Developing a Prospect Management Policy
by Pamela Poland
Successful fundraising begins with the establishment of strong and well-managed relationships. Whether you work in a large development shop with sophisticated tools and numerous fundraisers and support staff or a small shop with limited resources and people, having a solid prospect management program in place allows your organization to use time and resources most effectively and efficiently. A customized policy statement that supports your program can be the blueprint that allows your organization to reach optimal performance.
Introduction and Philosophy
Begin drafting a policy statement by delving into the basic elements of your prospect management program and by relaying the institutional philosophy behind it. Outline the purpose of the programÑ for example: to operate a well coordinated program that manages and tracks the complex variety and number of prospects going through the different stages of the development cycle at your organization. An important message to state up front and to include as part of your department’s fundraising philosophy is the necessity and requirement for everyone to use the program in order to be successful. A system is only as good as the information that is entered into it.
Roles and Responsibilities
It is important to establish who the players are that are involved in the prospect management process and what specific responsibilities are assigned to each role. Do you have solicitors with specific functions and prospect managers with different duties? Are there certain staff members with the authority to clear and assign prospects? Do you have a prospect management committee? Stating the roles and duties as clearly as possible will eliminate confusion and encourage your unit to work as a team.
Assignments and Clearance Processes
Your program should act as a clearing house for all prospects. This will enhance the communications between development professionals, particularly those working with the same prospects. There are a variety of ways that different development offices accomplish this. Some have specific staff members acting as clearance or assignment officers while others set up committees and yet others clear and assign prospects during prospect review meetings, and some use a combination of these practices. It is also important to consider what kind of assignments your organization allows. Do you have time-limited assignments or is clearance given in perpetuity? Are assignments terminated after a certain period of time? After a solicitation is made, how long must another fundraiser wait to begin cultivation on another project?
Prospect Management Procedures
Detailed procedures depicting what the actual actions staff members need to take with regard to every aspect of the prospect management program is the crux of any system. It is absolutely vital to make clear all the system uses, what information needs to be entered into the system and how, the protocols for contacting and following up with donors, the specifics of solicitations, all issues related to donor relations and stewardship, etc., etc. This is the part of your policy you should spend the most time on defining. Any process or procedure that is expected of staff should be articulated and listed in the policy statement. The more detailed and clear the procedures are laid out, the easier it will be for staff to follow them and for there to be consistency. Entering information into your system in an accurate and standardized way is vital for reporting and developing measures for fundraiser accountability.
Accountability and Reporting
Prospect management reporting is an essential component in measuring fundraising progress. Effective prospect management reports can help fundraisers and management track accountability and performance, maximize available resources, use time more efficiently, set targets, project revenue and establish reasonable fundraising goals. What tools do you have to assist in managing and tracking donors? What measures are used to allow fundraisers to know what they have accomplished and what next steps they need to take in order to meet their goals? Specific details of fundraiser accountability and specific descriptions of the tools available to assist them in tracking their progress are vital to the process.
Confidentiality
A formal written confidentiality policy can be a helpful tool for any development office. Whether or not your shop has one, your prospect management policies should include a mention of confidentiality. Note that all information collected and stored on your donors and prospects is the property of your institution, is subject to public disclosure laws and that discretion should always be used.
Appeals
Not every assignment or clearance decision will be popular and there occasionally may be some contention. The addition of an appeals clause to settle disputes over such things as assignment and clearance decisions, termination of assignments, and disagreements with regard to donor intent, instills another level of fairness to the process. Make the appeals process tough enough so that staff members are encouraged to work out disputes among themselves and only file an appeal as a last resort.
Glossary of Terms
From institution to institution, the names of different program features vary. Some organizations use the term prospect management and others relationship management. Some use the term prospect, while other choose the term candidate. Creating a list of terms with definitions will keep everyone on the same page and moving forward in the same direction. Developing a prospect management policy will enhance your organization’s ability to manage and track donors. Studying samples of other organizations’ policies is a good way to start fashioning a customized policy statement that works for you. A regular evaluation of the policies and procedures will help ensure that they are current and relevant. Finally, it is always important to remember that a prospect management program is only as strong as the information provided and the actions taken to strengthen relationships, and that everyone needs to work together using the program to elevate your organization to the highest levels of fundraising success.
Pamela Poland is the Director of Research at The Metropolitan Opera and the President Elect of APRA (Association of Professional Researchers for Advancement), the international professional society for development researchers and relationship managers.
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