Data mining for gold on a tin budget may be a play on words, but the bottom line is that it is an all too real and frequent situation for so many smaller nonprofits.
Let’s say that you need new major gift prospects to be identified or to grow your annual giving program. I have several clients who are just starting to grow their major gifts fundraising program for the first time. One thing in common all of these nonprofits seem to have is limited time and budget for these types of endeavors.
What options do these smaller nonprofits have available to help answer these questions? You may be wondering what resources and services are available to help you with such a dilemma. Below are what I hope to be helpful links to previous blogs that I’ve written that might prove to be helpful ways to begin the process, and the best part is that they are all free!
- Prospecting 101 – There’s No Place Like Home
- Utilizing LinkedIn to Identify, Qualify, and Engage Prospects
- Utilizing Facebook to Identify, Qualify, and Engage Prospects
Although there is a lot of helpful information, one has to have the time to dedicate to the suggestions in these blogs, and these are simply suggestions on ways to prospect utilizing information gathered in your own internal system as well as individual searches you can do with social media.
There are other more comprehensive solutions available, such as a predictive modeling analysis, wealth screening, and other data append/wealth identification services with a vendor. These solutions are incredibly helpful and cast a much wider net on potential donors identified, but can often be more complex than what a smaller nonprofit needs. They usually produce a large amount of information and even bigger list of to-do’s for the fund development staff once delivered. Then there is the matter of cost, which makes taking on these types of solutions even more challenging for smaller nonprofit organizations.
But smaller nonprofits should not be discouraged by this. Target Analytics has a solution called Fundraising Essentials, and with this service we help clients segment their entire database to simply find their best annual and major gift prospects, and what the next suggested ask amount might be for these prospects. The classifcations and implementation is very straightforward, and total identified assets for each these prospects is also provided. Clients are also given access to a software subscription that allows them the ability to search for public information on wealth, biographical, philanthropic, and business connections on top prospects identified through the segmentation.
What I love about this solution is that it does all of this technical importing and set-up so that clients can focus more on managing the prospects identified. If you are interested in learning more, watch this short YouTube video on the Fundraising Essentials solution.