Prospect Research for People Who Hate Prospect Research
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https://bloomerang.co/resources/speaking/ Let's face it: prospect research can be creepy. 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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Prospect Research for People Who Hate Prospect Research
- 1. Prospect Research for People Who Hate Prospect Research
- 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
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- 15. How to keep donors giving for 5+ years » @StevenShattuck Source: Fundraising Effectiveness Project http://afpfep.org
- 16. @StevenShattuck We lag way behind in bequest fundraising » Average charitable bequest: • US: $32,000 (stuck at 8% of annual charitable contributions) • UK: $54,453 • Australia: €200,000 The problem: • we don’t retain donors • we don’t ask donors (don’t know who to ask, afraid to ask)
- 17. @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)
- 18. @StevenShattuck It’s not rich people! »
- 19. Obvious prospects » • donors who have given for 5+ consecutive years • monthly donors • volunteers (including board members, fundraisers) • current / former service recipients • constituents of a benefactor • 1st time donors • lapsed donors Not so obvious prospects »
- 20. @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 www.thedonorvoice.com/national-donor-commitment-study-and-proof-of-link-between-donor-attitudes-and-behavior/ How to keep donors giving for 5+ years »
- 21. @StevenShattuck 1. Donor perceives organization produces outcomes 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 »
- 22. 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 @StevenShattuck
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- 37. Prospect Research… Prospects (not so obvious) » • current / former service recipients • constituents of a benefactor • 1st time donors • lapsed donors @StevenShattuck
- 38. @StevenShattuck • they understand the value of your mission • gives them a sense of pride / empowerment / dignity • they could have higher capacity some day Current Service Recipients »
- 40. • they understand the value of your mission • they may have higher capacity to give (because of you!) @StevenShattuck Former Service Recipients »
- 42. @StevenShattuck • introduce monthly giving to current service recipients ($3 per month) • introduce monthly giving to parents of children who received service and/or grown children (“alumni”) ($12-20 per month) Former Service Recipients »
- 43. @StevenShattuck • clinical employees • clinical volunteers • non-clinical employees • non-clinical volunteers • corporate sponsors • waiting list of clinical employees/volunteers Former Service Recipients »
- 44. @StevenShattuck Constituents of a Benefactor »
- 45. 1st Time Donors » • get to know them • invite in for tours • send surveys @StevenShattuck
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- 49. @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!
- 52. Lapsed Donors » @StevenShattuck • Isolate donors who haven’t given in 2+ years • Further segment by frequency / recency / channel / amount • Do something different with them • Call / write and say thanks for past giving • Send a lapsed donor survey (don’t let them see that phrase) • Send a stewardship piece (impact story) • Invite them in for a tour or out for coffee • Invest in data services • NCOA • Email / Phone Appends • Deceased Suppression Processing
- 56. @StevenShattuck What to look for in a wealth screening » 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/
- 57. @StevenShattuck What to do with that info » • are they giving at capacity? • are your asks appropriate? • are you wasting your time worrying about them, because they don’t give to orgs like yours? https://bloomerang.co/blog/how-to-use-data-to-identify-your-best-prospective-donors/
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- 59. @StevenShattuck Other engagement signals / prospects » • donors who give you updated contact info • out-of-town donors (if you’re hyper-local) • donors who give referrals (soft credits) • surviving relatives of deceased long-time donors • donors who just had their first child • contact person at a company that sends volunteers • employees of vendors / sponsors
- 60. @StevenShattuck Final thoughts » • your best prospects aren’t rich strangers • segment your list, steward, then wealth screen • longevity trumps gift amount • get to know new donors • if the donation seems odd to you, reach out!
- 61. @StevenShattuck https://bloomerang.co/resources •Nonprofit Wrap-Up •Bloomerang TV •Bloomies •Daily blog post •Weekly webinars •Downloadables
- 63. @StevenShattuck Questions? steven.shattuck@bloomerang.co @StevenShattuck Slides and free eBooks » bloomerang.co/resources