The Prospect Profile: The Killer of Great Prospecting
Sounds simplistic but it’s a problem few Development Officers understand or recognize. The Prospect Profile.
When you ask a room full of development officers what Prospect Researchers do all day the first thing 80% of them say time and again is “profiles”. I speak nationally and love asking that question. And we love having that level of detail on a person we are going to call. Where they went to school, their giving patterns, how the prospect’s stocks look right now. Depending on what you get in a profile its detail is reassuring that you “know” the person you’re calling when you actually don’t.
The real issue here is that in most instances a Development Officer will ask for a profile before making a cold call or a first call to a new prospect. For those who want to prospect on a large scale, develop new bases of individual major donors…profiles are a hidden barrier to making that happen.
What’s missing here is knowledge of what it takes to make a profile. Prospect Researchers know it’s a laborious process that takes hours for one profile commonly. While they are making these profiles they aren’t doing other things, like pro-active prospect research to find your institution next seven figure donor. I would also assert that many profiles go unused. I knew many Development Officers in my time who were simply too nervous to make a cold call, requested a profile first, and then stalled once they actually had it on their desk.
You see, I am an out the door, cold calling development officer and I don’t need a profile to pick up the phone. I need quantity, a list of prospects “cut” so I am talking to likely prospects and lots of them. For example, I would ask my Prospect Researcher for a list of all consecutive 3 yr. donors over $5,000 in the Metro Philly area. This would be a list say of 74 people. That list would have their giving to our institution, address, phone and maybe email. That’s it. I literally call through and work that list and make 10 appointments. Prospects self-qualify by taking this appt. Of those 10, 4 will, over time, become new major donors. This is just a generic example, but if you’re using profiles you simply can’t do this volume. It’s too time consuming. You’re simply not prospecting effectively. So start asking for lists “cut” and sorted on criteria that is adapted to your organizations donor base and reality
After I have a good qualification meeting and I have information to help my prospect researcher dig deep. Only then do I ask for a profile. But I have qualified this prospect now and they are worth a profile. That’s how you get a deep and valuable profile that can guide the next step and maybe a solicitation.
I have spoken with countless Prospect Researchers who quietly grumble about their inability to prospect because of the burden of too many profiles. They love their jobs but want to be more effective.
Good prospect researchers should be finding the new wealth in your donor base. Let them !
A current donor just sold her company for $800 million and is giving you $500 loyally for years and could now give you $50,000?” Is your Prospect Researcher allowed to focus on the time and tools to identify that person early before other fundraisers in town find her? Or is your Prospect Researcher working on a profile for a Major Gifts Officer? One that might not even is used?
You may be one of the institutions doing effective prospecting and having your Prospect Researchers doing pro-active research. If so good for you and keep it up. If you’re not sure then ask your Prospect Researcher(s).
Good Luck! Let’s partner with our researchers to find that new philanthropy that can transform our institutions!
All Articles and Documents Can Only Be Reproduced With Written Permission of Armando Zumaya
When you ask a room full of development officers what Prospect Researchers do all day the first thing 80% of them say time and again is “profiles”. I speak nationally and love asking that question. And we love having that level of detail on a person we are going to call. Where they went to school, their giving patterns, how the prospect’s stocks look right now. Depending on what you get in a profile its detail is reassuring that you “know” the person you’re calling when you actually don’t.
The real issue here is that in most instances a Development Officer will ask for a profile before making a cold call or a first call to a new prospect. For those who want to prospect on a large scale, develop new bases of individual major donors…profiles are a hidden barrier to making that happen.
What’s missing here is knowledge of what it takes to make a profile. Prospect Researchers know it’s a laborious process that takes hours for one profile commonly. While they are making these profiles they aren’t doing other things, like pro-active prospect research to find your institution next seven figure donor. I would also assert that many profiles go unused. I knew many Development Officers in my time who were simply too nervous to make a cold call, requested a profile first, and then stalled once they actually had it on their desk.
You see, I am an out the door, cold calling development officer and I don’t need a profile to pick up the phone. I need quantity, a list of prospects “cut” so I am talking to likely prospects and lots of them. For example, I would ask my Prospect Researcher for a list of all consecutive 3 yr. donors over $5,000 in the Metro Philly area. This would be a list say of 74 people. That list would have their giving to our institution, address, phone and maybe email. That’s it. I literally call through and work that list and make 10 appointments. Prospects self-qualify by taking this appt. Of those 10, 4 will, over time, become new major donors. This is just a generic example, but if you’re using profiles you simply can’t do this volume. It’s too time consuming. You’re simply not prospecting effectively. So start asking for lists “cut” and sorted on criteria that is adapted to your organizations donor base and reality
After I have a good qualification meeting and I have information to help my prospect researcher dig deep. Only then do I ask for a profile. But I have qualified this prospect now and they are worth a profile. That’s how you get a deep and valuable profile that can guide the next step and maybe a solicitation.
I have spoken with countless Prospect Researchers who quietly grumble about their inability to prospect because of the burden of too many profiles. They love their jobs but want to be more effective.
Good prospect researchers should be finding the new wealth in your donor base. Let them !
A current donor just sold her company for $800 million and is giving you $500 loyally for years and could now give you $50,000?” Is your Prospect Researcher allowed to focus on the time and tools to identify that person early before other fundraisers in town find her? Or is your Prospect Researcher working on a profile for a Major Gifts Officer? One that might not even is used?
You may be one of the institutions doing effective prospecting and having your Prospect Researchers doing pro-active research. If so good for you and keep it up. If you’re not sure then ask your Prospect Researcher(s).
Good Luck! Let’s partner with our researchers to find that new philanthropy that can transform our institutions!
All Articles and Documents Can Only Be Reproduced With Written Permission of Armando Zumaya