As major giving programs become more important to the overall revenue picture at public media organizations, it is critical to run these programs as efficiently as possible. A key tool for many successful major giving programs is prospect research. Simply put, prospect research is a formal and organized way of determining whether or not a person is a good major gift prospect.
This kind of vetting is commonly used by hospitals and universities. Investments in prospect research aren’t as common in public media because stations tend to start their major giving programs at a lower level of giving ($1,000 or $2,500). As we in public media set our sights on higher levels of giving and conduct more relationship-based major gifts work, the benefits of prospect research become much more pronounced. Prospect research delivers the information and context that major gift officers need in order to do their job efficiently and strategically.
What Is Prospect Research?
Prospect identification and research: discovering and evaluating prospective donors and their interest, relationships, inclination to give and philanthropic capacity to inform and support an organization's fundraising strategies and outreach efforts.
- Apra (Association for Prospect Development)
Prospect research is most often thought of as a simple wealth screening tool where a company does an electronic sweep of all or part of a database and assigns a wealth score or grouping to donors. Prospect research then goes beyond wealth screening to develop a more well-rounded picture of a donor’s possible interest in an organization and in philanthropy, as well as their financial capacity for a charitable gift. Prospect research can be used to find new major giving or planned giving prospects from your current database, manage new prospects as they are discovered, sort through the volume of data you uncover, build major giving portfolios for new gift officers, and help giving officers identify the priority for donor outreach.