How to Expand Your Prospect Pool: Namestorming

What is Namestorming?

Namestorming is a critical initial step in the fundraising process that involves generating a comprehensive list of potential sponsors and donors. At Fundraising for Libraries, we believe that every successful fundraising campaign begins with this essential practice. Much like brainstorming, namestorming encourages a free-flowing and inclusive approach to identifying prospects. The primary goal is to create an extensive list of individuals, businesses, and organizations that might have an interest in supporting your cause, without pre-judging their willingness or capacity to give.

The power of namestorming lies in its ability to tap into a broad network of potential supporters. By casting a wide net and considering every possible connection, you can uncover opportunities that might otherwise be overlooked. This method leverages the principle that everyone has a valuable network of contacts, and it's about exploring those connections thoroughly. From parents and siblings to local business owners and community leaders, the namestorming process is all about inclusivity and creativity. At this stage, the key is not to limit yourself but to think expansively, ensuring no potential donor is left out.

How to Namestorm

Namestorming, like brainstorming, thrives on the principle that anything goes. This stage is about casting the widest possible net and allowing all potential ideas and names to surface without judgment. The cardinal rule is to avoid making assumptions about anyone's interest or capacity to give. Every connection, no matter how distant or unlikely it may seem, has the potential to contribute to your fundraising efforts. It’s essential to remain open-minded and inclusive, considering every individual, business, and organization that crosses your mind.

To effectively namestorm, gather your team and encourage a free-flowing exchange of ideas. Start by listing obvious connections such as family, friends, and colleagues. Then, expand your scope to include acquaintances, professional contacts, and even people you may have met briefly. Think about various social circles, community groups, and professional networks. Don’t hesitate to include individuals or entities that may not seem like obvious donors. The goal is to create a comprehensive list without prematurely disqualifying anyone. Remember, the strength of namestorming lies in its breadth and diversity, setting a strong foundation for your fundraising campaign.

The Importance of Prioritizing

While the initial phase of namestorming is about inclusivity and breadth, the next critical step is prioritizing your contact list. This process is essential because it helps you focus your efforts on the individuals and organizations most likely to contribute significantly to your fundraising goals. Although it might be tempting to reach out to everyone on your list immediately, a more strategic approach will yield better results. Prioritizing allows you to allocate your resources—time, energy, and communication efforts—more effectively, ensuring that you engage with high-potential donors in the most impactful way.

During the prioritization phase, it's important to evaluate and categorize your prospects based on several factors, such as their potential donation size, previous giving history, and their level of connection or interest in your cause. This doesn't mean disqualifying anyone, but rather organizing your list into a hierarchy of potential impact. By developing a rating system, you can systematically identify your top prospects and tailor your outreach strategies accordingly. For instance, high-priority prospects might receive personalized proposals and follow-up meetings, while lower-priority contacts could be engaged through email campaigns or community events. This strategic focus not only maximizes your fundraising efforts but also strengthens relationships with key supporters who can make a significant difference to your campaign's success.

How to Prioritize

To efficiently prioritize your prospect list, it’s crucial to develop a rating system that categorizes potential donors based on their estimated contribution levels. This system helps streamline your efforts and ensures you focus on prospects that are likely to have the most significant impact on your fundraising goals. Here’s a suggested framework to help you get started:

• A1: Potential donors who can contribute more than $5,000.
• A2: Potential donors with an estimated donation range of $1,000 to $5,000.
• B1: Potential donors likely to give between $500 and $999.
• B2: Prospects who might donate between $100 and $499.
• C: Donors expected to contribute less than $100

Implementing the Rating System

Begin by reviewing your comprehensive namestorming list and assigning each prospect to one of these categories. This categorization should be based on various factors, including their past donation history, financial capacity, and level of engagement with your cause. For instance, a local business that has previously sponsored community events may be categorized as A1 or A2, while a supportive community member might fall into the B1 or B2 category.

Once you have your prospects rated, create targeted engagement strategies for each category. High-potential donors in the A1 and A2 categories might receive personalized outreach, such as tailored proposals, one-on-one meetings, or special recognition opportunities. For the B1 and B2 categories, consider group events, direct mail campaigns, or phone calls to engage and encourage their support. The C category, while lower in potential donation size, should not be neglected; these prospects can contribute through smaller gifts and can help spread the word about your fundraising efforts, potentially leading to new opportunities.

By prioritizing your prospects, you ensure that your time and resources are directed toward the most promising leads, ultimately enhancing the efficiency and success of your fundraising campaign. This strategic approach helps maintain momentum and fosters stronger relationships with key supporters, driving your project toward its goals.

Creating a Prospect List

When compiling your prospect list, it's important to gather comprehensive and organized information for each potential donor. This ensures that you have all the necessary details to make your outreach as effective and personalized as possible. Here are the essential fields to include in your prospect list:

1. Name: The full name of the potential donor. This is the primary identifier for your records and will be used in all personalized communications.
2. Role (if applicable) : The role or title of the individual, particularly if they are part of an organization. This helps in understanding their position and potential influence within their company or community.
3. Company: The name of the company or organization the prospect is associated with. This information is useful for corporate giving strategies and understanding the prospect’s professional background.
4. Estimated Gift Size: Use the rating system (A1, A2, B1, B2, C) to categorize the potential donation amount. This field helps prioritize your outreach efforts based on the expected level of support.
5. Phone: The phone number of the prospect. Having a direct line of communication is crucial for personal calls and follow-up conversations.
6. Email: The email address of the prospect. Email is a key channel for sending proposals, updates, and newsletters.
7. Mailing Address: The physical mailing address of the prospect. This is important for sending formal invitations, thank-you notes, and any physical materials.
8. City, State, Zipcode: The city, state, and zip code where the prospect resides. This information can be useful for segmenting your list geographically and for any location-specific events or campaigns.

Why These Fields Are Important

Collecting this detailed information allows you to create a robust and actionable prospect list. Each field serves a specific purpose in your outreach strategy, enabling personalized and targeted communication. Knowing the prospect’s role and company can help tailor your message to their professional interests, while contact details ensure you can reach out through multiple channels. Categorizing the estimated gift size helps prioritize your efforts, focusing on high-potential donors while still engaging with all supporters.

Having a well-organized prospect list sets the foundation for a successful fundraising campaign, allowing you to engage effectively with your community and build lasting relationships with your donors.

Getting Started Namestorming

Do you think it’s impossible to generate more than a few names? Research shows that the average person has a network of at least 400 friends and acquaintances. Building a list of at least 50 potential donors might be easier than you think. As you namestorm, consider various professions, businesses, and places associated with your friends or acquaintances.

Reviewing the following list might spark some ideas. Challenge yourself and aim to come up with at least 200 names.

Namestorming is a vital first step in any successful fundraising campaign, setting the stage for building a robust list of potential donors. By embracing an inclusive and open-minded approach, you can tap into a vast network of connections, ensuring no opportunity is overlooked. Remember, the initial phase is about casting a wide net and generating as many names as possible, without making premature judgments about anyone's willingness or ability to contribute.

As you move forward with prioritizing and categorizing your prospects, you'll be able to focus your efforts more strategically. It’s important to keep in mind that regardless of your overall fundraising goal, your campaign will likely engage around 120 people at most. Remarkably, 60-70% of your total goal will typically come from just 12-16 key donors. By identifying and prioritizing these high-potential supporters, you can maximize your impact and ensure the success of your project.

In summary, namestorming lays the foundation for effective fundraising by expanding your pool of potential donors and setting the stage for targeted, strategic outreach. With careful planning and a comprehensive approach, you'll be well on your way to achieving your fundraising goals and making a significant impact for your cause.