We’re big on the need to have one Master Prospect List! A great MPL rates and ranks your entire pool of Qualified Prospects/Relationships in descending order or importance. However, deciding who you’re going to see first is very different from simply starting at the top of your Master Prospect List and working your way down.
Instead, begin like Archimedes on his best day by trying to LEVERAGE your commitments – building on each visit and commitment as you move along.
Here’s a great way to think about ordering your visits: ‘MO-COs,’ ‘LEAD-COs’ and ‘CO-COs’.
MO-COs are MOMENTUM COMMITMENTS.
These commitments are not necessarily about magnitude or size but rather ‘COMMENSURATE’… ‘SURPRISE’… ‘STRETCH’ gifts. These are the ‘EARLY ADOPTERS’ who get it, buy in, and provide the MOMENTUM to get going. In Good To Great, Jim Collins’ would call these ‘FLYWHEEL’ commitments. In order to get a FLYWHEEL moving at the beginning, it takes a lot of energy. But once there is some MOMENTUM… the wheel flies!
LEAD-CO’s are LEADERSHIP COMMITMENTS.
LEADERSHIP can literally TRANSFORM the organization, the campaign or the project. These are ‘Top of the Pyramid’ lead gifts that prove that our best prospects and investors have stepped up and give everyone the confidence needed to make the campaign or project happen.
“LEADERS LEAD.” – Bob Werner
Thanks to my friend Bob, a big time Mensch and Jewish philanthropic superstar, for the quote. I believe that success (or failure) is a direct result of LEADERS LEADING. If no one steps up as the INTERNAL leader, a campaign is doomed from the get go. If you can’t find at least one EXTERNAL leader or CHAMPION, it ain’t gonna happen either. (My preference is 3 CHAMPIONS.)
If leaders are not ENGAGED and PASSIONATE, then it becomes ‘The Suddes Group Campaign’ or ‘The Executive Director’s Campaign’, etc. Tom Mucks, another successful former Suddes Group partner, says, simply: “Passion and commitment from LEADERSHIP will overcome all obstacles.”
CO-CO’S are CONNECTOR COMMITMENTS.
Going after some of your most important ‘CONNECTORS’ early on is a terrific strategy to not only get their financial commitment (which may or may not be significant) but also to generate REFERRALS and STRATEGY on getting visits with your best prospects.
SPECIAL NOTE ON REFERRALS AND 3º OF SEPARATION:
Remember you are only 3º away from any QUALIFIED PROSPECT!! (Forget Kevin Bacon and his 6º – It’s actually been determined that it’s 2.78 ‘moves’/connections between Bacon and all other actors.) CONNECTORS and other NATURAL PARTNERS allow you to be one or two CONTACTS away from your best prospects. This is very, very important! Realizing you are only 3º away from ANYBODY who is a QUALIFIED PROSPECT lets you use your NATURAL PARTNERS (Champions, Board Members, Key Volunteer Leaders, Current Investors) to get you there.
Extra Special Note: I am only 3º away from the Pope, the President and the Prime Minister of Israel. And, I’m only 2º away from the Dalai Lama! How? Because of my CONNECTIONS and RELATIONSHIPS, I can get to ‘someone’ who can get to ‘someone’ who can get to the Pope, the President and the Prime Minister.
We have used the MPL tool to run hundreds of campaigns and major gifts initiatives. It’s simple and powerful. Rate your top prospects to create a Master Prospect List in descending order of importance. Then focus all your time (literally) on your top ten prospects — you will be amazed by the results.
Each prospect receives a rating in each category 1-5 (5 being the highest). The sum weighted total of ratings in each of the five categories will give you the Qualified Prospect Index – You need to visit with anyone 90 and higher today!
Definition of Key Terms
Relationship Manager (RM)
This is the person within your organization that manages the relationship — does not have to be the point of contact but must responsible for thinking about this prospect every day.
This is a person, internal or external to your organization that has the closest relationship to the prospect.
This number is the prospect’s capacity to make a major gift – a gift level that is worthy of one-on-one time with a prospect. This is not an indication of what you think the prospect WILL invest in your organization – it is an indication of what you think the prospect COULD give.
This is an indication of the prospect’s relationship to your organization or to your cause. If this prospect is on your board it should be a five (5). If, for example, you are the American Cancer Society, and this prospect is a cancer survivor, the rating should be a five (5) even with no gift history.
5 – Specific interest in our organization or cause
4 – Heavily invested in our cause or within a sector or geography in which we operate
Generally timing is always a five (5) unless you have specific knowledge otherwise.
What is this prospect’s giving history to your organization? You might determine that a five (5) on the rating scale indicates lifetime giving of $100,000+ or ten consecutive years in your Leadership Society. Below is an example using higher numbers.
5 – Has given multiple lifetime gifts and/or has given $1M lifetime
4 – Has given one or multiple gifts and/or has given $100k lifetime
3 – Has given one or multiple gifts and/or has given $10k lifetime
2 – Has given 1 lifetime gift and/or has given $1k liftetime
1 – Has never given and/or has given less than $1k lifetime
Philanthropy (or Gut Feeling)
This is a measure of the prospect’s general willingness to give. Has he or she supported other organizations? Is it a foundation (5)? Do we have a good feeling about them? Give it a 5! This is also where I take into account the person who reaches out to us first or has said, “I want to help.” or “I want to do something big, can we talk?” Give that a 5 as well.
This week’s theme is: Finalize your MASTER PROSPECT LIST.
97% of all your INCOME (SALES/REVENUE) will come from
3% of your PROSPECTS (Portfolio/Community/Family).
This is a fact. Don’t fight it. Deal with it.
97/3 just reinforces the need to find your BEST and most QUALIFIED prospects!
The whole ‘80/20’, Pareto the Italian Economist thing is soooooo 1980. (Actually, it was in the 18-somethings.)
A quick parable/metaphor to reinforce this concept.
Lions, Mice, and Antelope. A lion can hunt, capture, kill, and eat a field mouse. But the ENERGY expended is greater than the caloric content of the mouse. If a lion spent her whole day hunting and eating field mice, she would slowly starve to death!
A lion cannot live on mice. Lions need antelope. Antelope are BIG. Antelope take more planning, persistence, speed, and strength to capture and kill. But, once killed, they provide a huge feast for a lion and her pride.
A lion can live a long and happy life on a diet of antelope. She will die ‘chasing mice.’
Reposting this nugget based on several recent coaching calls about ‘Activity vs. Productivity’ and Sales Team FOCUS.
Here is a format we use for Sales Meetings – a weekly review of activities from the Sales Team.
Update on activity:
Number of visits
Number of asks
Update on productivity:
Number of commits / declines
These metrics provide an objective dashboard that speaks volumes.
“What gets measured gets done.” – Tom Suddes
It’s very easy to get sidetracked. Make it very clear, for yourself and for your sales team, that the first measurement will be number of times we got out of the office to go visit with people. Even without the perfect materials, we know this will have a tremendous positive impact on your organization.
The dashboard creates accountability.
Following on the first point, if you’re a manager you can set goals with your team around number of visits/asks. This ties back to accountability and performance.
The dashboard points to what’s working and what’s not.
Two months ago I was working with an organization that was making 15 visits per week. It was logging only a few ‘commitments’ and no ‘declines.’ We were able to zero in on this and it turned out the staff wasn’t really asking – if you’re asking, you’re going to have some declines! Instead, they were walking through the numbers and ‘hoping’ the prospect would select to give. We did another training session around ‘the last three feet’ of the visit and the numbers then improved.
*Warning: It’s pretty easy to run down this list and blow off a number of these with a “We’ve already got this/done this” attitude. I encourage you to take a look at the resources we’ve provided below and create an Action Plan for 2016.
Set up your next month’s visits right now!
ENGAGEMENT is all about FOCUS and DISCIPLINE and EXECUTION.
Don’t ‘think’… DO! Once you have your Funding Plan and ENGAGEMENT STRATEGY laid out… EXECUTE! (ACT!)
Commit to SHARING THE STORY and PRESENTING THE OPPORTUNITY!!!
A quick nugget on Prospects from on of our For Impact Coaches, Robb.
In the For Impact process to Qualify Prospects you do these three things:
In that order.
Robb adds the attitude needed in each of these steps: FEARLESS, RUTHLESS, FEARLESS.
When Identifying prospects: BE FEARLESS.
Don’t make decisions for the prospect. Be inclusive.
When Prioritizing prospects: BE RUTHLESS.
After you have a list of prospects be very discerning about your focus and priorities. You MUST prioritize. The priority of the prospects (your Master Prospect List) drives your attention – On whom will you place your focus, time and energy?
When Strategizing prospects: BE FEARLESS.
Again, don’t make decisions for the prospect. Let’s make the best case, let’s do whatever it takes to be in front of the prospect and present the opportunity!