Prospect research — the art of identifying and connecting potential donors with your cause. How does this translate to Gen Y donors? Is there a secret formula to identify this group of donors? Not really. There are however, a few points to keep in mind when researching this unique group.
As mentioned in other posts in the #whatgiveswednesday series, millennial donors often give to causes that they believe in and can sink their teeth into. They want to know that their time and money are going towards an initiative that is making a measurable difference. So how does prospect research relate to that? Simple. Keep the donor in mind when connecting them with an initiative you believe they would be passionate about.
So what do I mean? Working in Higher Education, I will often consider a few factors when determining if an alumnus would be interested in getting involved in a particular project. What faculty did they graduate from? Were they involved in any academic competitions? Were they a member of any clubs? Did they participate in any extra-curricular activities while they were a student? Considering these types of questions might help to identify where their passionate lies or what they would be interested in supporting or getting involved in. This is sometimes where you hear of those exceptional stories of a donor in their 20s making a $1M gift– it’s usually designated to an initiative that they have a direct connection to and are passionate about.
It’s also worthy to note that this doesn’t just translate to getting young alumni involved as donors. Could they be a guest judge or a guest lecturer? Would they be interested in being a chapter volunteer for your organization in a specific geographical location? These individuals could be excellent champions for your cause in their community if given the right opportunity.
Consider start-up companies led by the millennial age group — their approach to corporate social responsibility is going to look a lot different than what we’ve seen in the past. They won’t just see a donation as a tax break for their company, but rather an opportunity for their company to get behind an initiative where they can really add value to on a local, regional and even national or international level. Getting behind a cause that is meaningful to their company and their clients can make an impact, as it is a valuable marketing opportunity by creating a positive perception of the company, and in some cases, can likely lead to company growth.
Gen Y individuals are worthwhile to have on your prospect research radar. Strive to find ways in which your organization can utilize their constantly growing networks, experience, and insight. Keep open communication between your prospect research team and your development team, so that prospect researchers are always aware of what your fundraising priorities are. This open communication will ensure these golden Gen Y individuals aren’t missed.
Written by Sara Glover
Sara is a Prospect Researcher at Wilfrid Laurier University.