Before you can advise nonprofits who are conducting feasibility studies, it’s important to understand exactly how they work.
In short, a feasibility study works like this:
A. The nonprofit hires a fundraising consultant to act as a third-party representative for the organization.
B. The consultant and the nonprofit develop a test case for support that outlines why a donor should support the project.
C. The nonprofit sends the case for support and an invitation to participate in a feasibility study interview to 20-40 stakeholders in the organization.
D. The consultant conducts the interviews to determine stakeholders’ reactions to the case for support and perceptions of the nonprofit’s reputation.
E. Based on feedback from the interviews, the consultant will draft a report of their findings as well as their advisement for how the project should proceed.
F. The nonprofit presents the findings to the board.
The purpose of a feasibility study is to determine whether a nonprofit’s constituents will support the project and how the project would be completed.
As such, your software can be instrumental in choosing the most impactful stakeholders to interview, in facilitating communications, and in tracking important fundraising data.
After all, nonprofits use software to conduct their operations, and a feasibility study is a means of evaluating how effective and efficient a nonprofit's infrastructure is.
For example, payment processing is essential for nonprofits to accept online donations, and any online fundraising platform will require this feature. A feasibility study can determine whether donors feel secure giving online payments. Providers can be instrumental in reassuring donors (and the nonprofit!) that donations will be secured.
These small but vital details will need to be ironed out in the study before a large campaign launches; be ready to offer your support as necessary.