Comprehensive Prospect Research

For many non-profits, the Covid crisis is so disruptive that they may have forgotten: planning for 2021 and perhaps 2022 should already be underway.

For some board members, CPR can typically identify up to 300 of their vendors, deal partners, clients, co-investors and counter parties.

Great lists can be utilized for a number of needs:

For example, let’s say your organization wants a great honoree for a special event. then securing a good corporate citizen can require a minimum of two year’s lead time.

This is where knowing your board member’s strengths becomes really important: rely on those individuals naturally adept at relationships and networking: If asked, they’ll step up and reach out to potential prospects.

The job of research is to be proactive. Sure, you could try gathering some leads from the Relationship Science database, within Iwave. But what won’t they tell you? RelSci has less than 50% of the available content. So, if your board member is Fortune 100 CEO in one of the largest cities, RelSci can be adequate. But, for anyone else, it ain’t great.

In plain English: If you want a definitive list of who your board does business and deals with, ask CPR. We’ll build you a great list, and then make sure you get your board to review it. They can help you find an honoree.

What works best? Waiting for board members to tell you who they know? Or building lists proactively and putting them in front of your board?

Part of this process can be achieved by peer review: so use CPR to develop a list of qualified prospects for your organization. Then create a group review session of the prospects by your board. The vetting and review can be done virtually, at a board meeting or during a development sub-committee of the board. This dynamic works because “No one wants to go first.” When board members spend time together reviewing leads, they get into a friendly, healthy competition about “who knows who.”. This holds them accountable and inspires them to get moving. When one board member offers to take on a prospect to shepherd, others are more likely to do the same; by making it fun everyone will be more willing to participate.

CUSTOMIZED CULTIVATION STRATEGIES:

Not all board members are created equal! Be realistic about who you are dealing with: What do they like to do and what are they capable of? It’s imperative that your organization identifies the interests of board members to help them find ease in making connections. Not all board members feel comfortable asking their friends and colleagues for financial support. But they may get excited about hosting a small event such as a dinner party at their home, where they can create a safe environment to explore their networks. Or perhaps they’d rather invite people they know to visit one of your programs on a private tour. This part of the cultivation process is crucial for identifying initial capacity of prospects. if your organization is planning for major events like galas, or if the board is looking to engage their network in a major gifts campaign. The most successful organizations plan ahead by developing small brief reports on invited guests, to ascertain which prospect demands greater attention either because of capacity or greater inclination to your organization.

If your board is stuck on what kind of action to take with their connections, offer low-stress options like a group letter-writing campaign or a shared commitment to call just one friend each. Small wins can always lead to bigger steps.

LISTEN TO YOUR BOARD:

There are countless ways to activate your board, and some of those ideas may come from the board members themselves. They are the ones that ultimately know their connections and may have ways to cultivate those networks more effectively than anyone else. Your nonprofit’s board leadership team has the potential to be greatly involved in your donor relationships. Utilize its experience and expertise!

Contact CPR today for a free consultation.

Here is more in the series:

Engaging your board

Optimizing your board