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Managing Your Prospect Pool

Managing Your Prospect Pool. Bobby A. Prince, CFRE Associate Vice President for Development University of Memphis Tennessee Advancement Resources Council July 17, 2008. STEWARDSHIP. STRATEGY. Receptions. FOLLOW-UP. CONTACTS. MOVES. GOALS. Annual Gifts. PROPOSALS. ASKS. Plans.

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Managing Your Prospect Pool

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  1. Managing Your Prospect Pool Bobby A. Prince, CFRE Associate Vice President for Development University of Memphis Tennessee Advancement Resources Council July 17, 2008

  2. STEWARDSHIP STRATEGY Receptions FOLLOW-UP CONTACTS MOVES GOALS Annual Gifts PROPOSALS ASKS Plans ORGANIZING CULTIVATION QUALIFICATION IDENTIFICATION RESEARCH Meetings

  3. Agenda • Overview • Development Process • Strategy Design • Bringing It All Together

  4. overview

  5. Manage your time and resources so that people-not process-come first

  6. Effective prospect management means focused attention on the right people at the right time

  7. “What Fund Raisers Do” by Joel Smith What fund raisers do, essentially, is to design strategies that are intended to moveprospects (prospective donors) through stages of deepening commitment to the point at which a successful ask can be made.

  8. “What Fund Raisers Do” by Joel Smith From this it follows that fund raisers should spend virtually all day, every day, in activity that pertains to prospects: identifying them, gathering information about them, using that information to design strategies that will cause deepened commitment, and then managing the execution of those strategies.

  9. Development Process

  10. Investment Cycle Identification Interest Information Investment Involvement

  11. Identification • Isolate a list of prospects for cultivation • Look for natural, logical connections • Concentric circles • Visit to define capacity and inclination to give

  12. Create Interest and Involvement: • Seek their advice or opinion • Promote meaningful visitation • Quote them, with adequate visibility • Ask them to be a guest lecturer • Seek their testimony • Use their names • Take their pictures • Ask them to do something for you

  13. Five Rights • Right Prospect • Right Project • Right Amount • Right Time • Right People

  14. Strategy design

  15. Prospect Strategy • Research • Think long term • Be thorough • Seek feedback • Expect it to change

  16. Prospect Strategy Worksheet

  17. Cultivation and Solicitation Strategy Creation Date: Prospect’s Name: Prospect Manager’s Name: Rated: Area Clearance/Project: Campaign Project: Cultivation and /or Solicitation Team: Background: Cultivation and Solicitation Steps: Step 1. Step 2. Step 3. Step 4. Step 5. Step 6. Stewardship Plan: Additional Comments and Information: See revisions to this plan dated:_____________ Initials of Prospect Manager:______

  18. Bringing it all together

  19. Metrics • Face to face visits • Identification visits • Asks • Closes • Prospect load

  20. Time Allocations • Discovery/Qualification 15% • Cultivation 50% • Solicitation 20% • Stewardship 15%

  21. Pipeline

  22. Prospect Coordination • Donor Database • Contact Reports • Prospect Strategy Meetings

  23. It’s All About Impact StudentSupport FacultySupport ProgramSupport Capital Support Unrestricted

  24. Managing Your Prospect Pool Bobby A. Prince, CFRE Associate Vice President for Development University of Memphis Tennessee Advancement Resources Council July 17, 2008

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