10 Best Practices For Researching Grants

Efficient grant research is the cornerstone of successful fundraising for nonprofits.

In this article, we'll explore the 10 best practices for researching grants, including tips on using Instrumentl's features, and insights drawn from webinars hosted by grant experts. These strategies will supercharge your grant prospecting efforts and help you secure the funding your organization needs.

Here’s a quick overview of the ten key practices we will cover that can make your grant research more efficient and fruitful:

1. Set up personalized grant searches in Instrumentl
2. Review a funder’s giving history
3. Leverage Instrumentl’s Funder Match feature
4. Understand funders’ interests using the RIC method
5. Identify trends in a funder’s giving
6. Leverage alumni networks
7. Analyze similar nonprofits
8. Stay consistent
9. Build strong relationships with funders
10. Stay informed on grant opportunities

Remember—the goal is not just to secure funding, but to build sustainable relationships that benefit your organization in the long haul.

This best practice centers around utilizing Instrumentl to create customized grant searches tailored to your nonprofit's specific needs and objectives.

Other methods of grant research, such as using Google, often yield overwhelming and irrelevant results. This approach can feel like digging for a needle in a haystack and lead to wasted time and effort.

Instead, you can set up personalized grant searches in Instrumentl based on your nonprofit’s:

• Mission
• Funding needs
• Geographic focus

All you have to do is set up a free Instrumentl account and begin creating a new project.

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You’ll then be prompted to share some information about your funding needs so that Instrumentl can match you with relevant grants, such as:

• The geographical areas that you serve.
• Your fields of work.
• The grant size you are seeking.
• What you intend to use the funding for, such as projects, programs, or operating expenses.

Once you answer these questions, Instrumentl does all the hard prospecting research for you! You’ll be automatically matched with a list of funding opportunities that align with your pre-set criteria. It’s that easy!

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Meredith Noble, in her webinar, How to Find Your Unicorn Funders & Standout Using a Power Prospectus, explains why having a systematic approach to prospect research is so critical:
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“It breaks the habit of chasing grants haphazardly, and it gets everybody pulling in the same direction, which is quite important.”

Noble is absolutely right—this targeted approach can save precious time and resources, allowing you to focus your efforts on grants that are a strong match for your organization's needs and objectives.

Researching a funder's giving history can offer you valuable insights into their preferences and giving trends.

This information is important because:

• It helps you determine if your organization and project align with the funder’s interests, focus areas, and funding range.
• The more closely your organization's mission and project align with a funder's giving history, the better your chances are of receiving a grant.
• This knowledge allows you to strategically tailor your proposal, ensuring that you highlight aspects of your project that resonate with the funder's objectives and values.

Fundraising expert Rachel Werner, in her webinar “How to SOAR to Effective Grant Planning and Prospect Research”, emphasizes this point:
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“Research is a critical linchpin in your grant-seeking process. Spend time on the research. If you're going to do it, do it well.”

This is another area where Instrumentl can help.

Simply look up a funder within Instrumentl to get a comprehensive overview of their giving history and who they have funded in the past. This information can guide you toward more compatible grant opportunities, strengthening the likelihood of a successful application.

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Sometimes grant funders don’t have websites or don’t have an open application process. But that doesn't mean they don’t want to fund you!

Instrumentl’s 'Funder Matches' feature is a powerful tool for effective grant research. It's designed to help you identify potential grantmakers based on their 990 tax forms—even those who don't have websites or are invite-only.

When you search for grants within Instrumentl, you’ll be matched with both:

• Opportunity Matches (active grants that align with your search criteria)
• Funder Matches (grantmakers who align with your search criteria)

By leveraging this Funders Matches feature, you can explore a diverse range of funding sources that might not be immediately visible or accessible through conventional search methods.

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The RIC (Research, Instrumentl, Call) method is a highly effective strategy for grant research.

The following steps can help you identify the best-fit grant opportunities:

Researching:

Start by researching a grant funder's website to ensure your mission aligns with theirs—essentially, mission matching. This step is crucial for identifying potential funding opportunities that complement your nonprofit’s objectives and values.

Instrumentl:

Follow this by leveraging Instrumentl to delve into the funder's past giving patterns, gaining a deeper understanding of their funding preferences and tendencies. Uncover vital insights about their previous grant recipients and the kinds of projects or causes they are inclined to support.

This detailed scrutiny will not only validate the alignment but also provide valuable insights to help you tailor your proposal effectively, enhancing your chances of securing the grant.

Calling:

The final step in this method involves calling the funder directly. Engaging in a conversation with the funding organization allows for clarification on any uncertainties or questions that are not addressed on their website or in their written guidelines. 

When calling, it's important to introduce your organization and its mission, affirming the alignment with the funder's objectives. You should ask specific questions about their funding priorities, any preferable project types, and their decision-making process.

Remember—the goal is not just to secure funds but to build a mutually beneficial relationship with the funder.

If you don't know who to contact, use Instrumentl's "Key People" feature. This feature shows you the key individuals in funding organizations, including board members and decision-makers. Reaching out to them directly can increase your chances of success.

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Identifying trends in a funder’s giving behavior can provide crucial insights for your grant research process.

One effective approach is to analyze the average and median grant amounts awarded by the funder over time. This data can reveal patterns in a funder’s giving—whether it's an upward trend of increasing grant amounts or a preference for awarding larger grants to repeat grantees.

In Instrumentl’s funder’s profiles, you can easily access this valuable data and compare it against your funding requirements.

For example, the screenshot below shows the typical size of the grants awarded by the foundation. This information can help set expectations for what amount you’re likely to receive if you’re awarded a grant.

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Instrumentl also helps you analyze a funder’s geographic focus.

Below is a screenshot for the Illinois Children's Healthcare Foundation. The darker the color, the more recipients there were in that state. For instance, if your project is based in Illinois, your chances of receiving the award are higher than if your project is based in Texas.

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Understanding these grant-giving trends is a key pillar of effective grant research. In her webinar “Setting Grant Targets Through Your Prospect Research,” Rachel Werner explains:
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 “The data will tell the story of where you can focus your efforts.”

Recognizing these trends can assist you in prioritizing which funders to reach out to based on their giving behavior and alignment with your nonprofit's needs.

Alumni networks can prove to be an invaluable resource in the grant research process.

Often overlooked, these networks are composed of a rich tapestry of individuals who may possess unique insights into funding opportunities and hold key connections that could greatly benefit your nonprofit.

Staff and board members of your organization might be alumni of universities or former employees of companies that offer grants or have partnerships with philanthropic entities.

Consider the Northwestern Alumni Association. Organizations like these often provide exclusive resources and networking opportunities for their members, making it a prime space to uncover potential funding prospects.

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Have you ever wondered who funds nonprofits like yours in your community? With Instrumentl, you don’t have to wonder anymore!

Simply navigate to their recipient profile to examine who has awarded grants to them in the past. This can be a great way to identify funders who have shown a willingness to invest in organizations similar to yours!

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Consistency is key when it comes to effective grant research. Regular and systematic prospecting allows you to keep your pipeline of opportunities full and flowing, ensuring that your nonprofit is never left wanting for potential funding sources.

In the insightful webinar "Make New Friends But Keep the Old", Amy Mauser emphasizes that grant prospecting is not a one-time effort, but rather an ongoing process of discovery.

Amy also mentions how Instrumentl is “kind of like having a personal assistant that is consistently looking out for you in terms of new opportunities.”

She further shared that consistent research allows you to build meaningful relationships with funders over time, thereby increasing your chances of grant success. Maintaining a constant presence in the research space also enables you to stay ahead of changes in grant trends and funder priorities.

Maintaining healthy, long-lasting relationships with funders is pivotal to successful grant research. It's vital to recognize that funders aren't just financial resources, but rather partners in your mission.

Key strategies to enhance these partnerships include:

• Frequent Communication: Regular updates, such as quarterly reports, can strengthen the bond with funders. These updates should address the progress of projects and programs, highlight successes, and discuss any hurdles faced.‍
• Leveraging Existing Relationships: Don’t hesitate to ask current funders for introductions to potential funders within their networks. They may open doors to invite-only funders or those not yet issuing Requests for Proposals (RFPs).‍
• In-person Engagement: Invite your funders to your organization’s events so that they can see first-hand the impact their investment is making and be encouraged to continue their support.

In essence, nurturing relationships with funders is a crucial tool in your grant research toolkit that can help you safeguard your nonprofit's financial future.

If you're seeking a more streamlined and efficient way to stay informed about grant opportunities, Instrumentl is an excellent tool designed to simplify this process. By using Instrumentl for your grant research, you can take advantage of the weekly digest emails provided by the platform.

These digests cover a wealth of information including:

• New grant opportunities
• Changes to grant deadlines
• Updates to Requests for Proposals (RFPs) that you've saved

This feature eliminates the need to subscribe to multiple funder newsletters or grant update trackers, saving you significant time and ensuring you never miss out on a potential funding opportunity. In essence, Instrumentl does this tedious tracking work for you, allowing you to focus on what truly matters: pursuing your nonprofit's mission.

Instrumentl stands out as a leading platform for efficient and effective grant research. It offers a comprehensive suite of tools designed to streamline your grant prospecting process, saving you valuable time and increasing your chances of securing funding.

With Instrumentl, you get access to the most relevant grant opportunities, timely updates, and a platform that does all the heavy lifting for you. Sign up today for a free 14 day trial!