I’d like you to imagine that prospect research is like salt. Too little salt and your food tastes bland, but too much and you end up bloated with water. No matter what the size of your budget or development shop you should always be using prospect research. The trick is using just the right amount. So how much research do you need when a prospect is in the cultivation phase?

Some of the best information comes from face-to-face contact with prospects. Before going on a visit or making a phone call decide what you want to find out next. Do they have children and grandchildren? This affects estate planning. Do they give to others? Where is your organization on their top ten list? Where is their wealth coming from?

As you are gathering critical information in-person, back at the office a prospect researcher can help you connect the pieces. You might ask your researcher to:

• Get initial wealth/asset verification before continuing visits
• Investigate likely compensation or confirm company ownership
• Look for a family foundation or confirm a directorship

Sometimes development staff make the mistake of wanting “everything you get” on a prospect before even picking up the phone. In many cases over-researching in the beginning of a relationship is really procrastination, which can lead to lots of information and not enough gifts!

During cultivation you need just enough information to keep the relationship progressing toward a major gift. In July we will discuss how to keep track of all this information during cultivation.