How to Identify and Qualify Potential Major Gift Prospects
Scaling Major Gifts. Strategies, action steps, and ideas for scaling major gifts by Tammy Zonker, Major Gift Expert & Keynote Speaker.
Unlocking the Secrets of Major Gift Prospect Identification
In this edition of Scaling Major Gifts, we're diving into a topic that's close to my heart: how to identify and qualify potential major gift prospects.
As someone who's been in your shoes, I know firsthand the excitement and challenges that come with cultivating major donors. Whether you're a seasoned development director or a board member new to fundraising, this process can feel like searching for a needle in a haystack. But fear not! I'm here to share some tried-and-true strategies that have served me well over the years.
The Challenge: Finding the Right Donors
In my early days as a major gift officer, I remember feeling overwhelmed by the sheer number of names in our database. How could I possibly determine which individuals had both the capacity and the inclination to make a significant gift? It was like trying to solve a complex puzzle without all the pieces.
I've found that many nonprofits face similar challenges:
Limited resources and time to research potential donors
Difficulty in accurately assessing a prospect's giving capacity
Uncertainty about how to prioritize prospects for cultivation
Struggle to align donor interests with organizational needs
These hurdles can make the prospect identification process feel daunting, but I assure you, with the right approach, it becomes much more manageable.
Strategies for Success
Over the years, I've developed a systematic approach to identifying and qualifying major gift prospects. Here are some strategies that have consistently yielded results:
Leverage Your Database: Start with what you already have. I've found that a thorough analysis of your existing donor database can reveal hidden gems. Look for patterns in giving history, event attendance, and volunteer involvement.
Implement Wealth Screening: Utilize wealth screening tools to gain insights into a prospect's financial capacity. In my experience, tools like DonorSearch or WealthEngine can provide valuable information about a donor's assets, real estate holdings, and philanthropic history.
Engage Board Members: Your board can be a goldmine of connections. I always encourage board members to review prospect lists and share insights about individuals they may know personally or professionally.
Conduct Peer Screening Sessions: Organize small gatherings where current donors or volunteers review lists of prospects. These sessions can provide invaluable insider knowledge about a prospect's interests and capacity.
Utilize Predictive Analytics: In recent years, I've seen great success with predictive modeling tools that use data to identify prospects most likely to make a major gift. These tools can significantly streamline your prospecting efforts.
Real-World Success: The Power of Data-Driven Prospecting
Let me share a recent case study that illustrates the effectiveness of these strategies. Last year, I worked with an organization that was struggling to expand its major donor base. By implementing a combination of wealth screening and predictive analytics, we were able to identify 47 new prospects with high giving potential.
The results were remarkable. Within six months, the organization secured three new major gifts totaling $570,000. This represented a 165% increase in major gift revenue compared to the previous year.
Tools of the Trade
In my toolkit, I rely on several software applications that have proven invaluable:
DonorSearch: Excellent for wealth screening and philanthropic analysis
Bloomerang: A comprehensive CRM that helps manage donor relationships and track giving history
Kindsight: Offers predictive modeling to identify your best major gift prospects
Actionable Takeaways
Here are some steps you can implement right away:
Conduct a thorough review of your top 100 donors from the past three years.
Organize a peer screening session with your board within the next month.
Invest in a wealth screening tool and screen your entire database.
Develop a scoring system to prioritize prospects based on capacity and affinity.
Create personalized cultivation plans for your top 20 prospects.
A Personal Note
As I reflect on my journey in major gift fundraising, I'm reminded of the incredible impact we can make when we connect the right donors with our mission. It's not just about the money; it's about building relationships that transform lives and communities.
I encourage you to embrace the challenge of prospect identification with enthusiasm and persistence. Remember, every major donor relationship starts with that first identification and qualification step. Trust the process, use the tools available to you, and never underestimate the power of personal connection.
I'd love to hear about your experiences with prospect identification. What strategies have worked well for you? What challenges are you facing?
Let's continue this conversation and learn from each other by sharing your comments below. Together, we can elevate the art and science of major gift fundraising!
Keep transforming,
Tammy Zonker
Major Gift Expert & Keynote Speaker
Fundraising Transformed
ps – Want to get Scaling Major Gifts delivered to your inbox every Thursday? Sign up here.