Prospect Research for Fundraisers

Essential tools for implementing right-sized prospect research techniques that help nonprofit organizations reach their fundraising goals

Written especially for front-line fundraisers, Prospect Research for Fundraisers presents a practical understanding of prospect research, prospect management, and fundraising analytics, demonstrating how research can be used to raise more money. Filled with examples, case studies, interviews, and stories, this unique book is structured around the fundraising cycle and illustrates the myriad of current and ever-changing prospect research tools and techniques available to boost an organization's fundraising effectiveness.

From essential overviews to how-to-search skills, this practical book gives development officers the tools to understand how to use prospect research in ways that best fit their goals for each stage of the fundraising cycle.

• Provides practical insight to understand the best use of each prospect research tool and technique
• Features a companion website with a variety of online tools to help readers implement key concepts
• Part of the AFP Fund Development Series

Prospect Research for Fundraisers provides fundraisers with an understanding of what prospect research is and which resources are available to small organizations that have limited internal capacity, medium-sized organizations building capacity, and large organizations wanting to maximize their strengths. It offers a practical understanding of the relevant tools at the disposal of development officers and managers responsible for hiring, outsourcing, purchasing, managing, and implementing prospect research within their organizations.

Foreword xiii

Acknowledgments xvii

Introduction xix

Chapter 1 The Big Picture 1

What Is Prospect Research? 1

Why Do Prospect Research? 4

How Does Research Fit into My Work and into the Gift Cycle? 7

Communication 10

Dispelling Myths and Corroborating Evidence 11

Summary 12

For Further Reading 13

Chapter 2 Identifying New Prospects 15

Overview: Why We Identify New Prospects 15

Capturing and Maintaining Constituent Information 18

Manual Prospect Identification Methods 24

Wealth Screenings 27

Surveying 40

Simple Data Mining 41

Advanced Data Mining 43

Donor Modeling 45

List Rental 46

Summary 49

For Further Reading 51

Chapter 3 Researching Prospects 53

Different Levels of Research 54

Types of Donor Profiles 55

Assembling Your Research Toolkit 61

Search Techniques Every Fundraiser Should Know 65

Capacity Ratings: Putting the Information Together 79

Summary 82

For Further Reading 83

Chapter 4 Donor Relationship Management 85

What Is a Relationship Management System? 87

The Three Moving Pieces 89

Creating Your Own System 93

Summary 115

For Further Reading 116

Chapter 5 Managing Prospect Research 117

Managing to Your Fundraising Goals 118

Hiring Employees and Volunteers 125

Skill Sets for Hiring 129

Managing Expectations 132

Defining Common Terms and Using Forms 134

Purchasing Resources 136

Options for the One-Person (or Small-Team) Development Office 144

Summary 148

For Further Reading 149

Chapter 6 Ethics, Risk, and Data Protection: What’s the Big Deal? 151

Starting with Donor Trust 151

Risky Business 152

Ethics 154

Legal Issues 155

Outside of the United States 157

Some Practical Tips 158

Summary 159

For Further Reading 159

Chapter 7 International Prospect Research 161

Making International Fundraising Work 162

Getting Started with International Prospects 167

Summary 169

For Further Reading 170

Chapter 8 Trends and Opportunities: The Future of Prospect Research 171

Big Data and Segmentation 172

Data Visualization 174

Relationship Mapping 175

Social Media and Social Scoring 178

Content Curation 180

What the Future Might Look Like 185

Summary 186

For Further Reading 187

Appendix A: AFP Code of Ethics 189

Appendix B: Donor Bill of Rights 190

Appendix C: APRA Statement of Ethics 191

Appendix D: APRA Skill Sets—Advanced 193

Appendix E: APRA Skill Sets—Fundamentals 196

Appendix F: APRA Skill Sets—Relationship Management 199

Appendix G: APRA Skill Sets—Research Management 202

About the Authors 207

Index 209

JENNIFER J. FILLA operates Aspire Research Group out of Florida, providing prospect research services to organizations across the country. Prior to founding Aspire Research Group, she served as associate director of development at the Kimmel Cancer Center at Jefferson in Philadelphia, Pennsylvania. She is a member and past trustee of the Association of Fundraising Professionals, Suncoast Chapter, and was most recently the 2010–2011 president of the Association of Professional Researchers for Advancement, Florida Chapter.

HELEN E. BROWN is President of The Helen Brown Group LLC and a twenty-plus year veteran in the field of prospect research. She is a former director of the Association of Professional Researchers for Advancement (APRA) and currently serves as chair of the APRA Chapter Relations Committee. She is a past president of the New England Development Research Association. In 2006, she received the NEDRA Ann Castle Award for service to the prospect research community.

Prospect Research for Fundraisers The Essential Handbook

If you've never come into contact with prospect research before, you may be wondering if it's something your organization even needs. These days, most fundraisers are pretty comfortable searching on the web to find answers to their questions and may be confident they are finding enough. But is it enough? Could your fundraising use the extra "oomph" of prospect research?

Revealing how you can transform your organization, Prospect Research for Fundraisers explores this influential tool and its power to catapult your fundraising efforts from "just getting by" to substantially succeeding.

Renowned prospect research leaders Jennifer Filla and Helen Brown reveal the many ways research can be used today and the cutting-edge tools that will lead prospect research and fundraising into the future. Packed with case studies, interviews, and helpful tips, this essential handbook lays out the basic information you need at your fingertips.

In this book, you'll learn how to use research techniques to make informed decisions on questions, including:

• Who are our best donors?
• Do we have enough donors and prospects to reach our campaign goal?
• What is the best way to engage that donor?
• Where else is our prospect involved?
• Is this company a good corporate citizen and potential partner for us?
• What size gift should I ask for?
• Which trusts and foundations support organizations like ours?
• Which of our donors are good prospects for planned giving?

If you're curious about how prospect research can boost your fundraising—big time—this book is for you.Prospect Research for Fundraisers clearly lays out what prospect research is, when you need it, and how to support its efforts within your organization.