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Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
Using research effectively
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Using research effectively

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  • 1. PROSPECTING FOR GOLD LTD Wealth 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 estimates Barclays Wealth Insights 2011 619,000 Capgemini World Wealth Report 2012* 441,000 MDRC High Net Worth Market 2010 575,000 Prospecting for Gold 2011 500,000 Coredata 2010 284,317 Why do so few fundraisers know the answer to this question? * $1m PROSPECTING FOR GOLD LTD Wealth 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 marketing Community fundraising *Grants fundraising Direct mail *Events Trusts & foundations Internet fundraising Branches Lottery Face-to-face Street collections Public sector*Major donors Gaming Social enterprise Capital fundraising Social lotteries Charity shops Legacies Internet gaming Charity trading Competitions Social business Co-operatives*Corporate Emergencies Property development Sponsorship CSR Media fundraising *Special events Donations Advertising Concerts Inserts Auctions Broadcast appeals Balls & galas Challenge & trek * Can any Services GOLD LTD PROSPECTING FOR events Wealth Intelligence others be researched?
  • 7. Strategies Fundraising Approaches Typical Gifts Capital campaigns £50,000 + Major gifts £1,000 - £20,000 Legacies £15,000+ Companies (directors) £5,000 - £50,000 Annual 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 who are interested in your case.PROSPECTING FOR GOLD LTDWealth Intelligence Services
  • 9. Case questions for prospect researchers 1.  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 more millionaires?PROSPECTING FOR GOLD LTDWealth Intelligence Services
  • 10. How many prospects do you need?PROSPECTING FOR GOLD LTDWealth Intelligence Services
  • 11. A Table of Gifts What is it for? How does it help? Number of % of Target Gift Size Total Value Donations 10% 1 £400,000 £ 400,000 20% 2 £200,000 £ 400,000 36% 4 £100,000 £ 400,000 52% 8 £ 50,000 £ 400,000 68% 16 £ 25,000 £ 400,000 84% 80 £ 12,500 £1,000,000 100% 160 £ 6,250 £1,000,000 TOTAL 271 - £4,000,000 PROSPECTING FOR GOLD LTD Wealth Intelligence Services
  • 12. But not everyone will give…. Number of Number of % of Target Gift Size Total Value Donations Prospects 10% 1 £400,000 £ 400,000 12 20% 2 £200,000 £ 400,000 24 36% 4 £100,000 £ 400,000 48 52% 8 £ 50,000 £ 400,000 96 68% 16 £ 25,000 £ 400,000 192 84% 80 £ 12,500 £1,000,000 960 100% 160 £ 6,250 £1,000,000 0 TOTAL 271 - £4,000,000 1332 PROSPECTING FOR GOLD LTD Wealth Intelligence Services
  • 13. Prospect Typical Fundraising Description Category Comment They can afford to give but we Cold Were not yet on their dont yet know whether or not Prospects radar they are interested in giving Alumni, members, mail Lukewarm They have the ability to give donors, other Prospects and are on our database audiences Warm We think they will give, given Screened and we have Prospects the right treatment a plan to get to them We have met them, they are Further meeting with aHot Prospects interested, and can make a big peer is imminent gift PROSPECTING FOR GOLD LTD Wealth Intelligence Services
  • 14. Campaign Targets Target Prospects % of No Hot Warm Cold Gift Size Total Value Total Value Target Donations Prospects Prospects Prospects 10% 1 £400,000 £400,000 £400,000 3 12 72 20% 2 £200,000 £400,000 £400,000 6 24 144 36% 4 £100,000 £400,000 £400,000 12 48 288 52% 8 £50,000 £400,000 £400,000 24 96 576 68% 16 £25,000 £400,000 £ 400,000 48 192 1152 84% 80 £12,500 £1,000,000 £1,000,000 240 960 5760 100% 160 £6,250 £1,000,000 £1,000,000 0 0 0 TOTAL 271 - £4,000,000 £4,000,000 333 1332 7992 PROSPECTING FOR GOLD LTD Wealth Intelligence Services
  • 15. Donor Groups High Value Mid Value Donors Donors £100 - £1,000 £1,001 - £99,999 Major Donors £100,000+PROSPECTING FOR GOLD LTDWealth Intelligence Services
  • 16. So, which type of millionaire do you need? Wealthband Wealth Gift Capacity Wealthband E £1-5m £10,000 - £50,000 Wealthband D £5-10m £50,000 - £100,000 Wealthband C £10-25m £100,000 - £250,000 Wealthband B £25-50m £250,000 - £500,000 Wealthband A £50m+ £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 Headings Background to the campaign Staffing Research brief Resources required Defining types of prospects Budget How many prospects? Identifying new prospects Managing prospect research Screening Database Desk research Monitoring & evaluating Prospecting Appendices Research process PROSPECTING FOR GOLD LTD Wealth 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 shouldn’t be!•  Screening compares an organisation’s 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. What’s 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 a major donor prospect)PROSPECTING FOR GOLD LTDWealth Intelligence Services
  • 25. Ranking & Rating Ability Affinity AttachmentPROSPECTING FOR GOLD LTDWealth Intelligence Services
  • 26. The Grid Close to you Further from you and wealthy but wealthy£ Further from you Close to you but merely affluent but less wealthy PROSPECTING FOR GOLD LTD Affinity Wealth 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 picture PROSPECTING FOR GOLD LTD Wealth Intelligence Services
  • 30. Prospect Pipeline EssentialsKeeping the Pipeline Flowing Prioritise Regularly Review Push ProgressPROSPECTING FOR GOLD LTDWealth Intelligence Services
  • 31. How do you manage the Prospect Pipeline? Prospect Management Project Software Access Management Database Software PROSPECT CRM Database PIPELINE Software Hand Excel written Spread sheet List File CardsPROSPECTING FOR GOLD LTDWealth Intelligence Services
  • 32. Prospect Management % of Target Total Value Number of Number of Number of Donations Prospects Prospects Prospect Gift Size Needed Raised Deficit Found Warm Gifts 10% 1 £400,000 £400,000 1 3 3 0 20% 2 £200,000 £400,000 0 6 0 6 36% 4 £100,000 £400,000 0 12 4 8 52% 8 £50,000 £400,000 0 24 0 24 68% 16 £25,000 £400,000 0 48 0 48 84% 80 £12,500 £1,000,000 0 240 0 240 100% 160 £6,250 £1,000,000 0 480 0 480 PROSPECTING FOR GOLD LTDTOTAL Intelligence Services Wealth 271 - £4,000,000 1 813 7 806
  • 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 LTD Wealth Intelligence Services
  • 35. The process in action •  A case study of a team working together post screening to prioritise and allocate prospects.PROSPECTING FOR GOLD LTDWealth Intelligence Services
  • 36. Save the Children: Screening to create their researchpipeline – an example of cross team working •  Why screen? •  Who to screen? •  What information to send? •  Understanding who might make a good prospect •  Behaviour/responsiveness •  Geodemographics •  Loyalty •  Attitude •  Value •  Net promoter PROSPECTING FOR GOLD LTD Wealth Intelligence Services
  • 37. Planning first steps •  Lots of matches! •  Presentation with all key stakeholders •  Meeting individual teams to understand where this might fit within their priorities •  Mapping potential overlap •  Phased approachPROSPECTING FOR GOLD LTDWealth Intelligence Services
  • 38. Qualifying and allocating •  Phase 1: potential corporate leads, potential trust leads and potential key volunteers •  Internal qualification/research •  Negotiating over multiple next best actions •  Phase 2: experiment with mid-level donors; Phase 3: more major donor prospects •  Next step: results??PROSPECTING FOR GOLD LTDWealth Intelligence Services
  • 39. Any Questions?PROSPECTING FOR GOLD LTDWealth Intelligence Services
  • 40. Contact UsKerry Rockkerry@prospectingforgold.co.ukTel: 07913028195 PROSPECTING FOR GOLD LTD Wealth Intelligence Services

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