Using research effectively

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  • 1. PROSPECTING FOR GOLD LTDWealth Intelligence Services Using Research Effectively March 2013 Kerry RockPROSPECTING FOR GOLD LTDWealth Intelligence Services

2. Today is about developing an effective prospectresearch Your fundraising strategy Your fundraising case How many prospects? Your prospect research plan Managing the pipeline Resource requirements PROSPECTING FOR GOLD LTD Wealth Intelligence Services 3. How many wealthy people in the UK?PROSPECTING FOR GOLD LTDWealth Intelligence Services 4. There are various estimatesBarclays Wealth Insights 2011619,000Capgemini World Wealth Report 2012*441,000MDRC High Net Worth Market 2010575,000Prospecting for Gold 2011500,000Coredata 2010284,317Why do so few fundraisers know the answer to this question?* $1mPROSPECTING FOR GOLD LTDWealth Intelligence Services 5. Your Fundraising Strategy What type of fundraising do you focus on?PROSPECTING FOR GOLD LTDWealth Intelligence Services 6. Gifts can come from anywhere...*Direct marketingCommunity fundraising *Grants fundraisingDirect mail *EventsTrusts & foundationsInternet fundraisingBranches LotteryFace-to-faceStreet collections Public sector*Major donorsGamingSocial enterprise Capital fundraisingSocial lotteriesCharity shops Legacies Internet gaming Charity tradingCompetitionsSocial businessCo-operatives*Corporate EmergenciesProperty development Sponsorship CSR Media fundraising *Special events DonationsAdvertising ConcertsInserts AuctionsBroadcast appeals Balls & galasChallenge & trek* Can any Services GOLD LTDPROSPECTING FOR eventsWealth Intelligence others be researched? 7. Strategies FundraisingApproaches Typical GiftsCapital campaigns50,000 +Major gifts 1,000 - 20,000 Legacies 15,000+ Companies (directors)5,000 - 50,000Annual giving 5,000+Trusts 1,000 - 100,000+Special events 250 - 1,000 ticket Direct marketing 500+PROSPECTING FOR GOLD LTDWealth Intelligence Services 8. Your case for supportYou also only want those whoare interested in your case.PROSPECTING FOR GOLD LTDWealth Intelligence Services 9. Case questions for prospect researchers1. Will enough millionaires like your case to achieve the target?2. Can we research them?3. Can we test the fundraising case with a sample of them?4. Can we improve the case to make it attractive to moremillionaires?PROSPECTING FOR GOLD LTDWealth Intelligence Services 10. How many prospects do you need?PROSPECTING FOR GOLD LTDWealth Intelligence Services 11. A Table of GiftsWhat is it for? How does it help?Number of % of TargetGift Size Total ValueDonations10%1400,000 400,00020%2200,000 400,00036%4100,000 400,00052%8 50,000 400,00068% 16 25,000 400,00084% 80 12,500 1,000,000100%160 6,2501,000,000TOTAL 271 -4,000,000 PROSPECTING FOR GOLD LTD Wealth Intelligence Services 12. But not everyone will give.Number of Number of % of TargetGift Size Total ValueDonations Prospects 10% 1400,000 400,00012 20% 2200,000 400,00024 36% 4100,000 400,00048 52% 8 50,000 400,000 96 68% 16 25,000 400,000 192 84% 80 12,5001,000,000960100%160 6,250 1,000,000 0TOTAL 271 - 4,000,0001332 PROSPECTING FOR GOLD LTD Wealth Intelligence Services 13. ProspectTypical FundraisingDescription Category CommentThey can afford to give but weCold Were not yet on theirdont yet know whether or not Prospectsradar they are interested in giving Alumni, members, mail LukewarmThey have the ability to givedonors, other Prospectsand are on our database audiences WarmWe think they will give, givenScreened and we have Prospectsthe right treatment a plan to get to themWe have met them, they are Further meeting with aHot Prospects interested, and can make a big peer is imminentgiftPROSPECTING FOR GOLD LTDWealth Intelligence Services 14. Campaign TargetsTarget Prospects % of NoHotWarmCold Gift Size Total Value Total ValueTarget Donations Prospects Prospects Prospects 10% 1400,000 400,000400,00031272 20% 2200,000 400,000400,000624 144 36% 4100,000 400,000400,000 1248 288 52% 850,000 400,000 400,000 2496 576 68%1625,000 400,000 400,000481921152 84%8012,500 1,000,000 1,000,000 240 9605760100% 160 6,250 1,000,000 1,000,0000 00 TOTAL 271 -4,000,000 4,000,000 33313327992 PROSPECTING FOR GOLD LTD Wealth Intelligence Services 15. Donor GroupsHigh ValueMid ValueDonors Donors 100 - 1,0001,001 -99,999 Major Donors100,000+PROSPECTING FOR GOLD LTDWealth Intelligence Services 16. So, which type of millionaire do you need? WealthbandWealth Gift Capacity Wealthband E1-5m10,000 - 50,000 Wealthband D5-10m50,000 - 100,000 Wealthband C10-25m 100,000 - 250,000 Wealthband B25-50m 250,000 - 500,000 Wealthband A50m+ 500,000 +Because there are far more E than APROSPECTING FOR GOLD LTDWealth Intelligence Services 17. Your prospect research planPROSPECTING FOR GOLD LTDWealth Intelligence Services 18. Prospect Research Plan HeadingsBackground to the campaign StaffingResearch brief Resources requiredDefining types of prospectsBudgetHow many prospects?Identifying new prospectsManaging prospect researchScreeningDatabaseDesk researchMonitoring & evaluatingProspectingAppendicesResearch processPROSPECTING FOR GOLD LTDWealth Intelligence Services 19. Finding prospectsFinding prospectsWe know how many but where dowe find them?PROSPECTING FOR GOLD LTDWealth Intelligence Services 20. Screening vs. Mining - some definitions Tend to be used interchangeably - but shouldnt be! Screening compares an organisations database to a known database of wealthy individuals, trustees, company directors, influential or legacy prospects. Data mining, data modelling, predictive analysis and several other often interchangeable terms, refer to creating statistical models to identify trends in your data, sometimes with the same aim. PROSPECTING FOR GOLD LTD Wealth Intelligence Services 21. Wealth screening a research shortcut? A quick glance at your database shows you very high profile people some tell tale signs titles, addresses Screening: Take your supporters/ donors/ members and systematically identify those have the potential to make a significant gift Enables you to target through research and analysis to build your pipeline and implement fundraisingPROSPECTING FOR GOLD LTDWealth Intelligence Services 22. What happens when you screen On average expect 1-3% match rate but we rarely find average! 4,600 current and lapsed donors: 374 matches (8%) 575 people who have donated at some time: 136 matches(24%) 45,000 current and lapsed donors: 2,227 matches (4.9%) 278,000: 6,037 matches (2.2%) 146,000 supporters: 1,196 matches (0.8%) 2,400 members: 210 matches (8.8%) Check your likely match rate:http://prospectingforgold.co.uk/database-screening-services/PROSPECTING FOR GOLD LTDWealth Intelligence Services 23. Whats next Prioritise those to start researching and then developing draw out the people using your knowledge (e.g. giving history)AND objective data on wealth and other characteristicsPROSPECTING FOR GOLD LTDWealth Intelligence Services 24. New prospects New name research New Name from Proactive Research Reactive research into new name from director/trustee/external suggestion New name from screening (not previously identified as amajor donor prospect)PROSPECTING FOR GOLD LTDWealth Intelligence Services 25. Ranking & RatingAbility Affinity AttachmentPROSPECTING FOR GOLD LTDWealth Intelligence Services 26. The Grid Close to you Further from you and wealthy but wealthyFurther from you Close to youbut merely affluent but less wealthyPROSPECTING FOR GOLD LTD AffinityWealth Intelligence Services 27. Managing the pipelinePROSPECTING FOR GOLD LTDWealth Intelligence Services 28. Moves Management Select your steps for solicitation View each one as a move to log on your database Each activity is planned and scheduled One person is responsible for the moves of that prospect (not necessarily the fundraiser) Prospect strategy meetings led by the researcherPROSPECTING FOR GOLD LTDWealth Intelligence Services Have as few stages as you can 29. Prospect Pipeline Might take 18-24 months Knowing how many prospects are at each stage Making sure there are enough prospects at each stage Making sure time is made for new prospects to enter the pipeline Making sure there are leaks to drop prospects out of Giving the researcher the power to be the tap that feeds the flow rather than the blockage which holds up the pipeline Protecting prospectsThe researcher can control this process as they have the informationavailable to them and can see the overall picturePROSPECTING FOR GOLD LTDWealth Intelligence Services 30. Prospect Pipeline EssentialsKeeping the Pipeline Flowing Prioritise Regularly ReviewPush ProgressPROSPECTING FOR GOLD LTDWealth Intelligence Services 31. How do you manage the Prospect Pipeline?Prospect ManagementProject SoftwareAccessManagement Database Software PROSPECTCRM DatabasePIPELINESoftware Hand Excel writtenSpread sheetListFile CardsPROSPECTING FOR GOLD LTDWealth Intelligence Services 32. Prospect Management % of Target Total ValueNumber of Number of Number ofDonations Prospects Prospects ProspectGift SizeNeededRaisedDeficit Found Warm Gifts 10% 1400,000400,0001 3 30 20% 2200,000400,0000 6 06 36% 4100,000400,0000 1248 52% 850,000 400,0000 240 24 68%1625,000 400,0000 480 48 84%8012,500 1,000,00002400 240 100%160 6,250 1,000,00004800 480 PROSPECTING FOR GOLD LTDTOTAL Intelligence ServicesWealth 271- 4,000,00018137 806 33. Staffing and budgetsPROSPECTING FOR GOLD LTDWealth Intelligence Services 34. Resources required information, equipment, databasesStaff Salaries Internet Staff overheads Connection Expenses Subscription Training/mentoring CD Rom/online sourcesDatabase Publications Purchase Directories CD Rom Annual license fee Newspapers &magazines Cleaning Books Maintenance Data entry Others?PROSPECTING FOR GOLD LTDWealth Intelligence Services 35. The process in action A case study of a team working together post screening toprioritise and allocate prosp