Why prospecting?
If we really want to supercharge our fundraising efforts, why should prospecting be the first thing we focus on?
Prospecting is the foundation from which all other fundraising efforts grow. It’s the seed that brings in new donors, fuels direct mail programs, and often leads to higher-dollar contributions, events, and even planned giving. But let’s dive deeper into why prospecting is so crucial.
The Expert Perspective:
To explore this further, I reached out to two of the most talented direct marketing professionals I know, asking them why prospecting should be considered the “One Thing” for any fundraising strategy.
John Griswold, a veteran of multiple presidential campaigns and national party organizations, shared his thoughts:
“For me, prospecting is always my ‘One Thing.’ It is your seed corn from which all other fundraising can grow. It provides the source of donors for direct mail programs and many times the higher-dollar efforts, events, and even planned giving. What’s more, acquiring donations from cold prospects is the most difficult of fundraising tasks. If through testing you unlock the keys to prospecting, you have also unlocked many of the keys to donor retention and upgrades. Finally, the design of prospecting offers and the targeting significantly impact the characteristics and future responsiveness of your donors. Prospecting is the ONE THING!”
John Davis, who has dramatically increased the number of active donors at the Leadership Institute, added:
“In 2011, Morton Blackwell gave me a challenge. He believed prospecting was so important to the future of the Leadership Institute that he would be willing to borrow money in order to invest it in prospect mail. His challenge to me was to find a way to send enough prospect mail to put him in a position where he had to actually do that. I’ve been working to meet that challenge ever since. The good news is that we’ve greatly increased the amount of prospect mail we send. The bad news? The new donors are giving so much to the Leadership Institute that I haven’t been able to run Morton out of money yet!”
This relentless focus on prospecting has had a tremendous impact on the Leadership Institute, as seen in the significant growth in donor numbers. And this growth excludes all major donors giving $10,000 or more. A good prospecting effort not only brings in new donors but also helps identify potential major donors, whether they give a higher amount immediately or over time as trust is built.
Why Prospecting is Non-Negotiable:
Prospecting is not just another task on your to-do list—it’s the lifeblood of a sustainable fundraising program. When done right, it can transform the future of your organization. Prospecting brings in new supporters, which is critical for long-term growth. These new donors can evolve into major contributors who play a key role in your organization’s success.
Moreover, prospecting is a skill that, once mastered, can improve other areas of your fundraising efforts, including donor retention and upgrades. It’s a continuous process that requires careful planning, testing, and adjustment, but the rewards are well worth the effort.
Taking Action:
So, what’s the one thing you should do first? Start developing your vision and strategy for prospecting. Assess your current opportunities, and think about how you can implement or scale up your prospecting efforts.
If you’re looking for further reading, consider exploring Ben Hart’s Fund Your Cause with Direct Mail or Mal Warwick’s Revolution in the Mailbox. Both offer valuable insights into effective direct mail strategies that can enhance your prospecting efforts.
Remember, prospecting is the key to unlocking your fundraising potential. It’s the one thing that, if done right, can set your organization on a path to sustained growth and success.
