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What Determines the Cost of Prospect Screening Services?

We all want to understand why we’re paying for what we’re paying for. From an exquisite steak to concert tickets to mortgages, any time we make an investment, we want to know what we’re investing our hard earned money in. And we deserve to know.

Even though we can’t solve all the world’s mysteries of cost, we can help in one area: prospect research costs. 

Let’s unravel the mystery of the factors that determine the cost of prospect research.

We’ll unravel this mystery by answering five key questions:

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3 Ways to Segment Your Donors for Prospect Research

If your nonprofit organization is conducting prospect research, you typically won’t be able to screen everyone due to time and resource constraints. One of the first major decisions you will likely need to make is which donors on your list or within your database to research. This is one of the most important decisions your organization will need to make because it plays a major role in how the results can be implemented into your fundraising activities.

Think strategically about why you are performing prospect research and how you will use the results. Here are a few sample questions to ask yourself or your development staff:

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Limits of Wealth Screening

All too often when nonprofits decide they want to invest in prospect research, they focus specifically on wealth screening.

While having some information is better than no information, wealth data is just one indicator of many when it comes to predicting a prospect’s likelihood of giving. Additionally, research has shown that historical charitable giving data is a much stronger predictor of future charitable giving.

For this reason, nonprofits that just focus on wealth screening are losing out on valuable information about their list of prospects and missing an opportunity to get the most out of their fundraising activities.

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By donorsearch

What is Prospect Research? (Your Question, Answered!)

You’re here because you’re contemplating a very important question:

What is prospect research?

Well, ask and you shall learn because this entire post is dedicated to helping answer that very question.

Is your organization looking to grow its pool of major gift prospects? Are you hoping to upgrade annual fund donors? Do you wish you knew more about your prospects during cultivation?

If you answered yes to any of those questions or find yourself in very similar situations, your nonprofit could likely benefit from prospect research.

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