In the realm of university fundraising, consistently refreshing your donor portfolio with new prospects is paramount for continued success. As prospects progress through the donor pipeline, it becomes imperative to identify fresh leads, initiate engagement, and lay the foundation for future major gifts. These new donor relationships are cultivated through qualification visits, during which potential prospects are assessed for both their financial capacity and affinity toward your institution. When prospects meet specific criteria, they should be retained in your portfolio. Here, we present a comprehensive step-by-step guide to optimizing the effectiveness of your qualification visits.
Acquiring Qualification Visits
When embarking on the journey to secure a qualification visit, it is of utmost importance to craft a targeted message that aligns with the prospect’s self-interest and resonates with your institution’s mission. A message devoid of specificity is unlikely to pique a prospect’s interest or elicit a response.
There are two types of self-interests that can be harnessed when crafting a compelling message: affinity self-interest and career self-interest. The former pertains to areas of personal significance to the prospect, such as their former academic program, a beloved faculty member, or a club or sport they participated in. To capture their attention, the opening sentence should reference something unique to the recipient. Sample affinity email:
Email Subject: Mumford University Computing Club
I recently saw that you were on the Mumford Computing Club that won the national hacking competition in 1997. University News just did an article on it. It would be great to update you on the Computing Club and get your feedback on some of their upcoming initiatives. The team is hosting a special event this spring that I want your thoughts on. I can also update you on the direction of the university under new president, Dr. Sharon Lewiston. Would you have 20 minutes for me stop by your office on February 3rd between 2pm – 5pm?
Career self-interest, on the other hand, revolves around how your university can contribute to the prospect’s career or engage in collaborative ventures with their company. Sample career email:
Email Subject: Mumford University and Next Engineering
Congratulations, I recently read that Next Engineering made the Chicago Top 100 Companies list. It is always good see our Mumford alumni doing big things! It would be great to connect with you to learn more about your career path and discuss ways Next Engineering could partner with the university. This can include recruiting, joint research, event sponsorship, senior projects and advisory boards. I can also update you on the direction of the university under our new President. Would you have 20 minutes for me stop by your office on February 3rd between 2pm – 5pm?
While it is essential to be persistent in your outreach to garner a response, it is equally important not to become overly intrusive. With this balance in mind, it is advisable to reach out a total of five times via both phone and email. The following email can be employed as a final effort to secure a qualification visit:
I am finalizing my trip to Chicago today and wanted to see if we can confirm a meeting. It would be great to talk to you about all the ways Mumford University is partnering with companies like Next Engineering. Let me know if one of those days works and I would be happy to come to your office.
Preparing for the Visit
Upon confirmation of the qualification visit, diligent preparation is key. The more you know about the prospect, the better you can steer the conversation toward desired outcomes. Critical information to gather before the meeting includes:
- Past giving history
- Student activities and involvement
- LinkedIn profile for current job and title
- Property details via Zillow
- Overview of the prospect’s company
A few days prior to the scheduled visit, send a confirmation email like the one below. Expressing anticipation for the meeting helps reduce the likelihood of cancellations:
Looking forward to our meeting on March 25th at the Starbucks on Main St. If you need to reach me that day, my cell phone is xxx-xxxx. I have researched Next Engineering and have some ideas to run past you for collaboration activities. See you Wednesday.
During the Visit
Qualification visits serve several purposes: assessing the prospect’s financial capacity, gauging their affinity toward your institution, and establishing a clear next step in the engagement process. To obtain pertinent information during the visit, categorize your questions into four domains: Business, University, Family, and Assets (BUFA for short). Here are some guiding questions for each category:
Business:
- Is your office nearby? (To initiate a discussion about their company)
- What specific projects are you involved in at Next Engineering? (To explore potential collaboration opportunities)
- Which academic majors does your company typically hire from? (To discuss potential recruiting avenues)
- Are there other Mumford alumni working at your company?
- Do you have any equipment or resources that your company no longer utilizes? (For potential gift-in-kind opportunities)
University:
- What stands out as your most memorable experience at Mumford University? (To uncover their genuine passion for the institution and potential for future giving)
- In what way did our university contribute most to your career development? (To delve deeper into their passions)
- Do you have a favorite faculty member or department?
- Were you involved in any clubs or sports during your time at Mumford University?
- Who from the university are you still in contact with? (To assess affinity and identify connections to other successful alumni)
- When was the last time you visited the campus? (To gauge their sentiment about their previous experiences)
Family:
- Do you have children, and if so, how old are they?
- Where do your children attend school? (To explore potential educational financial commitments)
- Are your parents living in the area? (To assess potential caregiving responsibilities)
- Could you share what your spouse does for a living? (To gain insight into their overall financial situation)
- Where did you grow up? (To discern any potential generational wealth)
Assets:
- Could you tell me more about the neighborhood in Chicago where you reside? (To gauge the affluence of their residential area)
- Do you have any upcoming vacation plans? (To ascertain if they own vacation properties)
- What are your hobbies? (To explore their assets and spending patterns)
- Have you considered your retirement plans? (This can reveal significant insights into their financial status)
Visit Follow-up
After the qualification visit, compile a comprehensive summary of the meeting and input this data into your advancement database. At this juncture, you must determine the prospect’s level of potential involvement, whether it’s as a major gift candidate or at a lower giving level. This determination dictates whether the prospect remains in your portfolio and initiates the process of targeted engagement activities. It is imperative to follow up with the prospect within 48 hours of the meeting. Timely follow-up demonstrates the importance of the relationship and signifies that the action items discussed during the meeting are already progressing.
Conclusion
In essence, the process of qualification should be an ongoing endeavor to ensure that your donor portfolio is consistently replenished with high-quality prospects. It is crucial to approach potential prospects with a tailored message that emphasizes the value of their interaction with your university. During the qualification
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