The science behind fundraising demands the identification of the right potential donors at the appropriate levels to achieve your primary goals for your gift. It’s just the beginning! The allocation of the time and resources required to identify and assess potential donors is difficult to many companies, yet the ROI is crucial and essential to the success of fundraising. Section 18A Tax Certificate
There are three steps that you can do to increase your donor pipeline: identifying, the evaluation the potential donors, and developing. If you can successfully complete each step will help you get on the right track towards a healthier major gift pipeline for fundraising.
Identifying New Donor Prospects
Identifying potential donors requires a well-planned strategy and isn’t a job only one person can handle. The creation of an important gift committee is strongly suggested. The committee should include board members, major donors currently as well as key stakeholders and people with a deep connection to your constituents.
- Find out the names of donors who have been present and former.
- Major donation and history of annual donors;
- Networks of Board members and
- Event participants and volunteers who have the ability to present important gifts.
- Make sure you add an investigation of possible new donors.
- Contact board members and donors who are currently donors for details regarding potential donors.
- Consider investing in products with a fee;
- Conduct a screening of prospective customers in your database.
- Find members of the community who have given major gifts to charities with similar causes.
- Make a list of specific information for each potential customer.
- Contact details;
- History of donations – when they were received and for which area of interest or project;
- Memberships in clubs, business affiliations and related hobbies, as well as donations to other organisations;
- Contacts with current employees or volunteers;
- Industry and occupation of the prospective prospect and
- Potential for donors and wealth through prospect screening.
Evaluating Donor Prospects
After having identified and preparing the list of prospects for donors Next step is to evaluate each and every one of them.
This begins by validating the data you gather about every potential customer. If you create the list on your own or work with an organization for screening to evaluate the potential of your prospects pool, consider the information you have about each prospect and determine the best way to proceed. Each prospect should be treated as an opportunity to launch a mini-campaign.
Here is the checklist that we’ve designed to assist you in evaluating potential donors.
- Assess each potential client by conducting a peer-review. This involves forming the staff, board members and volunteers to collect details. Then, discuss in this peer review group all the details you already have and are aware of every prospect.
- Make a list of likely major gift options.
- Examine the list of potential customers for the following reasons:
- Create connections between your donors and volunteers;
- Prioritize the potential for giving of prospective donors;
- Develop an inclination to donate; and
- Find out who should participate in soliciting and cultivation.
- Designate board members, volunteers and staff members to solicitation teams. The teams will develop an approach to cultivation and a prospecting strategy for the potential client.
- The role of each participant in your teams for solicitation;
- Set goals for each individual and the task at hand and
- Set a regular meeting schedule.
- Determine how to communicate your appeal to each potential donor.
- Develop and identify Work with board members, or an individual leader who is a volunteer to develop individual strategies for soliciting every potential customer.
Cultivating New Donor Prospects
Cultivation is the continuous training and involvement of potential donors in fundraising efforts and overall organization initiatives. Cultivation is strategic and organized. It happens whenever you contact your potential donors. The aim of cultivating is to entice and engage the potential donor to your business to create a favorable environment to raise funds. Establishing a stronger relationship with your potential donor will make them feel comfortable and help you raise their philanthropic ambitions. It’s a long-term process and dedication, but it’s well worth it once you’ve accomplished your goals.
Below is a list we’ve created to help you find your donors.
- Create a prospect management plan for every prospect. This strategy should contain an outline of possible cultivation tasks, along with an established timeframe. A cultivation team, consisting of one staff member and a volunteer should be set up to help move the prospects throughout the process of cultivation until they’re ready to solicit.
- Encourage your development committee members to establish and build relationships with potential customers.
- Include potential customers in activities and events in which staff and volunteers are involved.
- Examples include small group gatherings or one-on-one sessions networking receptions, cocktail receptions, and various other special events.
- Develop communication strategies to ensure regular contact with prospects , such as publications, mailings annual solicitations for funds and invitations to attend events.
- Continuous involvement with enthusiastic members will build a stronger bond between potential members the organization, you as well as its participants.
Find a method to include people who have potential in one area of your organization using the data you collected while considering potential donors. What are the areas where you might need advice or assistance? Do they have a committee or task force they can join? The more active they are, the more committed they will be.
The importance of stewardship is a part of cultivation. It is simpler to obtain an increase in the amount of money from a donor who is already present than a first gift from non-donors. Be sure to have a formal stewardship plan to ensure that all donors are not just appreciated, but also given the feeling of being an integral part of your company. If they believe that their contributions are properly spent and that their contributions were well-used, the donors will donate to your organization at ever-higher levels.
Inquiring from current donors about their feedback regarding their experience becoming first-time donors could give valuable insight into your organization’s strength and weakness in fundraising. Make use of the data provided to improve your cultivation as well as stewardship practices and boost your fundraising success in future solicitations and fundraising campaigns.