PROSPECT RESEARCH
Turning a Cold Call into a Warm Call

Written by Tara Dimick
Chris Keeshan Associates

Prospect research is a critical part to the success of a major fund raising campaign. When asking prospects for large sums of money it is important to make them a part of the campaign, and to not just focus on the money. The research helps the organization’s committee learn about the prospect so they are able to decide who will make the ask, how to approach the prospect when making the ask, and thereby turning that cold call into a warm call.

By using prospect research in your fund raising endeavors you will find the following positive effects:

• Cold calls become warm calls.
• Greater confidence for the organization’s committee or board members.
• Prospects are more willing to sit down and listen to your needs.
• The ability to know capacity of the prospect and make larger ask amounts.
• Larger gifts.
• Relationships.
• Create lifetime givers, rather than receiving a one time gift.
• More funding for your organization.

How the Research is Compiled
The research is compiled by using the internet. The internet offers resources including search engines, white pages and yellow pages, local and regional newspapers, company web sites, and industry web sites, to name a few. We begin by using a search engine to find the information and then using what we find to connect the dots and look further into the prospects education, career, involvement, family and interests.

The completed research works to include: full name, address, phone number, age, family, education, career, income, involvement, contributions, interests, comments made by the prospect and comments made about the prospect.

The contact information is for obvious reasons. Career tells where the person is daily and a potential income range. Education tells income range, potential classmates, school, and a piece of the individual’s life story. Involvement and interests can tell what the person enjoys and does in his or her spare time. Family provides marital status and children, as well as other family members. Contributions provide where his or her “heart strings” lie. Comments made by the prospect or about the prospect provide us insight on his or her personality, integrity and how others feel about him or her.

How to Decide Who Will Make the Ask by Using the Research
By knowing the involvement, education, career and interest of the prospect you can match the ask person to the prospect. This personal connection between the prospect and the individual chosen to make the ask creates a strong connection between the prospect and the organization.

Example 1:  Prospect went to Kansas State University and is a continued fan, connect the prospect with someone who went to Kansas State University and continues supporting the school. This develops a common bond between two people, which in turn creates a bond with the organization through that individual.

Example 2:  Prospect is an attorney, connect him or her with another attorney, possibly someone of influence and potential growth for the prospect’s career. This may mean using a current supporter/contributor that matches the criteria, and then he or she would be accompanied by a board or committee member when meeting with the prospect.

How to Approach the Ask Using the Research
Research often identifies what pulls at the prospects “heart strings.” This can be found by looking at the following: contributions he or she has given other organizations, personal interests, personal history, involvement, as well as education and career.

Example 1:  A prospect has made multiple contributions toward Big Brothers Big Sisters, this would imply that children, mentoring and support for those who are in need pulls at his or her “heart strings.” So rather than focusing on building a building, the organization and the ask should focus on the children, if children are not involved, focus on mentoring or supporting people, or helping the underprivileged, be it children, adults, animals, etc.

Example 2:  A prospect is involved on the board of a historical society and has contributed to a past restoration project. This emphasizes his or her interest in the area of restoration and/or history and therefore this knowledge allows you to know there is a connection and to increase the ask amount.

Warm Call to a Cold Call
After reviewing the research, you will have enough information to know more about the prospect than you know about most of your own personal acquaintances and even close friends. This creates warmth with the prospect, and turn the cold call into a warm call. This makes the process of making calls to set the appointments much easier and relaxing, as you now know the prospects.

The prospect isn’t the money; the prospect is a person who you are working to create a lifetime relationship between him or her and the organization, which creates several gifts over many years rather than one gift and a cold goodbye. By knowing the prospect with research you already know his or her interests, you’ve matched the ask person with these areas, which places  two individuals together with similar interests and personalities as described by the research – often creating an immediate relationship. This relationship transfers to the organization.

***

Back to Resources

Chris Keeshan Associates, Inc.
PO Box 3839 
Topeka, Kansas 66604
(785) 633-0969