YES! Nonprofit organizations of any age should understand and care about prospect research.
iWave posted an article earlier this year that specifically outlines why new nonprofits should invest in prospect research. So often, we only think of large, seasoned, well-funded organizations conducting research on donors and prospects. BUT how can we expect a new organization to grow to become a large, seasoned, well-funded organization without investing resources (even if minimal) in learning more about their potential supporters?
According to Simone P. Joyaux, “It costs money to raise money. Remember that the body of knowledge, best practice, and research tell you where to focus your attention, how to invest your money, whose advice to follow, what to expect, and so much more.”
In fact, it may be even easier to begin a research or database analysis program in a new organization because there is less history of processes and things being done a “certain way.” You are free to develop what is needed and how it is needed from scratch, instead of trying to change or adapt a current process.
Check out the entire article here: https://www.iwave.com/2019/01/31/why-new-nonprofits-should-care-about-prospect-research/.
Interested in discussing further? I’d love to chat! Send me an email to firstname.lastname@example.org.