For smaller nonprofits, major gift fundraising isn’t just a nice-to-have—it’s essential for long-term sustainability. But before you make the ask, you need to do your homework. That’s where prospect research comes in. Effective prospect research helps you identify and prioritize potential major donors by evaluating their capacity, inclination, and connection to your mission. For lean teams, this work might feel daunting—but with the right approach, even small nonprofits can prospect like pros.

Here are four practical tips to help you get started:

1. Go beyond wealth: look at capacity, philanthropy, and affinity. Wealth alone doesn’t make someone a good donor. The best prospects demonstrate three key indicators:

• Capacity: Financial resources (real estate, business ownership, political giving).
• Philanthropy: Giving history—especially to similar causes or organizations.
• Affinity: Connection to your mission (volunteering, event attendance, board service).

Together, these markers help predict not just ability, but willingness to give—an essential distinction. Pro Tip: Use the classic RFM model (Recency, Frequency, Monetary value) to analyze giving behavior and spot committed supporters.

2. Use the right tools—but start simple. Prospect research doesn’t require a huge tech budget, but smart tools can make your work more efficient:

• CRM: A flexible donor database to organize and track research.
• Prospect Research Software: Tools like DonorSearch or iWave provide wealth and philanthropy data.
• Matching Gift Platforms: Discover employer-matching opportunities to amplify gifts.
• AI Tools (when ready): Use for prioritizing leads and spotting patterns—not gathering data.

And don’t underestimate a basic internet search—LinkedIn, Google, and social media can reveal a lot about a potential donor’s interests and engagement.

3. Keep donor profiles up to date. Prospect research isn’t a one-and-done task. Your donors’ circumstances, interests, and giving potential evolve—so your records should, too.

• Log new gifts, conversations, and life events in your CRM.
• Update indicators of wealth and affinity regularly.
• Track engagement signals that show rising interest.

Ongoing data collection ensures your outreach stays timely, relevant, and effective.

4. Consider outside expertise for your nonprofit fundraising efforts. If your team doesn’t have a dedicated development staffer, prospecting can be overwhelming. Bringing in outside support—whether through hiring a part-time major gifts officer or engaging a fundraising consultant—can accelerate your efforts without overburdening your team. Even a few hours of expert help can sharpen your strategy and improve results.

Final Thought:
Prospect research doesn’t need to be overwhelming. With a focus on the right indicators, tools, and processes, even the smallest nonprofit can build a smart, scalable approach to identifying major donors—and nurturing relationships that fuel your mission for the long haul.