I received an email some time back that, with my response, suggests a way to think through the question of whether or not to use a prospect research firm.
“I was a participant in your recent workshop on Major Gifts and wanted to thank you for an informative and inspiring session. My organization, The XYZ Trust, is poised to launch a major gifts effort and, while I have numerous questions I would like to ask, I will spare you by limiting it to one.
“I have recently received a solicitation to subscribe to a prospect research service and I’m intrigued by the potential of such a service in the identification of high net worth individuals … and their personal and organizational networks.
“Have you ever heard of such a resource? I know you probably won’t explicitly endorse or pan such a commercial service, but is it at least worth exploring? “
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My Response:
If that firm can provide all they “promise,” it sounds like it would be a worthwhile investment … depending on the following factors:
1. If you have the volunteers who can tap into any network or establish/expand
contact with potential major donors that the process uncovers for you;
2. If those volunteers would be willing to make the contacts and work on the
creation/enhancement of the needed relationships (the cultivation);
3. If your volunteers couldn’t make many of the same identifications of
individuals and networks on their own;
4. If the price of the service is “reasonable;” and,
5. If you (read: your volunteers) will actually ask major gifts prospects for
major gifts – using the definition I provided in a much earlier blog posting.
(See: ”What is A Major Gift”)
If you have a volunteer cadre that would be willing to work at creating and cultivating networks of potential major givers, I’d be pleased (as would other consultants) to be asked to work with/train you/them in that process. In the long term, teaching your leadership “how to fish” – and how to clean and cook the fish, would likely be more cost effective than having someone else do your fishing for you.
And, once the research firm does your fishing for you, do you have that volunteer cadre that knows how and would be willing to do what must come next ??
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Have a comment or a question about starting, evaluating or expanding your fundraising program? With over 30 years of counseling in major gifts, capital campaigns, bequest programs and the planning studies to precede these three, I’ll be pleased to answer your questions. Contact me at AskHank@Major-Capital-Giving.com
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Have you seen The Fundraising Series of ebooks ??
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Hank Lewis with Development Consultant Associates has over thirty years as a fundraising consultant and is a specialist in Board and Leadership Development, Capital Campaign, Bequest Program and Major Gifts.