Helen Brown Group

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Don’t miss this new report

Nobody has ever scientifically measured the role of prospect research in major donor fundraising before. Sure, we researchers have always been confident in our knowledge that research is important for fundraising success, but how do end-users really feel? How exactly is it important? What parts are most useful? How do fundraisers actually use the information they receive?

And – scary question to ask – could fundraisers do as well raising funds without prospect research?

Now we have credible answers, not just anecdotes.

My friend and colleague Nicola Williams from fundraising intelligence firm The Factary in Bristol, England published a white paper this week based on her master’s degree thesis called “The role of prospect research in major donor fundraising.” It’s a fascinating read and honestly, you don’t want to miss it, because it answers several burning questions about how research can (and does) have the most impact; what we can do now to remain compliant in the age of the General Data Protection Regulation (GDPR) as well as similar privacy laws being enacted now in the US; and what we in prospect research can do better to measure our impact, further solidifying our value.

Nicola’s research entailed surveying both frontline fundraisers and prospect development professionals. Questions focused on the information that is most important and (more specifically) – why it’s important – in helping fundraisers achieve their goals. How does a particular type of information move a relationship forward with a donor? What is critical for researchers to provide and what really isn’t that important to fundraisers? Can too much research actually be detrimental for forming strong relationships with donors?

Nicola also asked how necessary frontline fundraisers found prospect research in specific situations, including (but not limited to): for due diligence; to understand a donor’s capacity to give; to identify relevant prospects; to prepare for a meeting; to prioritize prospects; and to reject unsuitable prospects. The graphs and tables she presents in this area are fascinating, enlightening, and heartening.

A few of my favorite statistics and quotes

There are several quotes I could pull out, but here are just a few that I thought you might like to see up front:

  • 97% of frontline fundraisers reported that prospect research is extremely necessary or necessary for the purpose of identifying relevant prospects.
  • Although 81% of fundraisers stated that prospect research is extremely necessary or necessary for rejecting unsuitable prospects, less than 30% actually use research for this purpose. (Nicola provides a very sensible reason in her report about what may be going on behind the scenes here).
  • One fundraiser commented: “The rating system is the most valuable prospect research tool for us.”

But that’s not all

The first 20 pages of the report would have been useful enough, but the next four pages document GDPR’s implications for prospect research and how nonprofits can legitimately document and support its use for fundraising. As your organization continues to systematize GDPR compliance, you’ll find the concerns Nicola raises in this section and the following one, on research metrics, to be instructive.

We’re big proponents of metrics in prospect research, but are we using the right ones to measure our impact on our nonprofits’ fundraising bottom line? Nicola’s research shows that the research teams surveyed have lots of room for improvement in what is currently being tracked and what could be tracked. How do your shop’s metrics compare to the findings? How could they be improved?

Read it and then comment below

I’d love to hear your thoughts about this very first scholarly report on the impact of prospect research on fundraising. Let’s hope it’s the first of many master’s theses on  the impact of prospect research on philanthropy to come!

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How to stand out in your next job search

“Red Leaves” Photo (c) Julie Kahn

Over the years I’ve been part of countless job searches. In fact, my first day at my first development job I helped the office manager conduct a search for a new major gifts officer at my alma mater, a state university.

Because it was a state job there were lots of legal hoops to keep track of, and I’ve always been grateful for that excruciatingly-detailed foundational experience. Since then I’ve helped numerous clients find great candidates and, more recently, had to engage in multiple searches myself as my company has grown.

I wanted to share some of the most important things I’ve learned as someone who has looked at lots of resumes and interviewed lots of candidates. There are definitely things you can do – and things you should avoid – to help you stand out in any job search.

  1. Read the fine print

Especially in prospect research, showing that you pay attention to details is incredibly important, and it’ll be noticed if you don’t. For example, read the job description all the way to the end. If the instructions say to address correspondence to a certain person, or that applications without cover letters won’t be considered, overlooking those details will probably cause your resume to go further down – or completely off – the consideration pile.

  1. Make sure you meet the minimum qualifications

If the job description says that applicants must have 5 years of experience and you only have 1.5, you’re probably going to waste your time (and potentially frustrate the hiring team). Also, your 15 years of experience in a related field may seem relevant to you, but you’ll need to make a strong case in your cover letter if you want to be considered.

  1. In addition to a scrupulously-edited resume, there are two important documents you should never omit in a job search.

The first is the cover letter. It’s the first impression people will get about you, so it needs to be spectacular from the first sentence. The problem is that every hiring manager is looking for something slightly different, so it’s hard to hit the mark all the time. Here are the things that are important to me:

  • There are no typos or awkward sentences. It’s well-written, showing off your writing skills.
  • You sound confident and enthusiastic, not cocky or over-familiar.
  • You show that you have worked to learn something about this particular job and/or the organization you’re applying to.
  • You make a case for how your experience can bring a benefit to the organization. (I’ve actually seen letters where candidates have written how taking the job could benefit their own future job trajectory and nothing about what they bring to the nonprofit!).
  • It’s three paragraphs; four max. Longer than that and it makes me wonder about your ability to synthesize information for end-users.
  • You avoid clichés and overused jargon. I like to see original thought.

The second is the thank you note. There is no way I can overestimate the importance of this. After your interview, whether you decide you want the job or not, send a thank you note. Opinion is divided on whether you should email it or handwrite it and snail-mail it – but either way send a thank you note.

Sending a thank you note isn’t just common courtesy. It sends a message that you want that particular job, and it gives you a distinct edge over your fellow candidates who didn’t bother.

  1. Take a deep breath, introverts, and get out there and meet people

Are you trying to break into prospect research? Don’t just join Apra and/or one of its chapters. Attend as many seminars, conferences, and networking events as you can afford in order to learn skills and to meet people.

When you meet someone at a conference, follow up with them by asking to meet them for lunch, or in their office, or for a cup of coffee for an informational interview. Make sure you come prepared with questions and pay for that cup of coffee!

When people get to know you and see that you are serious about the profession, they might be willing to go to bat for you with colleagues at other nonprofits that are hiring. In fundraising, the adage is “Ask for money and get advice; ask for advice and get money.” The same follows for job searching – ask for advice, and you may just get a job.

What tips do you have for other job seekers? Share them in the comments!

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Six Tips to Make Your Next Wealth Screening a Success

David Hargadon is a go-to expert on our team, especially where wealth screenings are concerned. This week I asked David to share some of his best tips and tricks for getting the most out of your wealth screening investment. Thanks, David! ~Helen

Wealth screenings can be daunting undertakings, and I can definitely say that I’ve done my fair share of them. Over the past several years, I’ve conducted dozens of wealth screenings, screening hundreds of thousands of prospects, so hopefully some of these tips and tricks I’ve learned can help make your next wealth screening a success for your organization.

Measure Twice, Cut Once

Many of the potential hiccups that arise through wealth screening processes can be avoided by making sure your data is clean prior to sending files off for processing. Before a wealth screening is one of the best times to clean up addresses, employment information, spouse information and more. Consider doing a data append to make sure your data is as current as possible. Having this information up to date and current can help reduce false positives in your results, making the verification process run much more smoothly.

Picking the Best Product

You should also examine the best products for the type of screening you will conduct. With numerous options and varying price points, making sure you are using the wealth screening platform that fits best with your needs is very important. Some questions you should ask yourself while determining the best product to use are:

  • Do we have time to manually verify all screening results?
  • What is our budget for this wealth screening?
  • Do we need a product that directly integrates with our CRM?
  • How does the product quantify inclination?
  • Do we want RFM analysis included in the results?

Answering these questions before choosing a product can help make sure you purchase the right platform for your organization.

Define Your Screening Parameters Well

Doing a good job defining the group you will be wealth screening is another point that can save you time and money down the road. The more focused your wealth screening group, the easier it will be to validate and the more cost-effective your screening will be.

Consider both the constituents you want to wealth screen as well as those you don’t. Excluding constituents who have current ratings, active major gift officer relationships, or that have limited giving history can make your wealth screening more focused and more budget-friendly. Also, make sure you exclude prospects with international addresses if your wealth screening product doesn’t offer data for them!

Utilize Custom Attributes

Most wealth screening platforms allow you to input custom attributes in addition to the default screening template. These attributes can be used to segment your wealth screening file or to prospect for specific purposes within your chosen platform.

Some attributes worth considering for use and contingent on the type of organization you work with: Academic major, region, solicitor assignment, patient service lines, or whatever makes the most sense for your organization!

Build Repeatable Processes

If the wealth screening you’re conducting will be an ongoing or regular process like a new parent screening at an independent school, grateful patients at a hospital, or reunion screenings at a college, make sure you’re building out processes that are easily repeatable in the future.

Building out queries, exports, and reports that don’t require you to reinvent the wheel every time you need to conduct a wealth screening can be a huge time saver down the road! And don’t forget to document your processes to make it easy for another person to pick up and/or help out.

Use your Wealth Screening Platform Efficiently

Most wealth screening platforms offer inclination scoring in addition to capacity information. Using these tools, you can expedite the validation process by targeting those prospects that return both high inclination and capacity ratings.

Conversely, prospects with high inclination but low capacity, or any combination of the above, can be targeted for different purposes like direct mail or annual fund solicitation.

Wealth screening can sometimes be overwhelming, but hopefully, some of these tips will help you effectively navigate your next one!

ABOUT HBG

The Helen Brown Group was formed in 2002 with a goal to be different.

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