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Prospecting & Wealth Screening: A Beginners Guide
Ben Rymer November 24th 2016
Major Donor SIG workshop
Introduction Why do we need profiling or screening? Consent & Regulations Screening and Profiling Methods & Resources Q&A
A Small Target
Plenty of Room at the
Top? Giving at the top can
grow - with the onus on not-for-profits to build
trust
5,000: HMRC estimate of UK HNWIs with £20m+ in assetsc.£10bn: CAF estimate of amount donated to charity by UK adults£1.56bn: total donated in £1m+ gifts£485m raised by HE institutions in £m gifts£575bn: value of 2016 Sunday Times Rich List (1,000 members donated £2.7bn)0.1%-1%: Average proportion of wealth donated to charity by HNWIs
Your future major donors are probably already known to you
Consenting Adults?
● Donor consent is a live issue
● Key concepts are ‘Fair Processing’ & ‘Legitimate Interest’
● A further factor is the introduction of the General Data Protection Regulations in 2018
● Threat or Opportunity?
“A privacy policy / privacy notice / fair processing statement (call it what you
like) has a single, real purpose. It might seem like you’re writing it to tick a legal box, but if that’s what you think you’re
doing, you’re doing it wrong. The purpose of the fair processing
statement is to tell the client or customer in simple, everyday
language how their data will be used”
Accessed at https://2040infolawblog.com/2016/09/27/specific-heights/ on 19112016
Accessed at http://www.cancerresearchuk.org/privacy-statement on 19112016
Accessed at http://ec.europa.eu/justice/data-protection/reform/files/regulation_oj_en.pdf on 19112016
(32) Consent should be given by a clear affirmative act establishing a freely given, specific, informed and unambiguous indication of the data subject's agreement to the processing of personal data relating to him or her, such as by a written statement, including by electronic means, or an oral statement. This could include ticking a box when visiting an internet website, choosing technical settings for information society services or another statement or conduct which clearly indicates in this context the data subject's acceptance of the proposed processing of his or her personal data. Silence, pre-ticked boxes or inactivity should not therefore constitute consent. Consent should cover all processing activities carried out for the same purpose or purposes. When the processing has multiple purposes, consent should be given for all of them. If the data subject's consent is to be given following a request by electronic means, the request must be clear, concise and not unnecessarily disruptive to the use of the service for which it is provided.Accessed at http://ec.europa.eu/justice/data-protection/reform/files/regulation_oj_en.pdf on 19112016
(32) Consent should be given by a clear affirmative act establishing a freely given, specific, informed and unambiguous indication of the data subject's agreement to the processing of personal data relating to him or her, such as by a written statement, including by electronic means, or an oral statement. This could include ticking a box when visiting an internet website, choosing technical settings for information society services or another statement or conduct which clearly indicates in this context the data subject's acceptance of the proposed processing of his or her personal data. Silence, pre-ticked boxes or inactivity should not therefore constitute consent. Consent should cover all processing activities carried out for the same purpose or purposes. When the processing has multiple purposes, consent should be given for all of them. If the data subject's consent is to be given following a request by electronic means, the request must be clear, concise and not unnecessarily disruptive to the use of the service for which it is provided.Accessed at http://ec.europa.eu/justice/data-protection/reform/files/regulation_oj_en.pdf on 19112016
Screening● Many organisations screen for all
sorts of things on a regular basis
● The principle is simple: data are checked against another dataset to identify matches
● In the wealth space, constituents are matched against a wealth dataset (30%-40% converage)
● The datasets themselves have been handbuilt from mainly public domain information
● Once chosen and paid for, matches are then appended to the supporter database
Screening
Screening is ‘just’ another technology. It will not raise money for you and should be seen as the ‘end of the beginning’ of the fundraising process.
● Have a clear goal in mind when making the decision to screen
● Small, frequent jobs often work best● Shop around. Choose the vendor
who fits your needs● If in doubt, start with only a few of
the highest value prospects● Stick to the budget ● If the member of staff managing the
project leaves, make sure they handover to a replacement
● ROI between 8:1/20:1 (!)
● There are many providers offering many different products. Typical products are:○ Wealth screening○ Propensity Modelling○ Further data appending:
Charity Trustee, Livery Membership etc
● Data cleaning is often offered during a screening job
Pitfalls● Buying data indiscriminately● Not using the data once
bought● Lacking a clear goal● Lacking organisational buy-
in● Lacking long-term vision of
how to develop relationships with those identified
● Seeing the screening as the goal
● Who is responding to more than one in ten appeals? (‘responding’ not necessarily meaning sending gifts)
● Which supporters contact us unprompted to update details, chase up to re-send something or asks unprompted questions about the work?
● Who donates via active methods, ie internet donations, cheques, telephone calls or mail donations?
● Who attends advocacy events? Are there repeat visitors?● Which households have more than one family member who is a supporter?● Who supports in memory? Which supporters have direct experience of the cause?● Whose giving is uplifting spontaneously?
Wealth Does Not Equal Propensity to donate!
Donations- Philanthropic history of your most
generous donors- What is the behaviour chain
leading up to big donations- Sizable first donations, or any
single cash donations of £500/£1,000
- Active donation methods: card payments, cheques, phone calls, website payments
- Many consecutive years giving can correlate inversely with future uplifts, however SYBUNT donors more likely to uplift…
Engagement...- ...is like snakes & ladders.
Who is on a ladder?- Website or online
community logins- Calling campaign
information- Call length- Times asked before gift
- Response ratios- Complaints & Do Not
Contacts
- Reverse Engineer a Wealth Screening
- Private Banks- Where are significant
gaps between capacity and Lifetime Value
- What’s in an email address?...
Capacity
Profiling Pro Tips● Good profiles rely on knowledge
management, not only desk research● Speak with colleagues, find paper
files & correspondence, scour the shared drive & supporter database (and the inevitable 23 duplicate records…)
● Include detail on past gifts and projects funded, project visits, meetings and event attendances
● Spousal information is key - partners often greatly influence philanthropic decisions
● If in doubt, leave it out
1. Full-length profilea. They take a day’s staff-time to write.
Is it worth it?b. Once produced, use as a base for
future bio’s. Don’t reinvent the wheel each time
2. 1-pagera. Condensed version of the above
3. Meeting briefinga. Same
4. Event bioa. 1-para conversation starterb. Includes a goal for the event/with the
relationship
“After graduating magna cum laude from Harvard Law School in 1976, Adrian began work at JPMorgan, where he remains as CEO of their Wealth Management Unit. A keen baseball fan, he follows the New York Mets; he also enjoys cooking and modern art, especially Vasilly Kandinsky and Paul Klee. He lives in New York with his wife; they have three grown up children.”
Helen Brown: “a full profile contains all data that a professional prospect researcher can ethically find in publicly-held sources that are relevant to the successful fundraising process and which help build a stronger bond between the donor and the organization”Access at https://www.helenbrowngroup.com/elements-in-a-full-prospect-research-profile/ on 20112016
3 Great Tips from Helen Brown 1. Don’t bury the lead. Put the best stuff right up front, page one. Make it clear: what are the significant points busy people need to know about this prospect? Shout it out just as if you were running down the hall.
2. Go out on a limb. Have an opinion, and tell people what it is right up front. Until a prospect is met, you are the person who knows the most about them. Make it clear: why do you think a fundraiser should take action on this prospect?
3. Follow up. We’re all fundraisers, whether we work on the front-lines or behind a computer screen. We work together as partners. If you aren’t seeing action on a significant prospect-in-waiting you found, speak up! Maybe you can help research a way to involve them.
Accessed at https://www.helenbrowngroup.com/why-most-prospect-research-profiles-are-dead-on-arrival/ on 191120126
Pitfalls● Too much information leads
key details to get lost
○ Add an executive summary ‘above the fold’
● Including unverified information, or, even worse, hearsay
● Including old or out-of-date information
International Company InformationFreewww.companieshouse.gov.uk - links to different company registries from around the worldwww.commercial-register.sg.ch - links to different company registries from around the worldwww.bvdinfo.com - international company directory, basic information for free or pay for more detailswww.sec.gov - searchable database for companies registered in the USAwww.asic.gov.au - Australian searchable registers of banned & disqualified persons in relation to the business & finance industrywww.opencorporates.com - free basic company information from many places around the worldwww.business.govt.nz - search the New Zealand companies office register for company & director detailswww.icij.org - a database from the International Consortium of Investigative Journalists, containing ownership information about companies in a number of offshore jurisdictions over a 30 year period up to 2010
Useful UK & International company resources
Paid For Siteswww.companieshouse.gi - searchable database for companies registered in Gibraltarwww.icpcredit.com - international credit status reports on registered companieswww.gov.hk - Hong Kong compulsory winding-up of companies & bankruptcies databasewww.infocreditgroup.com - business & credit information for a wide selection of countries around the worldwww.ebr.org - the European Business Register (EBR) is a network of National Business Registers & Information Providers from various European countries
Accessed at http://www.uk-osint.net/favorites.html on 19112016
Join a Public Library!
FREE STUFF!!From London Libraries:● Economist Intelligence
Unit● Experian B2B Researcher● Fame● Lexis Library● Lexis Nexis● Mint Global● Mint UK● Who’s Who and Who Was
Who● Datamonitor 360
Westminster alone offers:● Experian MarketIQ● Grantfinder● News Vault: (Economist, FT,
Illustrated London News, Picture Post, Times)
● Library Press Display: newspapers from around the world, often online before the print edition
● Mintel● MarketLine Advantage
FREE STUFF!!From London Libraries:● Economist Intelligence
UnitSingle report = £500-£1,000● Experian B2B Researcher● Fame● Lexis Library● Lexis Nexis £10k-£15k● Mint Global £10k-£15k● Mint UK £5k-7k● Who’s Who and Who Was
Who● Datamonitor 360
Westminster alone offers:● Experian MarketIQ● Grantfinder £500 p/a ● News Vault: (Economist, FT,
Illustrated London News, Picture Post, Times)
● Library Press Display: newspapers from around the world, often online before the print edition
● Mintel● MarketLine Advantage (A
Progressive Digital Media business)
Lists!- Different editions of lists
have different information, worth trawling through several years
- Buy the 2006/07 Sunday Times Rich List top 5,000
- Search regionally/thematically by industry
Where the heck do I begin?
Where the heck do I begin?
Site searches
Useful search terms & techniques‘Filetype:’ searches for specific file formats ie. spreadsheet, powerpoint
Limit to UK; sort by date
Use quotation marks for "exact phrases"
Use * if unsure of a spelling of a name
Use different nationalities of Google; .co.uk, .com, .fr, .de, .za etc
Remember the Filter Bubble! Turn on Tracking Protection/Private Browsing
Summary● Keep the goal of the project in mind ● Consider the scale of the screening carefully● Use the information once produced!● Make a note of income received to assess ROI ● Build relationships for the long-term and inspire
your donors!
