Prospect Research Produces Positive ROI
Prospect research creates a foundation for all fundraising programs. Essentially, an active prospect research program produces a pipeline of qualified new donors. So, these qualified prospects and donors are the most likely to give or increase their current giving. As a prospect researcher taking full advantage of metrics cannot be emphasized enough, using data can save you both time and money. Let’s explore how prospect research can produce positive ROI and how Prospect, in WealthEngine, can help you during this process.
Beyond the money
Although dollar returns are the bottom line, there is more to the picture that fundraisers need to evaluate. Consider your donors’ quantity and amount, new donors, gift increases, and the percentage of prospects becoming donors. These numbers give you new insight into where your efforts are leading and how you can better focus your time.
Importance of Prospect Research
Not only does prospecting help you build and target a qualified donor pipeline, but it also allows you to focus your efforts, time, and money on qualified prospects and donors. So, instead of wasting time and resources on people who are not going to give, you can focus on those who will. Driving your costs – research, staff, time – down and bringing your revenues up, will drive a higher rate of return.
Essentially, prospecting can aid all fundraising operations – regardless of size and type. If you are trying to raise money, you should have a comprehensive prospect research plan. Prospect research enables organizations to raise more money, more effectively.
How Prospect Research Will Maximize My ROI
Prospect research influences multiple projects. When managing your qualified leads, you can segment your audience for each project. The research is done once but allows you to direct it to multiple sources, like annual giving, planned giving, and major gifts. This research will lower your costs, drive your revenue and increase your ROI.
When calculating your ROI, prospect research will be considered an expense. This will allow your organization to take a meaningful look at the impact the research is having on your pipeline and revenue. You may worry that the additional expense will reflect negatively on your ROI. Actually, the opposite is true. With a substantial prospect research program in place, you will find that prospecting will increase your organization’s effectiveness and fundraising efforts, generating positive results.
Using Prospect in WealthEngine’s Platform
Prospect, in WealthEngine, uses data to remove the guesswork from sales, marketing, and fundraising. You can engage with individuals who are the most likely to buy, invest, or donate.
So, Prospect helps you create ultra-targeted audiences from distinct demographics. You can generate lists based on a person’s income, buying history, where they live and work, and more. Once you plug those qualities into Prospect, you’ll be able to view a list of individuals who fall within the parameters you’ve set. This all comes with their updated contact information, so you can reach out to them easily.
For example, let’s say you’re looking to find prospects who have kids and like dogs, because these individuals, specifically, are the target demographic you’re looking to engage. You can select different qualities (sifting through different bits of demographic information), as you search for prospects, narrowing your focus and the number of profiles you will sift through. This will help you hone in on individuals you would most like to engage. Then, all the profiles you see listed will be of individuals (from our database), who match the description you set.
Not only are you better able to find and contact your wealthy prospects, but you are also able to gain a greater understanding of them on an individual level through prospect research.
Uncover Your Best Prospective Donors
Do you know what qualities make your best donors unique? Discover how you can leverage modeling to find the prospects you have yet to connect with, that look just like your best.