How do you identify and prioritize your best prospects for major gifts? (2024)

Prospect research is the process of gathering and analyzing information about current and prospective donors to determine their potential to give, their interests, and their relationship with your organization. Prospect research can help you segment your donor database, tailor your communication and cultivation strategies, and plan your solicitation and stewardship activities.

Major gifts are usually donations that exceed a certain threshold, such as $10,000, $25,000, or $50,000, depending on the size and budget of your organization. To find prospects for major gifts, you need to look for indicators of wealth and philanthropy, including income and assets, business affiliations, giving history, philanthropic involvement and interests, and personal and social connections. You can use various sources of data to research your prospects and identify these indicators, such as public records, online databases, social media, surveys, referrals, and events.

Once you have a list of prospects for major gifts, you need to prioritize them based on their likelihood and readiness to give. To do so, you can use a rating system such as the RFM model, which scores prospects based on recency (how recently they have given or interacted with your organization), frequency (how often they have given or interacted with your organization), and monetary (how much they have given or are capable of giving to your organization). The higher the score, the higher the priority. Additionally, you can further refine your ranking by using other criteria such as affinity, inclination, engagement, and urgency.

To solicit prospects for major gifts, you must take a personalized and strategic approach. Assign a dedicated staff member or volunteer to each prospect as a relationship manager and develop a cultivation plan that outlines the goals, activities, and timeline for each prospect. Regularly communicate with your prospects through various channels like emails, newsletters, and social media. Invite them to events, tours, meetings, and other opportunities to showcase your impact and connect with your mission. Ask for feedback from them to demonstrate respect and appreciation. Prepare a compelling case for support that highlights the need, the solution, the impact, and the urgency of your ask. Request a specific amount and purpose that matches your prospect's capacity and interest. Finally, follow up promptly and respectfully with your prospects after the ask and address any questions or concerns.

Stewardship is an essential process for retaining and upgrading donors and building long-term relationships. This involves thanking and recognizing donors for their gifts, as well as reporting on how their contributions are used and the difference they make. To steward prospects for major gifts, you should send a timely and sincere thank-you letter or call to acknowledge their gift, recognize it publicly or privately according to their preferences, and report regularly on the progress and outcomes of your work. You can also invite them to participate in your work, solicit their feedback and advice, and ask them to renew or increase their support when appropriate.

Prospect Research

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