I am pleased to welcome Bill Tedesco, founder and CEO of DonorSearch, as the first guest blogger on The Fundraising Back-Office.
In an ideal world, if an organization needed a new staff member, the Executive Director could wiggle her nose, click her heels, make the request, and the perfect employee would appear.
In the real world, funding is tight and nonprofit employees have to be expert multi-taskers, folding numerous job requirements into one-size-doesn’t-really-fit-all positions.
It is quite common that smaller to mid-size nonprofits don’t have the means to hire full-time prospect researchers, but that fact does not make the need for prospect research any less critical.
To help those organizations that want to implement prospect research, but don’t have the ability to hire a researcher at the present time, these four tools can provide the necessary support to get going with your research.
#1: Prospect Screening Companies
Subscribing to the services of a prospect screening company, like DonorSearch, is a great way to conduct prospect research without having to hire a full-time research staff member.
Prospect screening companies do the heavy lifting for organizations. They take your donor list, whether it is large or small, and compare those donors and prospects against a group of databases.
Screening companies will use a combination of publicly and privately available databases and then take the information learned and compile the data into prospect profiles.
With a research company’s help, your busy staff can focus its efforts on using the prospect profiles for fundraising, rather than the building of them.
To put this in other terms, imagine the prospect profiles are all homes in a new neighborhood. The screening company is the construction company and your organization is the real estate group.
Not everyone is equipped to build a home. It is important to know your limits and acquire assistance when it is needed. We don’t need any fundraising houses falling down!
#2: The Foundation Center
The Foundation Center is information central for the philanthropic community. The Center houses an extensive and exhaustive database on grants and grantmakers.
The website offers a mix of free and subscription-needed services.
A great feature of the center is its collection of actual libraries that nonprofit professionals can visit and get research help from the librarians on staff.
If you live in one of the following cities:
- New York
- San Francisco
- Washington, D.C.
Visit a Foundation Center Library and enter prospect research heaven. Even if you cannot get to one of the main libraries, their website is comprehensive and extremely helpful.
While we’re on the topic of libraries, don’t overlook your local public library. Sometimes it helps to incorporate “old-fashioned” methods of investigation into your prospect research.
#3: Social Media
We all have a bit of a sleuth instinct. Social media feeds into that tenfold. Rather than using social media to see what your high school nemesis is up to, put your skills to good and charitable use — conduct prospect research.
If your prospect has a LinkedIn, you’ll learn valuable details about his business affiliations and employer information. You could quickly see returns on some of that information.
Imagine learning that a donor works for a company with a generous matching gift program. Once you know that, you can promote the gifts to the donor and encourage her to submit a request, leaving your nonprofit with twice the expected funding.
A public Facebook profile will result in slightly different, but just as pertinent, information. A person’s Facebook page reveals his or her social connections and interests. The former are good to know for networking reasons, and the latter are good to know for personally connecting to said donor.
People spend much of their time living within their online profiles, and their online presences provide a good outlet for getting to know them better.
Real estate ownership acts as a unique marker. It can indicate both a capacity to donate and a philanthropic inclination.
In many ways real estate ownership is considered a traditional wealth marker. If you own real estate with a high dollar value, you have money. One plus one equals two. The relationship makes sense. Interestingly though, certain dollar amount thresholds are statistically connected to charitable giving.
It is in a nonprofit’s best interest to screen for real estate ownership, but if time and resources are limited, there’s a quick and easy option for searching, Zillow.
Once you have your prospect’s address, which should already be in your donor database, you can search for it using Zillow. The website will give you an estimated property value. It is as simple as that.
If your organization is still looking for more help, but you’re not ready for a full-time staff member, consider contracting prospect research services out to consultants. They can be a strong option, either in the short term or as a program launching point.
There are plenty of other tools and resources out there to supplement the prospect research efforts of nonprofits. They help make the real world slightly more ideal.
Bill Tedesco is a well-known entrepreneur in the field of philanthropy with over 15 years of experience at the helm of companies serving the fundraising profession. He has personally conducted original research to identify markers of philanthropy and has developed modelling and analytical products that use those markers to accurately predict future giving.
Since 2007, he’s been the founder, CEO and Managing Partner of DonorSearch. DonorSearch is one of a small group of companies providing wealth screening, philanthropic reviews, and online prospect research tools exclusively to the nonprofit market.