Smart ideas from Hartsook Companies, Inc.

November 3, 2009

Prospect Research - Why and How?

It is hard to emphasize enough the critical importance of knowing your prospective donor in advance of the ask. Major gift donors come in all shapes and sizes and have personal and professional situations that impact their capacity to give at significant levels. Keeping confidential any and all information you unearth on a donor is absolutely essential to the integrity of your leadership and your agency's reputation. In order to conduct proper prospect research on a major gift donor, you should hold a small meeting (two to four people) involving Board members, your campaign committee or other volunteer leaders who know the prospect well, preferably through a family, friendship or existing business relationship.

Step 1: Identify What Interests the Prospect
What other agencies has this person given to and how much has he or she given? What types of nonprofit events or activities do they attend or lead? Has the prospect served on any nonprofit Boards or committees?

Depending on what you discover, you may find that the prospect has never had an interest in an agency similar to yours. This does not necessarily spell disaster, but it gives you the knowledge that if you are to receive a major gift, you must build the interest of the prospect in your agency and your cause.

Step 2: Assess the Prospect's Current Financial Situation
Has the prospect recently had any business transactions which could affect wealth or willingness to give (bought or sold property, started a new business, weathered a financial storm)? Has the prospect had any personal wealth accumulation or depletion (divorce, inheritance, etc.)? Is the prospect involved in business or industry that is currently faltering or thriving?

Depending on what you discover, you may find the prospect is either ripe for a solicitation, or they will require a stretched time frame for being financially supportive. Having professional fundraising counsel can help you evaluate your prospect research or even enhance the knowledge and can often help plan a strategy that increases the likelihood of a gift to your agency.

- Jennifer Curzon, Vice President, Kansas City

Sign Up Now for Your Priority Invitation

Watch for upcoming news about Hartsook's first Annual National Growing Philanthropy Conference in Kansas City in 2010. Ring in the New Year with nationally-recognized speakers and learn about issues impacting the fundraising field. This is an event you won't want to miss! To sign up to be the first to receive a Sneak Peek Invitation, please send an e-mail Tammy Weinman at tammy@hartsookcompanies.com.

International Flavor

To better accomodate international clients and prospects, Hartsook Companies' website can now be translated into 40 lanuages via the Google Translate button on our home page.

On the Web

• Bob's Blog ... Bob sheds some light on the new masters degree in fundraising and what that means to elevating the profession.  Visit www.hartsookcompanies.com/blog and add your own comments.
• Examine This ... Matt Beem's regular feature recounts his visit to Chile and how he and fellow fundraisers are teaching a major gift mindset abroad. View his article from our web site.
• Timely Tips and Tweets! Follow us on Twitter using keywords talkfundraising and HartsookTips. Tweet of the week:  Fundraising not only secures money, it creates visibility and expands your donor base; it increases overall value.
• Facebook. Get more fundraising tips by following us on Facebook.

Another Smart Idea...From the Hartsook Best Practices Collection^SM

Use every opportunity to market your organization and keep donors informed. For example, every gift acknowledgement should include brochures about your programs and services. - Mary Beth Saylor, Director of Development, Midland Hospice Care, Inc., Topeka, Kan.

If you are interested in Best Practices and smart ideas, see these additional resources from Hartsook Companies:

• "Fundraising Magic - 33.5 Strategies for Turning Board Members into Money Makers" by Robert G. Swanson (2007, ASR Philanthropic Publishing). This book shares proven strategies you can implement immediately to give Board members the confidence and tools needed to cultivate donors, solicit gifts and strengthen your organization's position in the community. To order this book, visit the Hartsook store.

• "Reality Fundraising: Proven, Practical Ideas for the Enlightened Fundraiser" by Bob Hartsook (2005, ASR Philanthropic Publishing). The book features great ideas, insights and lessons learned through hundreds of best practices from nonprofit professionals nationwide. To order the book, visit the Hartsook store.

• "Best Practices Coast to Coast^SM," a compilation of best practices from every state in the union.

• "Hartsook Best Practices Collection^SM," our original collection of 250 best practices and great ideas.

For a free copy of "Best Practices Coast to Coast" or the "Hartsook Best Practices Collection", please email Cathy Rutz, cathy@hartsookcompanies.com, or visit our web site. We also invite you to contribute your own best practice by emailing Annette Lough, annette@hartsookcompanies.com.

Visit the Hartsook Companies web site for:

• Educational opportunities
• Books/reference articles
• Conference/workshop speakers

Strategies for Success explores smart ideas, connecting with more than 2,000 fundraising professionals bi-weekly. We welcome your contributions or comments. Send to Strategies for Success editor Annette Lough, annette@hartsookcompanies.com. If you'd like a free subscription to Strategies for Success - or its monthly companion, eHartsook on Philanthropy - contact Cathy Rutz, cathy@hartsookcompanies.com. You also can reach her at 316.630.9992.

Our web site is located at http://www.hartsookcompanies.com.