Prospect Development: Breaking into New Opportunities

Dear Diary,

As we approach the new year, I want to discuss a few approaches to new opportunities in prospect development and fundraising. New opportunities also require change in habits and processes. Sometimes change is difficult, and trust me, I’m not its biggest fan; But I have learned that without change there is no way to positively grow and learn new things. Without change, knowledge and range is stagnant. Therefore, I hope you will slowly think through these opportunities for change in your roles, for your fundraising efforts, and the prospect development industry.

A New Fundraising Region

There are fundraising units that strategically fundraise within parameters such as schools, regions, or specific states. It is all about location and/or concentration. When it comes to deciding to set up shop in a new market there are advantages and disadvantages. It is a new opportunity full of potential, but you must do your pre-work by learning (1) major industries in the area (2) the major philanthropists – entities and individuals – these could be considered your anchors for new prospects and connections (3) your potential disadvantages. The third point is not to plan for disappointment but to be prepared for potential pivots. You should always be ready for known and unknown challenges. Therefore, stay agile to shifts in a new region. Give your fundraisers time to understand the climate of philanthropy in a new area so successful relationships and introductions can form.

If your team has been thinking about breaking into a new region, here is the encouragement you all need!

A New Industry

Another strategic venture is a focus on industry. Please note that a fundraiser does not need to have a specific industry of focus, but a prospect researcher could begin a new project of scanning leading industries in their country or state and mapping them out. This could then inform a new portfolio for traveling fundraisers that specialize in industry-specific topics. For example, the following are key industries in Texas, (Per Texas Economic Development Corporation, the Office of the Governor, Texas Economic Development, and Investopedia) – (1) The Supersector (trade, transportation and utility sector is broadly defined by the Bureau of Labor Statistics (BLS).) (2) Business Services (professional and business services sector) (3) Education and Health (4) Leisure and Hospitality (5) Manufacturing (6) Financial Services (7) Construction (8) Petroleum Refining & Chemical Products – Energy (9) Information and Technology (10) Aerospace, Aviation & Defense.

There are opportunities to learn more about prospects working in all of these industries or the top three (Aerospace, Aviation & Defense; Petroleum Refining & Chemical Products – Energy; and Manufacturing).

Have you considered a specific industry to research? Think no more and start today!

A New Position in Prospect Development

If you are a prospect researcher interested in a prospect management specific role (or any other specification within the industry), the opportunity to advance in your career is readily available. There are skill-building courses, and many professionals ready to connect for inspiration and guidance. The only way to move from one specificity to the next or receive additional responsibilities is to make a plan and be curious about your own growth.

This is a message that also applies to those interested in joining the industry. If you are new and interested, reach out to people and create a new connection because in this human-centered industry, who you know may lead you to a new opportunity.

In this field, curiosity aids us with our work and in learning about prospects, apply the same level of curiosity into our appetite for professional development.

You may not know where you want to be in a year or two, but that is a journey you can start building the road for now. Apply your curiosity to your professional journey!

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I hope this Diary entry has given you some energy to start something new. Please keep your beliefs and values as core drivers in your mission.

Until next time,

December 15th!