board member, or a volunteer in some manner) • The Family has been involved in some way in the organization (best if there is a long-time association)
- 17. @StevenShattuck • 2011 study • Survey of 1,200 recent (last 12 months), frequent (more than 2 gifts to cause based charities) donors from over 250 nonprofit organizations • Donors were given a list of 32 reasons why they might continue giving • Asked to rank them by order of importance How to keep donors giving for 5+ years »
- 18. @StevenShattuck 1. Donor perceives organization is effective 2. Donor knows what to expect with each interaction 3. Donor receives a timely thank you 4. Donor receives opportunities to make views known 5. Donor feels like they’re part of an important cause 6. Donor feels his or her involvement is appreciated 7. Donor receives info showing who is being helped www.thedonorvoice.com/national-donor-commitment-study-and-proof-of-link-between-donor-attitudes-and-behavior/ How to keep donors giving for 5+ years »
- 19. 1st-Time Donors
- 21. 1st-Time Donors » • thank them profusely • let them know you know they’re a 1st-time donor • get to know them • invite in for tours • send surveys • why did they give? • know what they are going to get from you in the first year • get a second gift! @StevenShattuck
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- 25. @StevenShattuck 1st Time Donors - survey questions » • “Why did you first give?” • “Why are you passionate about (cause)? • “What would you like to hear from us?” • “How did you hear about us?” • Let them tell their story!
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- 33. @StevenShattuck Who are the best prospects? » • Length of giving to your organization (5+ years of regular giving) • Giving to you over a long period of time (Giving may not be year after year - but gifts have been made over a long, extended period of time) • Frequency of Giving (monthly credit card donors, multiple gifts within a year) • Is an active volunteer (at one time or now a board member, or a volunteer in some manner) • The Family has been involved in some way in the organization (best if there is a long-time association)
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- 40. Monthly Donors
- 41. Monthly Donors » • 7x more likely to leave a bequest! • Typically overlooked because monthly gifts are small • Retained over a long period of time (consistent givers) • They believe in you, they trust you • Don’t just send the same boring 12 receipts! @StevenShattuck
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- 49. @StevenShattuck Who are the best prospects? » • Length of giving to your organization (5+ years of regular giving) • Giving to you over a long period of time (Giving may not be year after year - but gifts have been made over a long, extended period of time) • Frequency of Giving (monthly credit card donors, multiple gifts within a year) • Is an active volunteer (at one time or now a board member, or a volunteer in some manner) • The Family has been involved in some way in the organization (best if there is a long-time association)
- 51. @StevenShattuck • they understand the value of your mission • gives them a sense of pride / empowerment / dignity • they could have higher capacity some day • they may higher capacity now (because of you!) • doesn’t just have to be schools/hospitals Current / Former Service Recipients »
- 56. @StevenShattuck 1. Donor perceives organization is effective 2. Donor knows what to expect with each interaction 3. Donor receives a timely thank you 4. Donor receives opportunities to make views known 5. Donor feels like they’re part of an important cause 6. Donor feels his or her involvement is appreciated 7. Donor receives info showing who is being helped www.thedonorvoice.com/national-donor-commitment-study-and-proof-of-link-between-donor-attitudes-and-behavior/ How to keep donors giving for 5+ years »
- 57. @StevenShattuck Survey Respondents » Source: Target Analytics / DonorCentrics
- 58. @StevenShattuck Survey Respondents » 130% more net revenue over 36 month period!
- 59. Lapsed Donors
- 60. Lapsed Donors » @StevenShattuck • Isolate donors who haven’t given in 2+ years • Do something different with them • Say thanks for past giving • Tell an impact story • Send a survey • Invest in data services • NCOA • Email / Phone Appends • Deceased Suppression Processing
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- 64. Aging, Childless
- 66. @StevenShattuck Capacity signals » 1. Previous giving to your nonprofit (how much $?) 2. Previous giving to nonprofits like yours (how much $?) 3. Participation as a Foundation Trustee 4. Political Giving 5. Real Estate Ownership https://bloomerang.co/blog/how-to-use-data-to-identify-your-best-prospective-donors/
- 67. @StevenShattuck Pay attention to » • members who also donate • donors who give you updated contact info (unprompted) • donors who upgrade (higher retention rates according to DonorCentrics) • donors who submit matching gifts from their employer • adult children (especially daughters) of parents who give • surviving relatives of deceased long-time donors • donors who just had their first child • check > credit card • American Express > Visa/Mastercard
- 68. @StevenShattuck Final thoughts » • your best prospects aren’t rich strangers • segment your list, steward, then wealth screen • longevity > gift amount • get to know new donors • ask donors how they feel about you • send one letter a year that markets bequests • hire a professional prospect researcher!