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Daily Nuggets: A For Impact Blog

Qualified Prospect Index


The Qualified Prospect Index is a mathematical rating and ranking system that produces the numbers to build a Master Prospect List.

Summary:

The Master Prospect List (MPL) is a list of your most important prospects in descending order of importance. The Qualified Prospect Index (QPI) is a numerical ranking system that is used to build the MPL. There are five factors that must be taken into account in the QPI, the two most important being capacity and relationship. Capacity is simply the financial capacity of the prospect, while the relationship is the strength of the connection the prospect has with your cause or case. If they have these two factors, they are a prospect. The other categories are timing, gift history, and philanthropy.

A weighing system of 1-5 is assigned to each category and multiplied by a numerical factor to produce a scale of 1-100, with capacity and relationship being weighted heavier. Some examples:

  • If a prospect has high capacity and a strong relationship, but are about to go bankrupt, then they would produce a low score in timing.
  • If the prospect has already given a gift, then they would score highly in the gift history, but if it was an especially high value gift, then they might also score highly in capacity and relationship.
  • If they don’t have a gift history, it means they probably haven’t even been asked. Account for their commitment to philanthropy, but they don’t give away any money, then they will produce a low score in philanthropy and you should not waste your time.
  • Ranking prospects according to their numerical score creates the MPL, which is important because it identifies the best prospects – so you know what to ask them for. If you need a lead gift of $1M, you know who to approach.
  • The biggest way to boost funding is to look at you top 10 prospects every day. As Earl Nightingale says, ‘You become what you think about!’

Related Documents: On Prospects

Strategize


Nick shows the power of the creative thinking strategy of The Last Investor.

Summary:

The Last Prospect will help you to think out of the box to acquire visits with high-capacity prospects: What if you were down to your very last possible prospective investor?

If you can convince that person to get on board with your organization, he or she will bring all the money and prospects in the world; but if you fail to acquire this prospect, you have to shut your doors. If this were the case, what would you do to get an opportunity to sit down and visit with them? Whether you rent a limo, host an extravagant dinner, or show up at their doorstep, you would do whatever it takes and to whatever extent to get them face-to-face.

Approaching your top prospects like they are the last prospect will motivate and inspire you to find a way to sit down with them and deliver a powerful visit.

Related Documents: On Prospects

Prioritize


Tom reveals one of the greatest prospecting tools: the Master Prospect List.

Summary:

The three steps to initiate contact with prospects is to:

  • Rate, rank, and create a Master Prospect List (MPL)
  • Assign a relationship manager to the list
  • Find the natural partners to that particular prospect

MPL is arranged in descending order of importance, not alphabetical order, and includes all prospect groups, including individuals, corporations, and foundations. The key to creating the MPL is rating and ranking the present prospects based upon the ideal prospect profile.

Once the MPL is created, it is then important to determine the order of visits, which may not necessarily be in the order of your master prospect list. The three types of investors are:

  • Lead-Cos (lead commitment)
  • Mo-Cos (momentum commitments)
  • Co-Cos (connector commitments)

Go to the Co-cos first to build momentum and get the ball rolling, then go to the Lead-Cos that hold the potential to transform the organization, while the Co-Cos are the lower capacity prospects that can connect you to other prospects.

Related Documents: On Prospects

Women Rule


Quite frankly put: WOMEN RULE!

Summary:

The sales world is largely missing an entire sector of people: women. Here are some powerful statistics: 43% of Americans with assets greater than $500K are women. Women own 60% of all the assets in the U.S. 8 million businesses are owned by women. $2.3 trillion in annual sales come from businesses owned by women. American women by themselves are are the largest national economy on earth. The bottom line is this: WOMEN RULE. Women with larger capacity can be harder to find and often are not very public, but they have the heart and passion and hold the potential to completely transform your organization.

Related Documents: On Prospects

Identify


Tom shares effective ways to identify qualified prospects.

Summary:

There are three steps in the prospect process: identify, prioritize, and strategize. Here are four sources to draw from when identifying a qualified prospect:

  • Referrals; whether you are with a champion of your organization, a board member, or conducting a first time visit, never leave without getting a referral.
  • Low-hanging fruit; don’t set an unattainable goal, but instead, use a list or database of your current investors and pick out your best possibilities.
  • Create an ideal profile of what your qualified prospect would look like. This will be different for each organization, but should largely be someone who has high capacity, is committed to the cause, and is engaged in your case. Tom’s ideal profile is someone who has come from struggle to success to significance, a person who has the entrepreneurial spirit, has high financial capacity, and is at the point in life where they have decided to make a difference in the world.
  • The magic formula QP3=QP (qualified priorities, projects, and programs equal qualified prospects). Take one of the three ‘P’s’ and and find a candidate who could align with the cause or case; for example, a hospital needs a new oncology ward, so find a cancer survivor or parent of a cancer survivor who was treated at that hospital. The formula can also works backwards; you can sit down with already qualified prospects and discover a priority, project, or program that they are already passionate about.

Related Documents: On Prospects

Introduction


Tom introduces how to identify the most qualified prospects and discusses the 11 Barrier Busters to get them on board with your vision.

Summary:

In the Roadmap for the Case For Support, the first step is the why and what you are selling, second is presentation design, and lastly is who you are selling to. One of the biggest barriers to success for organizations is acquiring prospects. Tom addresses the misconception that the challenge is getting new prospects, but rather explains how it is all about finding the best or most qualified prospects.

A qualified prospect has two key components:

  • Financial capacity to make an impact
  • A relationship, either with the cause (cancer, domestic violence, etc), or the case (your organization)

Your best prospects are your current champions and the people who are already the most invested in your cause or case. Essentially, capacity can be viewed as the problem while the relationship offers a solution to that problem.

But if you do not have the drive, passion, and motivation to meet with these prospects, then the first two steps in the roadmap are a waste of time. You must believe in the cause and case of your organization, believe that you are with a qualified prospect, and then prepare and commit to the sale. The 11 Barrier Busting Ideas provide the best ways to identify high-capacity qualified prospects and maximize your relationships.

Related Documents: 11 Barrier Busting Ideas, On Prospects