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Every good prospect researcher knows that getting the most out of donors relies heavily on having their databases full of accurate and up to date information. So much time can be wasted chasing dead leads, and loyal donors can be lost if an outdated phone number or email address causes you to lose contact with them. As 2018 creeps dauntingly close, now is the time to have a look at your records and make sure they are serving you to the best of their ability.
Here are 4 things to consider when keeping your records up to date and ensuring you go into 2018 with a donor database that is poised to get you to your development goals.
Details ChangeIs your donor database gathering cobwebs? According to the U.S. Census Bureau, 12 percent of Americans move annually. That’s nearly 39 million people and chances are strong that some of them are your current students, alumni, donors or prospective donors. What’s more, a study conducted last year found that one in every five people expect to make a career move in the coming year. Here's another fun fact, in the U.S. there is a birth every 8 seconds, and a death every 11 seconds. That's alot of change! If you’re updating your database “when we have time,” the amount of obsolete data could skyrocket. LexisNexis® Batch Services can help get your database in top shape with data cleansing and validation.
When Records Go StaleIt is very easy for mailing lists and databases to become so outdated they are almost useless. In fact, the average email address becomes out of date within just six months, thanks to how eclectic the modern working life is. But of course, failure to address the issue only causes it to snowball out of control, which means that the solution to updating records relies on a ‘little and often’ approach. The average non-profit organization saw a bounce rate of 8.5% this year, which is around four times that other industries. Voids like this can be filled in with proper record updating.
Worst Case ScenarioOutdated records may not strike you as the be-all and end-all of fundraising, but it can have a devastating knock-on effect. It is unlikely that a former donor will approach you, having noticed they haven’t heard from you in a while and assuming that you need their new phone number. If you fail to chase up evasive leads, they are likely to be gone for good, and these same donors may end up giving their loyalty to an organization that keeps up. The phrase ‘throwing away a good thing’ applies here. In 2014, non-profit organizations lost 103 donors for every 100 they gained - an obviously unsustainable model. So work to avoid this: by the time a donor is on your database, you have done most of the hard work by catching and keeping them, so don’t let them escape!
The SolutionThe days in which an office full of people calling outdated prospective and current donors are long gone, and technologies made specially for the non-profit market have made it easier than ever to build a healthy donor list and maintain it.
With LexisNexis® Batch Services, you can:
So, why not get your organization’s 2018 off to a strong start by making sure your records are entirely accurate and reliable in time for the new year. LexisNexis offers tailored approaches to achieve optimal results in little time, and can have your records ready for a better year than ever. So don’t delay - get started enhancing your records today!
The LexisNexis Difference
LexisNexis is an industry leader in public record, legal, news and business information—helping both nonprofit and higher education institutions meet their development goals by providing access to powerful research tools, the most comprehensive intelligence dataset and data experts who can meet the unique and individualized needs of our clients. Whether you are looking to find and qualify new donors, analyze existing donors or enhance your database overall, LexisNexis can help you achieve your goals.