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Today’s innovative prospect researchers are more focused on making business impact via informed decisions based on research, fact and business intelligence than ever before. In this session, learn about the direction in which the field of prospect research is moving, with the addition of social media and increased focus on data, analytics and ROI. This session will discuss the skills necessary for the prospect development professional, the “business intelligence agent," of tomorrow. Discussion will include how we spend our time, what is trending, and how to understand, measure and demonstrate the impact of prospect development in the context of nonprofit development. Prospect researchers are no longer the deckhands and are now steering the ship. Make sure that you are on the cutting edge of this shift.
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The New Face of
Prospect Development
800.933.4446 | www.wealthengine.com | info@wealthengine.com
wealthengine.com | Page 2
Presented By
Sally Boucher Director of Research, WealthEngine Institute
Sally Boucher, CFRE, is the Director of Research at WealthEngine
with a 15-year background in higher education, the arts, and
human services development. She has provided professional
services to hundreds of non-profit organizations.
Sally is the primary author of the Growing Individual Gifts
Workbook, the Best Practices for Prospect Research in Higher
Education Fundraising Report, and a contributor to the Measuring
Fundraising Return on Investment and the Impact of Prospect
Research white paper. She regularly presents on analytics, return
on investment, research and major giving.
wealthengine.com | Page 3
WealthEngine Helps Nonprofits Find the Right People for the Right Purpose
Fully integrated. Scalable. Best in class. Your results are ready.
Who are my best donors and prospects? Analytics allows you to draw conclusions and make informed decisions.
What can I learn about these people? In-depth, contextual information to better understand each of your prospects.
How can I find more prospects just like them? Leading tools to build your prospect pipeline and thoughtfully expand your reach.
What strategies should I use to reach them? Customized insight and advice to develop and execute your fundraising strategy
with precision.
wealthengine.com | Page 4
Agenda
The Pulse of The Profession
– How do we spend our time and what do we measure?
What’s Trending?
– What are the current trends and what are the skills
we need?
How does it all fit together?
– Where does Prospect Development fit, and where do
you fit?
The Pulse of the Profession
wealthengine.com | Page 6
The Pulse of the Profession
Survey Results from Summer 2011
Received 100 responses
We asked questions about five main categories of work within Prospect Development
– Reactive Research
– Proactive Research
– Prospect Management
– Analytics, Data Analysis and Information and Data Mining
– Supervisory and Management
For each area, we asked
– What are your responsibilities?
– What goals/metrics do you track?
– If you track metrics, what were your results?
wealthengine.com | Page 7
Survey Respondents
Director 22.8%
Manager/Supervisor 30.4%,
Analyst 38.0%
Administration/Data Entry 8.9%
Current Title
Director 23%
Manager/Supervisor 30%
Analyst 38%
Administration/Data Entry 9%
Education 60% Health Care
25%
Other 15%
Non-profit Education
Non-profit Hospital/Health Care Other Non-profits
Organization Type
_ _
_ _
_ _
_ _
_ _
_ _
_ _
_ _
_ _
_ _
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_
wealthengine.com | Page 8
Salary Ranges of Respondents
0% 5% 10% 15% 20% 25% 30%
No Answer
Part-time
Below $30,000
$30-$39,000
$40-$49,000
$50-$59,000
$60-$69,000
$70-$79,000
$80-$89,000
$90-99,000
$120,000 and above
Salary Ranges of Respondents
Grand Total
Over 50% of respondents fall into the $40K to $60K salary range
wealthengine.com | Page 9
Areas of Responsibility
0% 20% 40% 60% 80% 100%
Prospect Research
Prospect Management
Business/Finance
Data Analysis/Analytics
Corporate/Foundation Giving
Planned Giving
Annual Giving/Membership
Stewardship/Donor Relations
Special Events
Major Gifts
Development Information …
What are your current responsibilities?
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Prospect Research
Prospect Management
Business/Finance
Data Analysis/Analytics
Corporate/Foundation Giving
Planned Giving
Annual Giving/Membership
Stewardship/Donor Relations
Special Events
Major Gifts
Development Information Systems/Services
Same
Don't Know/Not Sure
What job responsibilities do you aspire to in 1-3 years?
wealthengine.com | Page 10
Time Spent in Key Areas
Key Responsibility Area 0% 1%-5% 6%-20% 21%-
40%
41%-
60%
61%-
80%
81%-
100%
Prospect Identification and Proactive
Research 3% 6% 46% 33% 7% 2% 3%
Prospect Research, Qualification and
Reactive Research 2% 9% 19% 37% 18% 13% 1%
Prospect Management and Tracking
10% 31% 29% 19% 0% 2% 0%
Data Analytics, Data Management and
Information Systems 15% 28% 27% 20% 3% 0% 1%
Management and Supervisory 29% 23% 23% 10% 5% 1% 0%
wealthengine.com | Page 11
Metrics and Goals Tracked in Proactive Research
0% 10% 20% 30% 40% 50% 60% 70%
Number of publications reviewed
Number of prospects identified for annual fund
Number of hours spent doing proactive research
Number of prospects identified for planned giving
Number of prospects identified for corporate and foundation giving
Do not track metrics in the area of proactive research
Number of prospects identified by source (such as wealth screening, …
Amount of capacity identified (For example, 10 prospects at …
Number of prospects identified for major gifts
Metrics/Goals Proactive Research
wealthengine.com | Page 12
Metrics and Goals Tracked in Reactive Research
0% 10% 20% 30% 40% 50% 60% 70%
Average time to complete event bios
Average time to complete corporate/foundation research brief
Average time to complete research briefs or rating memo's
Number of research hours worked
Do not track metrics in the area of reactive prospect research
Average time to complete full profile
Average response or turn-around time for research requests
Amount of capacity qualified (For example, 10 prospects at …
Number of event bios requested
Number of corporate and/or foundation research requests …
Number of research briefs or rating memo’s completed
Number of corporate and/or foundations researched
Number of event bios completed
Number of proactively identified prospects research-qualified
Number of research requests received
Number of full research profiles completed
Number of research requests completed
Metrics/Goals Reactive Research
wealthengine.com | Page 13
Metrics and Goals Tracked in Prospect Management
0% 10% 20% 30% 40% 50% 60%
Amount of capacity under management
Number of one-on-one meetings with fundraisers
Number of group or prospect management meetings attended
Do not track metrics in the area of prospect management
% of portfolios in various stages (i.e, qualification, cultivation, stewardship)
Number of prospects assigned to front line fundraisers
Metrics/Goals Prospect Management
wealthengine.com | Page 14
Metrics and Goals Tracked in Analytics and Supervisory Functions
0% 10% 20% 30% 40% 50% 60% 70%
Number of predictive models deployed
Number of predictive models created
Number of prospect lists for annual fund
Number of prospect lists of corporate and foundation funders
Number of prospect lists for planned giving
Number of prospect lists for special events
Do not track metrics in the area of analytics or data management
Metrics/Goals Analytics
0% 10% 20% 30% 40% 50% 60% 70%
Number of staff training events conducted …
Number of staff supervised
Number of continuing education or …
Do not track metrics in the area of …
Goals/Metrics Supervisory
wealthengine.com | Page 15
The Bottom Line
Many people are happy where they are within the
profession. The key areas where there is desired
movement are into major gifts and stewardship/donor
relations.
The most time is still spent in Reactive Research.
Proactive is next, with Prospect Management and Data
Analytics activities almost equal.
Most organizations track similar metrics in each of the
major areas. These are relatively few and the actual
measurements indicate that either few are truly
tracking them, or that the results are not widely shared
within the team.
Trends in Prospect Development
wealthengine.com | Page 17
What do you see as trends in the field of prospect development?
“Increasing call upon the prospect researcher to lead in strategy
development.”
“Less emphasis on reactive research (i.e. profiles) and much more on
prospect identification; use of analytic methodology.”
“An increased focus on in-house analytics as a method of focusing fund
raising efforts -- both on the annual and major giving fronts.”
“Social media is making a difference and in many ways helps define
who our audience is, especially in reaching different demographics.”
Survey Says…
wealthengine.com | Page 18
What new skills are you learning or would you like to learn
to help you keep pace with changes in the profession??
“Become more skilled at data mining.”
“Data visualization - I just completed my first major data
mining project, and the greatest challenge was conveying the
information in an informative, revealing way.”
“Keeping an open mind about Social Media availability,
reliability and content.”
“Just need more time to feel like I fully engage w/ social
media, but what I've done has been helpful and in so many
ways beyond fundraising.”
Survey Says…
wealthengine.com | Page 19
Trends in Prospect Development
Relational – More collaborative, consultative relationships
– More proactive, less reactive
– Work with broader range of departments
Analytic – More emphasis on data-driven decisions
– More need for analysis, data mining, intelligent list-building
– Predictive modeling gaining traction
– Data visualization
– Business Intelligence
– Measure and Report Return on Investment
Social Media – Crosses all boundaries
– Flattens hierarchies
– Anyone can talk, anyone can listen
– Makes surveys and other forms of market research accessible
– Increases data by magnitudes – big data!
wealthengine.com | Page 20
More collaborative/consultative relationship with front line fundraisers
and more interaction with other departments including marketing &
communications, annual giving and planned giving
Trends: Relational
What Does it Mean? • More involved in strategy
development
• Collaboration on improving
fundraisers’ success means greater
impact on organizational success
• Influence which prospects are
seen, which are prioritized, when
gift is received
• Broader interface across entire
unit means more opportunities to
learn more and contribute more
Where Do I Start? • Schedule one-on-one meetings
• Build trust and credibility
• Develop partnerships
• Ask questions
• Learn more about their job
• Educate more about your job
• Make others aware of your
interests and skills
wealthengine.com | Page 21
Trends: Relational
Less Reactive/More Proactive Research
What Does it Mean? • Less time reacting to others’
priorities
• More time setting priorities
• More time planning full strategies
• Collaborate on improving
fundraisers’ performance metrics
• Changing MGO expectations, skill
sets
• More big picture/less small details
• Reactive is not ever going away so
do not despair if that is your
passion!
Where Do I Start? • Document time for reactive
research
• Data speaks – use analytic skills to
show relative value of time spent
• If you work with a fundraiser who
takes a list and gets the job done
without a lot of details, use that as
evidence
• Make your case to limit requests to
tie to specific development stages
• Prioritize requests based on
importance – not time in the queue
wealthengine.com | Page 22
Analysis, Data Mining, Segmentation,
Predictive Modeling
Trends: Analytic
What Does it Mean? • More involvement in strategy
development
• Measurable impact on fundraising
success (ROI)
• Influences decision-making at
every level of the development
unit
• Benefits can accrue to any/all
departments
Where Do I Start? • Think “analytically”
• Need access to data
• Start with Excel, may progress to
specialized software
• Start with small projects
• Build credibility with audience
• Learn how to explain results
visually and in layman’s terms
• Find a willing collaborator
• Show the benefit – what’s in it
for them?
wealthengine.com | Page 23
Trends: Analytic
Data Visualization/Business Intelligence
Return on Investment
What Does it Mean? • Impact is enterprise-wide
• Drives decision making
• Communication with all levels
• All working from the same page
• Underline critical and actionable
information
• Report and communicate successes
• Define Key Performance Indicators
• Straddles IS, Research, Marketing
• Teambuilding
Where Do I Start? • Take analysis one step further to
represent visually
• Need good communications skills
• Excel, specialized software, CRM
• Know what message you are
promoting
wealthengine.com | Page 24
Social Media/New Technologies
Trends: Social Media and New Technologies
What Does it Mean? • New sources and types of information
• Verification and interpretation key
• New data to feed analytics and list
building
• Enterprise-wide activity
• Research opportunities
• Listening opportunities (market
research)
• Responding opportunities
• Engagement opportunities
• Talking to your donors and supporters
yields better understanding and more
effective work
Where Do I Start? • Facebook, LinkedIn
• Get comfortable with the platforms
• Keep an open mind
• Join your organization’s online
communities
• Join other communities that are
relevant to your mission
• Understand your organization’s
policies or guidelines
• Listen and respond where
appropriate
• Surveys
• Experiment with analytic tools:
Google analytics, Simply Measured,
Sprout Social, Hootsuite
wealthengine.com | Page 25
The Changing Paradigm
Prospect Development
Development Leadership
Front Line Fundraising
Major
Planned
Annual
Information Systems
Communications and
Marketing
• Prospect Development is
widening and deepening.
• More data means more and
deeper insights. More data
means more expertise
needed to extract, verify,
interpret and translate it.
• The things Prospect
Development is doing are
touching more
departments and crossing
more boundaries.
• All of the trends are
pointing to more strategy
development, more
influence in more areas,
and more measurable
impact.
wealthengine.com | Page 26
What is your impact?
Shorter time to
cultivate and
close
Higher Gift
Amount
Identified
Natural Partner
Identified Donor
More Donor
Satisfaction
•Started relationship
from a more
enlightened position
•Involved in more
meaningful ways
•Asked for appropriate
amount and type of
gift
•Stirred Passions
•Attended to interests
Alert improved
timing
More Gift Officer
Satisfaction (ROPE)
•Fewer “cold” calls
•Larger Gift Amount
•Easier to build
relationship and
engage prospect
•Improved ability to get
referrals
wealthengine.com | Page 27
Measuring Value
What Are The Best Metrics? Number of prospects ID’d?
Number of profiles completed?
Or, number of gifts touched?
Number of PD “influences” during the gift cycle?
Time from ID to Close?
Ratio of % of capacity ID’d/asked/received?
Number of calls it takes a gift officer to get an appointment?
Success of marketing/annual giving outreach based on list testing – improved response rates, average gift size, renewal rates?
Is it all ROI? What about ROE? What about ROPE?
Where Do You Fit?
wealthengine.com | Page 29
E
I
R
A
S
C
Holland’s Six Personality Tendencies Who Do You Enjoy Working With?
Data
Ideas
People Things
Enterprising Entrepreneur
Business Executive
Salesperson
Travel Agent
Manager
Buyer
Conventional Banker
Bookkeeper
Secretary
Computer Programmer
Financial Analyst
Tax Preparer
Social Religious Worker
Clinical Psychologist
Speech Therapist
Nurse
Counselor
Teacher
Artistic Actor
Composer
Musician
Designer
Interior Decorator
Dancer
Investigative Geologist
Chemist
Physicist
Laboratory Assistant
Medical Technician
Biologist
Realistic Auto Mechanic
Aircraft Controller
Electrician
Farmer
Surveyor
www.BusinessModelYou.com
wealthengine.com | Page 30
This is a GREAT time to be in Prospect Development
1. Determine :
•What you are good at
•What you enjoy doing
•Who you enjoy working with
2. Be proactive and think outside
the boundaries
3. Talk with colleagues and make
sure they know what you want
to do and where you want to go
4. Look for continuing education
opportunities
5. Look for ways to start small and
grow skills
6. Always think about how what
you do adds value to your
colleagues, department and
organization
More Wealth and Fundraising Intelligence
wealthengine.com | Page 32
Knowledge Center & Thought Leadership
We support innovation and advancement in the field…
Growing Individual Gifts Workbook Tools you need to grow your fundraising results
ProspectResearchResources.com Free tools for every research request
WealthEngine Institute Free education, knowledge sharing and networking
wealthengine.com | Page 33
Questions? Contact Us!
800.933.4446
www.wealthengine.com
info@wealthengine.com
If you’d like to learn more about how you can implement
data driven solutions in your nonprofit, contact us!
Read more about WealthEngine’s Analytics for Nonprofits here.
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