The One Question You Should Always Ask in Prospect Qualification Meetings

There you are – qualifying another prospect. You’ve prepared your list of questions to help determine wealth and affinity. But here is the one question you should always ask:

What was the one part of your college experience you valued the most?

The answers to this important qualification question will begin to expose your prospect’s passions and help you to craft a strategy for future engagements that may ultimately guide the direction of the donor’s major gift. Here’s a sampling of some answers that reveal important clues to help you design the next steps of engagement with your prospect.

Answer: Scholarship

“I received a scholarship that helped me a lot. Without it, I don’t know if I could have finished my degree at Mumford University.”

Love this answer! After being properly cultivated, this prospect is primed to be asked for a scholarship gift.

Answer: Faculty Member

“Professor Inglewood from the Physics Department was an unbelievable mentor to me. During my first year, I struggled and he took the extra time to help me get through. I still keep in touch with him.”

Great! Update the prospect on the faculty member and the department. Ideally, set up a meeting between the prospect and the professor. This could lead to a major gift honoring the professor in the form of a scholarship or student support fund, for example.

Answer: Student Groups/Sports/Greek Organizations 

“I was a member of the Computer Science Club on campus. What a great experience. I created lifelong friends and it helped me to land an excellent job because club members were being highly sought after and recruited.”

Clubs and Sports are an important part of the overall college experience, right? There are lots of ways to engage prospects: reunions, speaking engagements and mentoring opportunities to name a few. An endowed gift in support of a group seems like a sure winner.

Answer: Academic Support Center

“The academic support center was a huge help to me as a student. I struggled early on in my math and science courses. They took the extra time to get me up to speed and I made the dean’s list consistently.”

Offer to set up a meeting with your prospect and the director of the academic support center. Your prospect may wish to pay-it-forward, for example, with a gift to endow funds to hire additional support staff which are often desperately needed at universities.

Answer: Capstone Project

“My senior year, I was part of a capstone project where a team of students consulted on a project for a local engineering firm. The project taught me a lot about working in teams and I eventually got a job with the engineering firm.”

Capstone projects are always in need of alumni mentors, guest speakers and supplies. Your prospect might love an opportunity to meet with current students and/or the director of the program. The eventual goal here would be securing an endowed fund to help underwrite guest coaches and project materials.

Now that you’ve got that One Question – get listening!

Shock Prospects with Speedy Follow Up and Major Gifts will Follow

Building relationships with major gift prospects is often a lengthy process of strategic engagement that should start and end with one thing: prompt and thorough follow up. As a fundraiser, you should make it your #1 priority to follow up on any action items relative to conversations you have with your prospects. How fast? Within 24 hours fast! By doing this, you demonstrate to the prospect that you not only value the relationship but they are a priority to your organization. After all, who doesn’t want to feel valued, right? Let me give you an example:

A fundraiser meets with a prospect for lunch. During the meeting, the fundraiser and prospect discuss:

  • The upcoming retirement of the prospect’s favorite professor, Dr. Alfred Letz.
  • Research being done in 3D printing at Mumford that might be of interest to the prospect’s company.
  • Updates on the Women in Engineering Endowed scholarship. The prospect supports this fund and verbally committed $10,000 more during in the meeting.
  • The prospect’s daughter is considering attending Mumford next fall.

Within 24 hours, this should be your follow up email from the meeting:

Dear Leslie,

It was great to have lunch with you yesterday and get caught up. First, I wanted to thank you for committing an additional $10,000 to the Women in Engineering Endowed Scholarship. We truly appreciate your generous gift in support of our women engineers. When I shared the news with the club president, she and the other students offered to set up a Zoom meeting to personally thank you and provide you with updates on the program. Please let me know what dates will work for you in the coming weeks and we will get this scheduled.

I wanted to follow up with you on some of the topics we discussed. Plans are in the works for a big retirement celebration for Professor Letz this spring. I will send you the details when they become available. Here is an article about his retirement: mumford.edu/letzretirement.

After our discussion on 3D printing at Mumford and how this might be of help to your company, I reached out to the professor heading up this research. Her name is Dr. Ellen Hilimire (ehilimire@mumford.edu). I let her know you may be in touch and provided her with an overview of your company.

How exciting to hear that your daughter is considering attending Mumford next fall. It would be awesome to have her to follow in your footsteps. If she needs more information on the electrical engineering department, please let me know. I am also happy to arrange a tour of the department.

Leslie, thank you again for your time and conversation.  I hope to see you at Mumford this spring. Go Tigers!

Sincerely,

Mike Patterson

Quick and to the point! You have to remember – in non-profit fundraising, the fundraiser and the organization are usually not the biggest priority in your prospect’s life. Truth is, we are probably on the low end of their list. Speedy follow up is KEY in keeping you on your prospect’s radar. Not only are you saying, “I value you,” but swift and thoughtful communication will lay the foundation of trust with your prospect and will hopefully lead you to that major gift. You might just shock and impress them. What are you waiting for? The clock is ticking…

5 Places to Uncover Major Gift Prospect Leads

Every major gift officer wants better prospects in their portfolio. But where do you go to find them since, in most cases, they aren’t just handed to you? It will take a little detective work and time to discover and properly qualify these new leads. Here are five places that any fundraiser, seasoned or new, can check out to aid in the search:

Internal Partners

Some of the best leads come directly from the faculty and staff at your university. With their alumni and corporate connections, these partners can facilitate introductions on your behalf, often resulting with an increased rate in opening the door and landing that initial meeting or visit. Establishing trust and transparency with your internal partners will be critical to your success.

Ask Prospects

When you meet with a prospect you should always ask, “What other alumni do you know that are doing well?” If you haven’t, start now! Often times, this simple question may produce potential leads of prospects that were not even on your organization’s radar. And, an added benefit is the initial introduction they can offer for you.

Events

Sometimes events can be tedious but they are a great place to meet new prospects. If you have access, look over the attendee list prior to the event and formulate your game plan. And, if possible, run a wealth screen report to give you a better idea of the major players in the room. The key to maximizing this opportunity is to be prepared ahead of time.

Your Database

If your office has a research department, they should be able to provide you with a wealth screening assessment of your prospects. But, you can do this research on your own as well. Experience has shown that donors with multiple years of giving yield the best results in finding new prospects. Their giving pattern already reveals their affinity and is a great conversation starter in an initial qualification.

LinkedIn

If you are not familiar with the search function on LinkedIn, you should be. This is a great tool to keep handy. LinkedIn’s user-friendly search function can filter specific information in your prospect search. Start by typing in your university name in the search area. Once on the university page, select the alumni tab. From there you have options to narrow your search by “Where they live” and “Where they work.” You can also search by a specific job title. For example, you can look up all the alumni in Chicago that have a job title of “president.”

Recent Gifts

This may seem like a no brainer, but glancing over the list of recent gifts received by donors can be a source for good leads. Since they’re already giving to your organization, a simple follow-up call thanking them for their gift could lead to a visit and/or future giving.

After you find new prospect leads, it is time to start reaching out to these prospects for meetings. For help with that, try our Step by Step Guide to Fundraising Qualification Visit.

Free eBook: Start to Finish Major Gift Fundraising

This image has an empty alt attribute; its file name is freeebook3.png

Get a copy of our free ebook, “Start to Finish Major Gift Fundraising.” Sharpen your skills with next level strategies for donor qualifications, cultivation, solicitations and stewardship. It is filled with techniques that can be used right away to improve your major gift fundraising. To get the book, fill out the form below and we will email you a copy.

 

The Best Questions to Help Determine a Prospects Wealth

One of the most basic elements of the fundraising process, but the most important, is calculating the wealth of a potential donor. Why you ask? For one, it will help identify if your prospect may be a major gift donor. If so, this will determine who in your organization the prospect should be assigned to and the engagement strategy needed to lead to that major gift. Secondly, armed with this knowledge, you will be able to determine the appropriate level of the ask. As a development officer, the key to all of this discovery can be revealed by simply asking the right questions. Here they are:

Personal

What part of Chicago do you live in? (This will reveal if they live in an affluent neighborhood)

Are you going on vacation anytime soon? (This will reveal if they have a vacation home)

What hobbies do you have? (This will reveal assets they have and ways they spend money)

When do you plan to retire? (This will reveal a lot of about their financial situation)

Where did you grow-up? (This will reveal details about their childhood and parents potential wealth)

Volunteering

Do you serve on any boards? (Boards typically expect philanthropic gifts and reveal their values) Which ones and how did you get involved?

What does volunteering/service look like for you? (This will get at volunteer positions and the philanthropic priorities they might have)

Family

How old are your children and where do they go to school? (This will reveal if the kids are private vs public for K-12 ages) How are your children handling school during the pandemic?

What do your kids do now? (This will reveal if their kids are self sufficient or the parents are supporting them)

What’s been your experience as a parent of a student at that school? Do you believe you’re receiving a best value for the education? (This will reveal if they’re paying tuition for the education)

What does your spouse do professionally? (This will reveal the spouse income)

What do you and your spouse for fun (To find out more hobbies)