Frequently Asked Questions about Prospect Research
Dear Diary,
I was motivated by new Diary subscribers to answer some frequently asked questions (FAQ) regarding prospect research. Many subscribers are new to prospect research, some are curious about the strategic role of research in fundraising, and other readers are just wonderous learners of all fundraising-related topics. This is a great FAQ article for newcomers in the field of Development/Fundraising learning about prospect research, so, make sure to add this to your new employee onboarding plan.
I thank you all for sparking this learning moment.
Happy Learning!
Q: What is prospect research?
A: Prospect research is the analysis and research of prospective donors to an organization.
Q: What is the purpose of research? How do you use it?
A: Prospect research is utilized in fundraising efforts. It is a strategic tool and method that qualitatively and quantitively helps a frontline fundraiser through the journey of moving an individual from prospect to donor.
Q: Do you go to school to be a researcher?
A: No, it is famously regarded as a job you suddenly fall into. But, over the years, it has become a career path that many have chosen. The key to being a researcher is extensive curiosity and the patience to dive into all resources, to find an answer.
Q: How do you conduct prospect research?
A: Free resources are utilized for research, for example, the search engine Google is the first step in the process, and then you can rely on other free sites like the county assessors, Yahoo Finance, the SEC website, and other periodicals. Paid resources consist of tools (for example, iWave, LexisNexis for Development Professionals, DonorSearch, etc.) that aggregate information and quicken the capacity and speed in which a researcher can fulfill a request.
Q: What type of information do researchers gather?
A: Prospect research consists of biographical information, company/financial information, hard and soft assets, and philanthropic giving history. Research can also be targeted in which a simple question needs to be answered, or a full in-depth profile is conducted. The product is based on the needs.
Q: To be information-gatherers, do researchers have any guidelines?
A: Prospect researchers abide by ethical policies outlined by Apra (the Association of Professional Researcher for Advancement). To do the work, prospect development professionals recognize the significance of information-gathering, confidentiality, trust, and ethics; They are consistently working to stay abreast of ways to securely gather and protect information.
Until next time, September 15th!
