Incorporating Planned Giving Into Your Fund-raising Strategy (2 of 3)
Before your organization decides to initiate a capital campaign, the first step is to conduct a feasibility study. A feasibility study will give leadership a better understanding of the external financial opportunities that exist to fund a successful campaign. It will also highlight issues that may exist, either internal or external, which need to be addressed prior to starting a campaign. Additionally, an advancement assessment also helps determine the level of internal readiness to conduct a successful capital campaign. It is important to understand some of the more important feasibility study roles in order to be successful.
Conducting the study is a time-consuming, yet important process. Ensuring the right people are in place and have enough dedicated time to conduct the study is critical. While there are experts to assist in this, if you choose to do this in-house, which we DO NOT recommend, we have outlined the feasibility study roles and responsibilities your organization will need to define to produce a successful study. The most obvious reason not to conduct a feasibility study with in-house interviewers is that your interviewees may be less inclined to be as open and forthcoming with information if they’re speaking directly with a representative of the organization they’re critiquing!
Your organization will need at least one full-time person to act as the feasibility study coordinator who can devote all their time and resources to the 4-5 month study period. THIS IS THE MOST IMPORTANT PERSON! It is not advisable to have this person, if currently on staff, maintain their current workload in addition to handling feasibility study coordinator duties. There is not enough time in the day to do both. The quality and validity of your feasibility study will depend greatly on the selected interviewees. Therefore, unless this person can devote all their time and energy to scheduling the right interviewees, your results will suffer.
FEASIBILITY STUDY ROLES
Feasibility Study Coordinator Responsibilities
• Manages the study from start to finish, keeping the project on time
• Develops a feasibility study calendar of deadlines and interview dates
• Maintains a list of prioritized prospective interviewees, focus groups and online survey invitees with their contact information
• Prior to and during the first week of interviews, verifies the questionnaire is working properly and makes adjustments as needed to the form
• Serves as the liaison between the interviewer and the interviewee
• Completes an inventory of current advancement efforts
• Conducts feasibility study planning meetings
• Ensures an adequate amount of interviews are taking place to complete the study on time
• Trains feasibility study interviewers (recommend this be handled by consultants or people with extensive interviewing experience)
• Follows up with the interviewer to assure questionnaires are completed and turned in on time
• Sends the executive summary to the interviewer(s)
• Generates feasibility study correspondence, including but not limited to:
o Letter to board members requesting suggestions for interview prospects
o Introduction letter and a copy of the campaign investment opportunity sheet to all potential personal interviewees and focus group participants
o Thank you letter to all personal interviewees and focus group participants
o Thank you letter to prospective personal interviewees not interviewed
o Send a follow-up letter to all receiving initial letters
Writer
• Creates all documents needed to ensure the greater development team is on the same page – Recommend compiling a feasibility study notebook which will be the main document used for organizing the feasibility study. It will include a timeline, internal questionnaire, a campaign investment opportunities sheet and interview appointment making guidelines
• Edits the initial findings and participates in initial finding calls with clients
• Compiles and distributes the final findings reports
Database Manager/Technical Support
• Reviews any internal databases to develop interviewee criteria and select interviewees
• Prepares the materials used in interviews
• Creates all feasibility study questionnaires/forms
• Import final results back into the database once the feasibility study is over
Feasibility Study Interviewer(s)
• Reads carefully, prior to the first interview, the study questionnaire, mission statement and investment opportunity sheet
• Reviews daily appointment agendas and discusses schedules with study coordinators
• Becomes familiar with interviewees by reviewing appointment data forms provided by the feasibility study coordinator
• When conducting interviews, obtains any necessary data missing from the appointment data forms
• Determines who makes decisions about potential business or foundation gifts
• Clarifies with interviewees any responses that are unclear
• Assesses interviewee potential for volunteer campaign leadership positions
• Records his or her interviewer comments following interviews
• Communicates to coordinators any additional interviewee names and potential leadership donors suggested by interviewees
• Participates in project manager meetings to amplify insights prior to campaigns
Need additional help or have questions? Feel free to give us a call or contact our office.
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