Rules to Strategic Prospect Research
After implementing a Strategic Prospect Research initiative in the middle of it's largest Capital Campaign, SAIT Polytechnic has learned a few things about how to make a true partnership with front line fundraisers successful.
By Sandra Gomez
Prospect Research Coordinator, SAIT Polytechnic
Organizations that are seeking to create a true partnership between their Fundraisers and their Prospect Researchers deserve all our attention and respect these days. Researcher after Researcher proclaim the same desire - that of becoming partners with our front line fundraisers, that of finding the perfect atmosphere where data and information drive strategy, that of using the talent and deep knowledge of prospect researchers to go beyond the information and make recommendations regarding prospects, that of using the science behind prospect research to focus the talent and scarce resources of our institutions in an effective way. After listening to all that, it's hard to believe any organization in it's right mind would not jump at the opportunity of this deal made in heaven.
Yet a close look at most institutions in Canada reveals that, in general, they rely heavily on a reactive prospect research and management structure to achieve their fundraising goals. Despite the opportunities, prospect researchers keep doing what we have been doing for years: finding the information, creating the profile, and reacting to requests that are not necessarily the most effective and efficient use of our time. Apparently the traditional role is faster, cheaper and less risky than an integrated partnership and team structure. Some institutions have figured out how to do it right. Many have not.
When we at SAIT Polytechnic embarked on our partnering structure three years ago, we were one of the organizations that had not yet figured it out. But we had one good idea going for us: we believed that we could and should do more as prospect researchers to develop a strategic approach in our work, and, to add to that equation, we had the full support of our leaders who became our most fervent believers and enthusiasts. We did not subscribe to the school of thought that says Prospect Researchers are just information finders and data geeks. For us, finding the next major gift donor couldn't be a matter of creating a lengthy profile to sit in somebody's inbox, it had to be treated as an institutional and departmental process between partners.
More than 800 strategic deliverables later, we have that process firmly in place and have achieved enough success to believe in it. I certainly would not claim that we've made no mistakes and that we don't have progress to make in some areas. To some degree mistakes are inevitable - and are even valuable as they inspire improvement. What matters is the net sum of what we've accomplished. In aggregate, these deliverables and strategic approach have allowed us to sustain the team's fundraising goals during one of the most inspiring and challenging times for our institution.
What's behind our process' success? Like any good process owner, I could address that question in great detail. Our Research Manual, for example, now covers 56 pages of detailed information and templates and explains what we do in each stage of the giving continuum. But as we've gained experience, I have been struck by the continued importance of a few key rules. I also believe that this set of basic rules, in general terms, may apply to any other organization's prospect research efforts. I would have benefited from knowing these from the beginning of my career in Prospect Research. Perhaps you can benefit from them now.
Rule 1: Find the perfect fit
Prospect Researchers often try to do too much of everything. Peter Druker once warned that there's "surely nothing quite so useless as doing with great efficiency what should not be done at all." Just because traditional profiles are the most common product created by Prospect Researchers, it doesn't mean they should be done at all. Plenty of evidence suggests that a better approach is to design, create, or improve your current deliverables to respond to your specific needs. Our own experience at SAIT Polytechnic has taught us why customized products are so valuable. We created new products to respond to the need for faster and to-the-point research. For instance, one of our deliverables, the Strategic Summary, is a one page document prepared only when an ask has been scheduled for our top prospects. This summary became the answer to the need from both our fundraisers and volunteers of a quick summary of key points and specific recommendations from the researcher in terms of project, ask amount and key individuals in the room before entering into a meeting with a major gift prospect.
Rule 2: Make your voice heard
Prospect Researchers have much to say, and in not doing so we are losing an opportunity to show the value of our work. In every deliverable we should include the recommendations and next step suggestions, which is the only way to really add to the team's expertise and knowledge in our prospects. Of equal value is to be present at planning meetings and get away from our desks and into the offices of our major gift officers to promote discussions and clear understanding of needs and what can be provided by Prospect Research.
Rule 3: Bet on portfolio assessments
My third rule is to work with fundraisers to manage their portfolios by making continuous assessments. That is, rather than having inflated portfolios with no clear structure, a sound approach is to make recommendations in terms of prospects that are not ready for a major gift commitment, others that require special attention as a gift might happen soon, and in general the flow and replenishment of good, qualified prospects that are in all stages of the giving cycle. A good portfolio approach means that assigned prospects will not only be of a manageable size but will also be of sufficient institutional alignment, have the capacity to support the fundraising goals and receive proposals in an appropriate and timely manner.
Rule 4: Get an Institutional champion - no exceptions
Do I need to explain this one? Maybe not, I would just say that as all of us need mentors in our lives to facilitate and guide our professional growth. It is equally important in the strategic prospect research process implementation to have at least one champion that sits at a peer to peer or supervisory level with front line fundraisers and validates and support the work being done by your area. Needless to say, this person becomes your champion. At SAIT Polytechnic we were lucky enough to have more than one champion at different levels of the organization. You need to identify this person within the team very early on.
Rule 5: Explain, explain and explain again
The final rule comes courtesy of one of our Associate Directors: He told us, "the team needs to hear what you are trying to do and why, not one or two or three times but many times, so never be tired of explaining the process." We understood the reference and presented our process and new products as many times as required so all the partners were involved and knew exactly how it worked and why we were doing it. Early on we made many mistakes assuming that everyone knew what we were doing and why it was good for our fundraising efforts. Be clear on how the partnership should work.
Living by the Rules
The five rules I've outlined have been critical to SAIT Polytechnic Prospect Research efforts. In part, we are emulating successful features of a sales team approach. That is, we consider many more prospects that we ever expect to close. Narrowing down the possibilities to the best ones requires a solid research framework. We could not succeed with a strictly bottom up approach where prospects are only identified and defined by front line fundraisers or volunteers if we did not also have a strategic approach - and consistent strategic research deliverables - to ensure focus on the key activities, top prospects and balance in portfolios.
The process Continues
Whether or not the particular rules and procedures in this article are a perfect fit for other organizations, the general lesson applies to all not for profits: Prospect research has the potential to become a true partnership with front line fundraisers. That means mapping the complex list of actions typically involved to identify the right prospects; paying attention to what can go right or wrong and discussing with the fundraiser, standardizing effective approaches like portfolio reviews and effective and flexible deliverables, and continuously improving approaches through closely monitoring results and feedback. Like all processes in an organization, this one can be documented, practiced, improved and mastered by the team.
Particularly, for an institution like SAIT Polytechnic, a process based approach in Prospect Research is vital. It has made us smarter and more efficient as researchers, encouraged our front line fundraisers to be more strategic and disciplined in which prospects get into our pipeline, and has helped us walk away from prospects that seemed very promising at the time but ultimately would have been disappointing for lack of alignment of interest and sometimes even capacity.
Prospect researchers will continue to debate and hope that our role becomes more integrated and strategic. Our experience creating a strategic approach at SAIT Polytechnic shows that can be done in an effective way. What makes a process successful is that all parts are involved to the fullest of their capacity in this journey supporting our organization's progress toward long-term goals.
Sandra Gomez
Research Services Coordinator, Development & Advancement Services, SAIT Polytechnic
About the Author
Sandra Gomez joined SAIT Polytechnic in 2007 as the Research Services Coordinator. Before joining SAIT, Sandra spent ten years as the Corporate Communications and Public Relations Director in Colombia, and upon her arrival to Canada she was engaged in fundraising from day one, initially at Theatre Calgary and later on at the Pembina Institute. With a Bachelor of Communications and a Master in Marketing and Market Research, Prospect Research has been a natural and rewarding professional field. An active member of AFP and APRA, Sandra recently co-presented at the 2011 CASE District VIII Conference, and is a regional representative for APRA Canada.