Last week I was chatting with a friend who took her first job in fundraising as a Development Officer a few months ago. Their organization has a prospect researcher on staff, but being a friend I had given her THE prospect research book for Canadians a few months prior: Prospect Research in Canada: An Essential Guide for Researchers and Fundraisers.
An invaluable resource for prospect researchers in Canada, it is also a fantastic resource for front line fundraisers. Not only to learn some prospect research skills but to be aware of everything involved in creating a profile, including the ethics and standards used.
After she read the book she asked about what I personally put in a profile. And my answer? – “well, it depends”. Because while the basics are usually the same, there can be many answers to this question. It not only depends on the organization I am doing the profile for, it also depends what stage they are at with the prospect. Sometimes I don’t provide in-depth profiles at all. When I conduct prospect identifications a spreadsheet is used instead which contains condensed information as well as an explanation of why they were included on the list. Other times a brief snapshot or profile focusing on wealth and past giving is used rather than an in-depth profile.
That said, for an in-depth profile we provide contact information, real estate, stock information, employment information, family members, past giving, board memberships and fellow directors amongst other items for individuals; and past giving, revenue, staff and directors, history and current news amongst other items for corporations and foundations. And while these are important and need to be included it needs to be taken further.
During our discussion what I wanted to highlight as most important is the analysis of the prospect. Honestly, after conducting in-depth research on a prospect (and no, it’s not “creepy”) it feels like I know them. Whether it’s an individual, corporation or foundation I know what makes them tick. I know what they give to, I know what their interests are. I know their family, staff and directors. I usually know where they live and if they have a cottage or are a snowbird. Or if they’re an insider in a publicly traded company. And after learning all that what comes next is the analysis of that knowledge. What is the prospect’s ability but also what is their affinity; what is their capacity and potential gift amount; and what strategy or recommendations can I give to assist the front line fundraisers?
Many times as researchers we come across little tidbits of information that can make a huge difference; if your prospect lost their parent to a particular disease for instance, or if their family volunteer for a particular organization or have in the past. Or on the other end of the spectrum if they’ve been charged with a crime and they should be removed from your prospect list entirely. While these items aren’t always listed on my profile templates you can be sure they will be included in any in-depth profile created, and even taken into consideration when identifying prospects as well.
So what should we put in a profile? Well, it depends…