Essentials of Prospect Research Researchers in Fundraising Conference
November 2009Presentation Notes
Matt Ide Finbar CullenResearch & Resource Manager ResearchPlusTHINK Consulting Solutions [email protected]@thinkcs.org
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What we’ll be covering ...
What is covered:
• Using the internet
• Key research resources
• Identifying major gift prospects
• Tracking prospects
• Profiling
• Data protection
• Database screening
What is Prospect Research?
• Prospect researchers gather, analyse and present biographical, financial, company, foundation and other philanthropic information using only publicly available information.
• Prospect research provides accurate and up to date intelligence that can be utilised in a fundraising environment.
• The aim is to optimise an organisation's chances of obtaining the largest donations (or major gifts) it can from its prospective donors or 'prospects‘.
Search engines
Using search engines effectively:
• A web search engine is an application that searches for, and retrieves, data based on some given search criteria.
• Google claims to have indexed over 3.3 billion web pages.
• Results are listed by relevance, but that doesn’t mean they’re relevant to you!
• The key to finding what you want without having to trawl through thousands of web pages is to use specific search criteria + boolean logic.
Google Search Functions
Phrase search = “ ”By putting double quotes around a set of words, you are
telling Google to consider the exact words in that exact order without any change.
Google Search Functions
AND function = +The AND function allows you to add specific ‘identifier’ words to
your search. This is useful if you’re looking for a person and know where they work or what they are famous for (see
below). N.B There should be a space between the ‘plus’ sign and the word (see below).
Google Search Functions
NOT function = –The NOT function allows you to exclude specific words
indicating that you do not want pages that contain this word to appear in your results. This is useful if you are looking for
someone who has a common name or shares their name with someone ‘famous’. N.B There should be no space
between the minus sign and the word you want to exclude.
Google Search Results…
Results:
• Searching for Duncan Cameron in Google with
no quotes returns 872,000 pages
• Searching using the phrase search (“duncan
cameron”) returns 62,000 pages
• Searching using the phrase search and the AND
function returns (duncan cameron +
moneysupermarket) just 2,000 pages
This goes to show how utilising Google search
functions and Boolean logic (+ - etc.) can
significantly increase the number of appropriate
search results and eradicate unwanted ones.
THINK about it…
When searching the internet:
Think logically
• What is it I’m looking for?
• What key words will help in the search?
• Try different spellings of words/names
• Try different combinations of key words/phrases
But remember
• Don’t use more than two or three search terms at any one time (inc. phrases)
• Avoid common words like ‘the’ or ‘and’ as search engines ignore them anyway
Be flexible in your thinking…
Advanced searching
Searching specific websites…
If you’re looking for a person and know where they work for example, you can utilise Google’s site search function. Go to ‘Advanced search’ on the Google homepage and type in the web address and the
person’s name. Try it out for yourself…
Analysing results…
When analysing search results:
1. Learn to skim-read information
2. Identify key indicators (i.e. keywords; page title; website address; format)
3. Remember, information does get repeated!
4. Once you’ve clicked on a web page use Ctrl + F to find what you’re looking for quickly
Types of information…
Always assess the validity, date and source of the information..
• Is it from a primary source (i.e. biography or interview)?
• Is it from a secondary source?
• Who wrote it?
• When was it written?
• Is it reliable?
• Reference everything
Research resources
Research resources
• 1,000’s of resources but DON’T PANIC!
• Subscription vs. Free
• Small % produced within charity sector
• Internet is your window to the outside world – learn about the for-profit world i.e. how to read company accounts, how wealth is comprised etc.
Trust & Foundation resources
Trusts and Foundation resources
Free:• Charity Commission (www.charity-
commission.gov.uk)
• Guidestar (www.guidestar.org.uk)
• List of UK Corporate Foundations 2008 (pdf)• Trust & foundation websites
Subscription:• Trustfunding (DSC)• Charity Funding Online (CaritasData)• Invisible Grantmakers (SPM)• Trust & Foundation News (ACF)• Funding Information (Inspiring Vision)• New Trust Update (Factary)
Competitor research
Competitor analysis
A great way of finding new funders (particularly trusts and foundations, is to see who funds similar organisations..
• Make a list of charities who are similar to your own or might be competing for the same resources – i.e. based on location, beneficiaries/area of interest etc.
• Start with the larger organisations as they will be more likely to be transparent
• Search each organisation for their Annual Reports/Accounts to find out who their donors are
Corporate resources
Corporate resources
There are lots of resources you can use to find information on companies and directors, including:
Free:
• Internet• ‘Top’ business lists• City of London Directory & Livery
Companies Guide• Corporate websites• Annual reports
Subscription:
• DASH; Lexis Nexis; OneSource; Companies House Direct etc.
High Net Worth Individuals (HNWIs)
Researching wealthy individuals
Again, there are lots of resources you can use depending on what you’re looking for and some of these can be accessed for free!
• Internet
• Crawford’s Directory of City Connections
• Debretts
• Who’s Who
• Directory of Directors
• Rich Lists
• Burke's Peerage, Baronetage & Knightage
• Mouseprice/Zoopla
Research budget - how much is enough?
Research budgets
• Review subscription resources to see which best suit your needs
• Make a case for which resources you need and why
No budget?
Access some subscription resources for free through libraries…
http://dspace.dial.pipex.com/town/square/ac940/weblibs.html
• i.e. British Library – FAME/Lexis Nexis
• Join Westminster Libraries to access their 24/7 remote access library (Who’s Who, NewsUK, KnowUK, Credo Reference)
• Utilise free trials• Ask fellow researchers/fundraisers for help (forums etc.)
Identifying Major Gift Opportunities
Identifying major gift opportunities
3 key challenges for researchers in identifying major gift prospects:
1. Defining a manageable number of your top potential supporters with sufficient affinity and capacity
2. Using identification methods that are ethical, accurate, efficient and cost effective
3. Obtaining information that is actually useful and is updated on an ongoing basis
Key indicators
Key indicators of potential support:
• Affinity - Direct personal experience;
Relative/Spouse; Genuine interest; Work-related
• Motivation - Repaying a personal ‘debt’;
Childhood; Right thing to do; Easing their conscience; Personal gratification
• Wealth - Inherited (inc. landed); Self-made;
Liquid; Fixed
• Connections/influence – don’t
underestimate the importance of gaining access to someone’s networks. Can be just as important as a cheque
Wealth
Wealth
Wealth can be comprised of:
• Salary
• Stocks & shares and other investments
• Inheritance
• Savings
• Dividends (paid annually)
• Property
• Art
• Pensions
• Luxury items (yachts, cars etc.)
But remember, where there are assets, there are also liabilities…
Identifying wealth
How do we know someone has the capacity to give?
• Database screening identifies wealthy and/or influential people
• Find out who your donors bank with (i.e. private banks)
• Utilise free lists – rich lists; wealthy postcodes (Millionaires Club)
• Find out how much their house is worth/wealthy neighbourhoods –Mouseprice/Zoopla
Tracking prospects
Prospect tracking
• Important to stay connected to prospects
• Intelligence dates and needs to be continually replaced/updated with the latest information
So how do we do that?
• Internal database
• News tracker (i.e. Lexis Nexis)
• Google Alerts
• Subscribe to relevant magazines (i.e. Management Today; Trader; Asian Business)
• Sign up to newsletters (i.e. Wealth Bulletin)
Profiling
Profiling
Profiling is about creating a picture of your prospect based on certain key information, that might include:
• Name• Address• Date of birth• Family/Marital status• Career/Biography• Education• Clubs & interests• Memberships• Directorships• Connections & networks• Wealth• Philanthropic interests (trusteeships; giving history
etc.)• Ethical issues/concerns
How long should I spend on a profile?
How long do I spend on a profile?
• No rule of thumb
• 2 hours to 1 day+
• Knowing when to stop can be crucial
• Public vs. non-public figures (amount of info you can find)
• Repetition (stop when info found becomes too repetitive)
Data protection
Fundamentals
• Fairly and lawfully processed
• Processed for limited purposes
• Adequate, relevant and not excessive
• Accurate and up to date
• Not kept for longer than is necessary
• Processed in line with the rights of the data subject
• Secure
• Not transferred to other countries without adequate protection
Must be fair and lawfully processed…
Lawful
• Consent has been obtained
or, if data held is not sensitive
• Processing is for the legitimate interests of the data controller
“So long as there is no likelihood of a significant adverse effect on the individual as a result of processing their information, the specific consent of the data subject will not always be required.” ICO
Fair
• The data subject must not have been misled or deceived as to the reasons why data was requested
• Information must be provided to data subjects about
-The identity of the data controller
-The purpose(s) for which the data is being processed
-The consequences of such processing
-Whether particular disclosures are envisaged.
Sensitive data
Unless the data subject has made the information public, the following is sensitive:
• Racial or ethnic origin
• Political opinion or affiliation
• Religious or other beliefs of a similar nature
• Membership of trades unions
• Physical or mental health or condition
• Sexual Life
• The commission of any offence or criminal records
Note:This does not include financial, employment or family information
Remember…
Remember:
The ‘information’ you collect is put through a ‘process’ by yourself (collation, selection etc.) to produce ‘intelligence’. It is this intelligence that will give your organisation a competitive advantage.
Read this article which was written about prospect research for people outside the sector:
http://web.fumsi.com/go/article/find/2638
Database Screening
Finbar Cullen
ResearchPlus
Database Screening
• What is it?
• Who offers the service?
• What are the differences
between the services?
• What do you need to
think about?
Database Screening
What is it?
• Screen your electronic database against
a database of wealthy people, well-
connected people, trustees of grant-
making trusts, etc
– Format to be agreed – e.g. title, first
name, second name, surname,
honourifics, date of birth, address 1,
address 2, address 3, address 4, town
county postcode
What is it?
What matches do you want?
• Wealthy people, well-connected
people, trustees of grant-making
trusts, etc
• Direct matches v family matches
What matches do you
want?
Who offers the service?
• The Prospect Research Toolkit:
www.fundraisingresearch.info
– Brakeley
– Chapel & York
– Datapreneurs
– Factary
– Fundraising Research & Consultancy Ltd
– Milestone Research
– Prospecting for Gold
– ResearchPlus
– Telos Research
– NB DIY?
Who offers the service?
Check them out!
• Not enough time to discuss all screeners
• How detailed are the results of matches?
• Factary - NB New Trust Update, so lots of trustees of unpublished grant-making trusts
• Prospecting for Gold – huge database of wealthy people and …..
Check them out!
Data Protection Act
• Register www.ico.gov.uk
• Data security contract
• Check data destroyed after
screening
– See also RiF Data Protection
Action Group guidelines
Data Protection Act
How clean is your data?
• Clean database first?
• Do you want matches on old
addresses?
How clean is your data?
Consider second screening
• Screeners have different
databases
• If so, exclude matches from
first screening
Consider second screening
Profiles
• DIY?
• Get other quotes?
Profiles