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Research Your Prospects

Updated over a month ago

Identify potential major donors who are already in your database. Prospect research is the first step in moves management, the process of cultivating prospects through planned outreach.

This article helps you:

  • Understand prospect research goals

  • Learn about wealth prospecting data available in Bloomerang CRM + DonorSearch

  • Create a prospect research workflow

You’ll use this workflow to capture key metrics in custom fields, assign relationship managers to prospects, and track prospects through cultivation stages. You’ll also automate reports that make sure each prospect has a relationship manager, research data, and target ask strategy.

Prefer a video? Watch Research Your Prospects in Bloomerang Learning.

What Are My Research Goals?

Your main research goal is to understand which prospective donors to cultivate. When you research a prospective donor, your goal is to answer these questions:

  • How engaged are they with our organization?

  • Do they have any affinity with our organization?

  • What is their giving capacity?

What Research Data is Available in Bloomerang CRM?

You can research prospects right in Bloomerang CRM. You’ll find at-a-glance metrics that give you a quick picture. For a complete picture, you’ll find generosity details from our partner, DonorSearch.

Engagement and Generosity Metrics

Each constituent profile includes a color-coded meter for:

  • Engagement level — How involved a constituent is with your organization, based only on interactions and transactions in Bloomerang CRM. Levels are On Fire, Hot, Warm, Cool, or Cold. Read more about engagement levels.

    Generosity score — A constituent’s potential giving capacity, based only on data from DonorSearch. Scores are On Fire, Hot, Warm, Cool, Cold, or Not Scanned. Read more about generosity scores.

Generosity Details

Generosity details include wealth prospecting information that DonorSearch found in public records.

In Bloomerang CRM, go to a constituent’s profile to view generosity details about that constituent. Generosity details are available for constituents who have a first name, last name, and a U.S. address in Bloomerang CRM that match a public record found by DonorSearch.

To view this data, you can use:

  • DonorSearch ProspectView
    ​What it does: Looks up wealth prospecting details for individual constituents in DonorSearch. ProspectView doesn’t import DonorSearch data to Bloomerang CRM.
    ​
    ​How to use it: Fill out this form to order DonorSearch ProspectView. In Bloomerang CRM, open a constituent’s profile and click View in DonorSearch, which takes you to the DonorSearch website.
    ​

  • DonorSearch batch screen
    ​    What it does: Simplifies your research by importing eight generosity indicators from DonorSearch to Bloomerang CRM constituent profiles.
    ​
    ​How to use it: Fill out this form to order a DonorSearch batch screen. In Bloomerang CRM, open a constituent’s profile and click View Generosity Details to see information from the batch screen. The batch screen includes your constituents who have a U.S. address.

Create a Prospect Research Workflow

Now that you understand the data available in Bloomerang CRM, you’re ready to set up a prospect research workflow.

To set up this workflow:

Step 1 — Create Custom Fields

Create custom fields for your research. These fields will appear for each constituent in Bloomerang CRM. You’ll later copy DonorSearch data to these fields.

  • If you have DonorSearch ProspectView: Add all of these custom fields.

  • If you ordered a Donor Search batch screen: Add all of these custom fields except Wealth Capacity, Annual Gift Likelihood, and Major Gift Likelihood. Your batch screen already populated these built-in DonorSearch generosity fields in constituent profiles.

To create custom fields:

  1. Create a custom field category for your research. Name this field Prospect Management.

  2. Create these fields and values in your Prospect Management category:

Field name

Settings

Values

Impact Area

Text and Pick Multiple Values From a List

Three to five values that summarize your organization’s mission. These are areas in your organization that donors might want to give to.

For example, a school might have these values: Athletics, academics, and scholarships.

Current Stage

Text and Pick One Value

Research, Cultivation, Solicitation, Stewardship, Declined at This Time, and Disqualified.

Use Disqualified for constituents who aren’t good prospects for a gift ask. This helps you remember not to research or solicit them in the future.

Date Researched in DonorSearch

Text and Pick One Value

Wealth Capacity

(Add this field only if you didn’t order a batch screen)

Currency and Type It In

Target Based on Giving Low

Currency and Type It In

Target Based on Giving High

Currency and Type It In

Prospect Management — Annual Gift Likelihood

(Add this field only if you didn’t order a batch screen)

Text and Pick One Value

(Low) 0-60, Below Average (61-120), Average (121-180), Above Average (181-240), High (241-300)

Prospect Management — Major Gift Likelihood

(Add this field only if you didn’t order a batch screen)

Text and Pick One Value

(Low) 0-60, Below Average (61-120), Average (121-180), Above Average (181-240), High (241-300)

Target Ask Date

Date and Type It In

Target Ask Amount

Currency and Type It In

Step 2 — Copy DonorSearch Data to Custom Fields

Next, copy DonorSearch data and paste it into the custom fields you created.

To copy data from DonorSearch to Bloomerang CRM:

  1. In Bloomerang CRM, go to the constituent’s profile.

  2. Do one of the following in Bloomerang CRM:

    1. If you have DonorSearch ProspectView, click View Generosity Details. Next, click View in Donor Search.

    2. If you have a batch screen, click View in DonorSearch.

      The constituent’s DonorSearch profile opens in a new browser tab.

  3. In DonorSearch, copy the lower amount in the Target Based On Giving range.

  4. In Bloomerang CRM, go to the Profile tab on the constituent’s account.

  5. Click Edit.

  6. Paste the lower amount from Target Based On Giving in DonorSearch to the Target Based on Giving (Low) field in Bloomerang CRM.

  7. In DonorSearch, copy the higher amount in the Target Based On Giving range. In Bloomerang CRM, paste it to the Target Based on Giving (High) custom field.

  8. If you have DonorSearch ProspectView (and not a batch screen):

    1. In DonorSearch, next to Target Based On Wealth, click the question mark button. Copy the DS Capacity amount. In Bloomerang CRM, paste it to the Wealth Capacity custom field.

    2. In DonorSearch, view the Annual Gift Likelihood number. In Bloomerang CRM, in the Annual Gift Likelihood custom field, select a range.

    3. In DonorSearch, copy the Major Gift Likelihood amount. In Bloomerang CRM, paste it to the Major Gift Likelihood custom field.

  9. Click Save.

Step 3 — Add Data to Remaining Custom Fields

Next, add data to your remaining custom fields:

  1. In Bloomerang CRM, go to the constituent’s profile.

  2. Click Profile.

  3. Click Edit.

  4. Go to the Prospect Management section.

  5. Select the Current Stage.

  6. Select the Date Researched in DonorSearch.

  7. Select one or more Impact Areas.

  8. Enter the Target Ask Date and Target Ask Amount.

  9. Click Save.

Step 4 — Assign Relationship Managers

It’s important to assign a relationship manager to each prospect. Relationship managers are key communicators in your organization who cultivate prospective donors.

You can assign one relationship manager to each prospect. The relationship manager must have a user account in Bloomerang CRM.

For instructions, read Assign a Relationship Manager.

Step 5 — Create Prospect Research Reports

You now have relationship managers assigned and DonorSearch data in your custom fields. Next, create reports about that information:

Tip: To organize these reports for quick access, create a Prospect Management folder. When you save a report, you can select this folder.

Create a Central Portfolio Report

This report shows all constituents your organization has researched in DonorSearch, grouped by relationship manager.

To build this report:

  1. Create a new constituent report.

  2. Include these filters in your report:

    • Relationship Manager is any value

    • OR Current Stage is any value

  3. Exclude this filter: Status is inactive or deceased.

  4. Add these columns:

    • Relationship Manager (group by this column)

    • Impact Area

    • Current Stage (sort by this column)

    • Date Researched in DonorSearch

    • Target Based on Giving Low

    • Target Based on Giving High

    • Target Ask Date

    • Target Ask Amount

  5. Do one of the following:

    • If you have DonorSearch ProspectView, add these columns: Wealth Capacity, Prospect Management - Annual Gift Likelihood, and Prospect Management - Major Gift Likelihood.

    • If you ordered a DonorSearch batch screen, also add these columns, which appear when you select the Generosity Details field: Wealth Capacity, Annual Fund Likelihood, and Major Gift Likelihood.

  6. (Optional) To make sure sure Bloomerang CRM data matches the public data in DonorSearch, add these columns:

    • Generosity

    • Engagement Score

    • Lifetime revenue

    • First Transaction Date

    • First Transaction Amount

    • Largest Transaction Date

    • Largest Transaction Amount

    • Latest Transaction Date

    • Latest Transaction Amount

    • Household Name

    • Last Year revenue

    • Year to Date revenue

  7. (Optional) Add this report to your Prospect Research folder.

  8. (Recommended) Schedule this report to run monthly for visibility.

Create an Individual Research Portfolio

Create a report for each of your relationship managers. They can use this report to manage their portfolio of assigned prospects.

To create a research portfolio for each relationship manager in your organization:

  1. Copy the Central Portfolio report that you created.

  2. Open the copied report and click the Relationship Manager filter.

  3. Select one relationship manager.

  4. Save this report. Use the relationship manager’s name in the report name.

  5. Repeat these steps for each relationship manager in your organization. For example, if your organization has five relationship managers, create five reports.

  6. (Optional) Add this report to your Prospect Research folder.

  7. (Recommended) Schedule to run weekly if you’re an active researcher or schedule to run monthly for visibility.

Create a Report for Major Gift Prospects Who Aren’t Assigned a Relationship Manager

This report lets you know when major gift prospects don’t have a relationship manager. It identifies likely prospects based on high generosity scores and engagement levels.

Schedule this report to run weekly to keep new prospects flowing into portfolios. If this report shows any prospects without relationship managers, assign a relationship manager.

To create this report:

  1. Copy the Central Portfolio report that you created.

  2. Open the copied report.

  3. In the Include section, remove the Relationship Manager and Current Status filters.

  4. Include these filters:

    • Generosity is Warm, Hot, On Fire
      ​      AND

    • Engagement is Warm, Hot, On Fire

  5. Keep the Status is inactive or deceased filter.

  6. Exclude these filters:

    • Relationship Manager is any
      OR

    • Communication Restrictions is do not solicit.

  7. Keep the columns, which were copied from the Central Portfolio report.

  8. (Optional) Add this report to your Prospect Research folder.

  9. (Recommended) Schedule to run weekly.

Create a Cultivation List

This report uncovers new prospects by identifying constituents with high generosity and low engagement. Cultivate these constituents so they become more engaged and more inclined to give at a higher level.

  1. Copy the major gifts report that you created.

  2. Open the copied report.

  3. Include these filters:

    1. Generosity is Warm, Hot, On Fire
      ​      AND

    2. Engagement is Cool, Cold
      ​      AND

    3. (Optional) If this report shows too many results, include the Has Transaction filter.

  4. Exclude these filters:

    1. Status is Inactive, Deceased
      OR

    2. Communication Restrictions is do not solicit.

  5. Keep the columns, which were copied from the Central Portfolio report.

  6. (Optional) Add this report to your Prospect Research folder.

  7. (Recommended) Schedule to run weekly or monthly depending on your workload.

Create a List of Prospects Researched Over One Year Ago

DonorSearch continuously looks for new wealth prospecting information about your constituents. If it’s been over a year since you researched a constituent, research the constituent again to determine whether you need to update their information in Bloomerang CRM.

This report shows you prospects researched over one year ago who aren’t marked as Disqualified.

To build this report:

  1. Create a new constituent report.

  2. Exclude the Date Researched in DonorSearch filter, which corresponds to the custom field you previously created.

  3. In the Date Researched in DonorSearch filter, click Last Week, change it to Previous Number of Days, and enter 365.

  4. Click OR and exclude the Current Stage filter. Select Disqualified stage.

  5. Click OR and exclude the Status filter. Select the Inactive and Deceased statuses.

  6. Click OR and exclude the Communication Restrictions filter. Select the Do Not Solicit restriction.

  7. (Optional) Add this report to your Prospect Research folder.

  8. Click Save And and select Schedule This Report.

  9. (Optional) Add this report to your Prospect Research folder.

  10. (Recommended) Schedule to run weekly or monthly.

Use Your Workflow to Research Prospects

Your workflow is all set up and ready for you to use. To use your workflow, follow this checklist.

Schedule these reports

Schedule frequency

If you receive this report…

Central Portfolio

Monthly for visibility

  • Make sure all prospects have relationship managers.

  • Make sure all prospects with relationship managers have research conducted.

  • Make sure all prospects have target ask dates and amounts.

Individual Research

Weekly if you’re an active researcher (preferable) or monthly for visibility

  • Make sure all constituent accounts have research conducted within the last year.

  • Make sure all constituent accounts have a target ask date and amount.

Major Gifts Prospects Not Assigned to a Relationship Manager

Weekly

Decide whether you will research a prospect who appears in this report:

  • If yes, change the constituent’s Current Stage field to Research or assign a relationship manager.

  • If no, change the constituent’s Current Stage field to Disqualified.

Cultivation List

Weekly or monthly depending on your workload

Decide whether you will research a prospect who appears in this report:

  • If yes, change the constituent’s Current Stage field to Research or assign a relationship manager.

  • If no, change the constituent’s Current Stage field to Disqualified.

Prospects researched over one year ago

Weekly or monthly

In DonorSearch, research the constituent again to determine whether you need to update their data in Bloomerang CRM.

Next Steps: Create a Moves Management Plan

After you identify prospect donors, set up a plan to cultivate them through planned outreach. Read about Moves Management.

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