Category Archives: Prospect Research

Money and Messages: The Missing Major Gift Donors

Prospect Identification, Prospect Research, Reports and Trends, , , , , , , , , , ,

Did you know that your organization might be missing major gift donors? There is a major gifts trend happening in organizations across the United States and it may well apply enough pressure to burst through outdated thinking and unleash the power of the missing major gift donors. Will you and your organization be among the early innovators and adopters?

Fundraising leadership is waking up to the reality that technology keeps promising instant identification of major gift prospects, but is not delivering, especially when it comes to wealthy women and people of color. And some of the best, most transformative donors are missing – hidden among all the other donors.

Why can’t the tech companies wave their magic rating wands and deliver the prospects?

Because the very best data is locked up inside the donor. Because technology can’t create messaging and relationships with donors that will unlock the mega gift.

Who can’t help but love the story in the Chronicle of Philanthropy about the retired clarinetist, Edward Avedisian, who gave $100M to his alma mater, Boston University? The only meaningful data points were Avedisian’s giving history to the organization and his desire to give that he expressed to the development officer – who listened and acted. Is she ever glad she did!

But if the data can’t find and rate the next best megadonor from your organization’s donor list, what is a savvy development professional to do?

Remember that data supports fundraising relationship strategies – it is NOT the strategy.

Back in 2015, research professional, Preeti Gill, challenged me to research the woman first when profiling. It was a simple demand and it shook me out of my routine enough to realize how biased Aspire had been in its approach to researching households!

Read Preeti Gill’s story in “What About Women?” a free PDF download.

Preeti argued that there was a huge transition of wealth to women and fundraising was ignoring these women. And she was right. Conversations with researchers in the next few years were fascinating.

They expressed problems such as:

  • Sure, I can find women who look like good major gift prospects, but the fundraiser is asking for hard asset amounts and I don’t have them.
  • Our organization tried inviting women to a fundraising program that has been successful for us, but they didn’t come. Maybe women don’t really want to give?
  • We have so many records in the database and none of them are coded for gender. How am I supposed to even run a report to find women?

And slowly, things began to change. Organizations became aware of women as philanthropists through many channels, including the Women’s Philanthropy Institute at Indiana University and the “Women Give” research series with accessible infographics and presentations. Female prospects were encouraged to make naming gifts and to publicize their giving as a model for other women.

Most importantly, the messages to women donors began to change. Now we hear about a university’s women’s leadership group or an organization’s women’s giving circle that are successfully raising money and cultivating major gift prospects. Now, when a development officer visits a prospect, it’s a known strategy to include the spouse who likely influences and sometimes directs the household philanthropy.

These are not data strategies — they are fundraising messages and strategies – and they raise more money. Have data practices evolved? Of course! To support the fundraising strategy, but not to be the fundraising strategy.

Prospect Research Professionals can be prepared and share.

I was feeling BIG imposter syndrome when Yolanda Johnson asked me to be a panelist at the WOC Symposium this year. As a white woman, what could I know about inclusion in prospecting and research practices?

It turns out that I could add to the conversation. I have been learning and testing and caring about inclusion for a long time. Inclusion is a value and success story for the ages. As a research professional and a human being, I can continuously learn and share.

One of my favorite characteristics of inclusion is that even when the focus is on a subgroup, inclusive actions and messaging means everyone gets pulled in. I can include the spouse in my meeting and I have the opportunity to get the big splash naming gift and a program gift.

Spotlight on a Resource

One of the speakers at the WOC Symposium I attended was Doria Josma, Development & Fundraising Specialist at Cool Culture Inc. The panelists were clearly stating things that needed to be spoken: yes, there are very wealthy donors of color and yes, they are philanthropic and want to give big.

Doria told us about the Donors of Color Network and their newest report, Philanthropy Always Sounds Like Someone Else: A Portrait of HNW Donors of Color.

So many gems in this report for strategy, messaging, and research!

Philanthropy Always Sounds Like Someone Else: A Portrait of HNW Donors of Color

The Study:

The study conducted research interviews with 113 individual people of color with high or ultra-high net worth. Nearly a quarter of the sample reported they had net liquid assets of $30M or higher.

Some Gems:

(Quoted directly from the report with my notes added in parenthesis)

  • The universality of the experience of racism, discrimination, and bias reported by each interviewee is a striking finding of this project. (You have to be mindful with strategies and messaging for this group.)
  • Many shared a visceral contempt for the idea that people “pull themselves up by their bootstraps,” and did not see their prosperity as the result of individual effort alone. For many interviewees giving was an expression of gratitude. (Messaging opportunity!)
  • All donors expressed a desire to be more effective as donors, but very few had worked with professional philanthropic advisors. (Your organization could offer networking and educational options.)
  • They expressed great excitement about the possibility of new networks that could connect them to other HNW donors and donors of color. The overwhelming support for the formation of a new donors of color network was striking — support that has translated into the successful launch and formation of the Donors of Color Network.
  • Donors gave most often to educational institutions which many credited as critical to their success, and to racial and social justice causes. (Hello researchers! Data point.)
  • Their giving styles, priorities, and vehicles were diverse: they gave through giving circles, donor advised funds, community foundations, or other pooled strategies, occasionally through their own foundations, and often, directly through their checkbooks. (Research and find and share how we see prospects giving.)
  • However, they belong to an impressive array of civic, professional, and other civil society organizations. (You can usually find this easily online and in bios.)
  • HNW donors of color interviewed were mostly first-generation wealth creators, and often the people in their families of origin who had crossed into a new socio-economic class. (This speaks to messaging and the psyche of many first-generation wealth creators as well as data point to find in occupation.)

How can Prospect Research support finding the next layer of missing major gift prospects? Work smarter AND harder.

When data is the fundraising strategy, the urge is to collect, collect, and collect more data. If only we knew who was a person of color! If only we knew the gender! If only we knew…the clarinetists? Chasing the data points first is a mistake.

In past misguided attempts, I have tried looking for people based on their identity and it is a truly humiliating experience! Trying to define what makes someone Black vs. African American vs. immigrant vs. refugee vs. white vs. European American vs. all the ways a person might identify does not build a better list.

I’m suggesting a prospect approach like this:

  1. Identify the fundraising strategy. Do you want a more robust major gift pipeline overall? Do you want to broaden your donor base specifically to include a certain type of donor? Do you need billionaires? Once the strategy is crystal clear and the activities are sketched out, then research can…
  2. Begin testing the data. Can you pull reports and manually research key points to yield lists that respond to development officer outreach? This is iterative and takes many, many months overall. You may need some data enhancement/appends. Maybe not.
  3. Repeat and evolve your prospect sourcing strategies. Sometimes a report that worked well for the first three rounds dries up. Can you change the list-building criteria? Is there a messaging problem with the organization’s donor acquisition activities? Can you try a new source? Do you need to go outside the donor database?

The tried and true approach to prospecting, when it follows the fundraising strategy and when the organization is engaging and messaging in ways that appeal to the desired audience, works well. It’s a long-term strategy, but it works. But remember that Research and data are not in control of fundraising strategy or messaging. If the strategy and the messaging ignore the needs of the intended audience, that is a problem that no amount of data collection can solve.

Don’t Misfile your Major Donors!

It is not easy to be inclusive – for anyone. Our brains are hardwired to categorize and find patterns. This generates implicit bias, which is what happens when we automatically assume someone works at a store even though their attire or behavior should clue us in otherwise, for example.

As you seek to qualify prospects for wealth and giving, ask yourself critical questions all the time, such as:

  • These two donors have a similar career path but I gave them very different wealth ratings. Am I missing something?
  • First-time wealth-creators might live modestly. Did I check on the size and scope of the company my prospect founded? For example, a trash hauling company isn’t glamorous work, but when that company has a multi-state presence it could be a recession-proof wealth catalyst!
  • What assumptions am I making about the lack of data found? No giving found doesn’t mean the prospect doesn’t give. No second home doesn’t mean a person in a high-income occupation isn’t making a high income.

When research and fundraising leadership partner together, so many good and inclusive things can happen that result in higher fundraising support – regardless of how a major gift gets defined.

Additional Resources

 

A Screening By Any Other Name Would Read As Rich

Prospect Identification, , , , ,

Apologies to Shakespeare, but when it comes to the communication between major gift officers and prospect researchers, “What’s in a name?” is an important question worth paying attention to!

“What’s in a name? That which we call a rose by any other name would smell as sweet…” -William Shakespeare in Romeo and Juliet

I didn’t realize how important words are until I became a consultant and needed to clarify what services we offer our customers. If I fail in that communication, the consequence is either no work or an unhappy customer.

As it happens, wealth screenings are one of the most frequently misunderstood tools – and words – we use for major gift prospect identification at Aspire.

Notice how I defined that?

A wealth screening is a tool for major gift prospect identification.

However, all too frequently Aspire Research Group’s potential customers and current clients define it more like: Wealth screenings provide accurately matched profiles on prospects.

Why is there such a discrepancy in the definitions?

As much as I am indebted to the big vendors for flooding the nonprofit market with advertising and education on using wealth screenings, they have also perpetuated the myth of accurate electronic data matching and scoring. It makes for healthy sales revenue!

As a business owner I respect that simple marketing messages make sales. But as a prospect research professional it drives me nuts because you can have the very best, most amazing data-matching algorithms and scores and ratings and all things analytics – but it will not be enough!

It will not be enough because ultimately we are dealing with humans, not data.

Do any of these kinds of scenarios sound familiar?

  • Visits with donors that are recorded in the database as actions with text, but no specific coding to know they were qualified or disqualified.
  • Donors with common names, such as Robert Smith, but is it the billionaire or not?
  • Researchers wanting to preserve data and not deleting things like gift opportunities on records when there was never a single two-way exchange.
  • A great structure for coding prospect management in the database – that has old or just completely wrong information.
  • Contact reports that indicate the prospect is ready for a solicitation, but no gift opportunity or prospect status was ever entered or updated, and in the hundreds of names in portfolio the prospect was unwittingly dropped like a hot potato.
  • The data integrity team won’t allow development officers to update contact information on the record and now actively engaged prospects lack the basics such as current addresses or working telephone numbers.

I could go on and on. It’s all so human!

So, what now? Are wealth screenings worthless?

Heck no! Wealth screenings are an important and economical tool for major gift prospect identification. They are designed to help you segment and prioritize large groups of records and they perform better and better as the matching algorithms and accessible data improve.

The auto-matched profiles available with most wealth screenings are also really good. It’s just that they are not anywhere near 100% accurate. They were never meant to be! Matching algorithms keep getting better, but they can’t be perfect. They are good enough to get a great segment to focus on.

Because once you have a top major gift prospect segment, research can prioritize that much smaller list with quick research to confirm the information, and can deliver prospects to the development officer that have current, actionable data.

A screening by any other name would read as rich.

It doesn’t matter if you define a screening as an electronically matched algorithm or a researcher quickly scanning sources to confirm the algorithm’s findings — or both. Bottom line is that screenings help identify new major gift prospects.

One way to avoid confusion over the choices of words used is to describe the desired outcome.  If you are a development officer and want to identify new major gift prospects, say that. If you say “I need a wealth screening” but a different technique would work better, you may not get the best outcome.

As Elisa Shoenberger describes in Top 5 Misconceptions of Prospect Identification, prospect identification is “using the knowledge of an organization, its best prospects, as well as an understanding of wealth and philanthropy to determine which prospects are the best ones.”

This goes for prospect research professionals, too! When someone wants new prospects identified, it’s not always wise to assume a wealth screening will be the best technique. Instead of focusing on a tool or technique, start asking questions about what they will do with the names, or how many names do they need, or other questions to widen the conversation.

And once everyone knows what is desired, then the discussion can progress to the tools and techniques that would best deliver the outcome of identifying major gift prospects.

Are you tasked with doing the work of major gift prospect identification? Check out the Prospect Research Institute’s workshop, Profiles vs. Screenings, where we dive into the difference and research for the desired outcome!

Profiles v Screening 14 Nov 2024 workshop

Why Do Insiders Disclaim Beneficial Ownership?

Profiles, Prospect Research, , , , , , , , , , , ,

If you are a prospect research professional, odds are that you have searched for the beneficial ownership of securities table in a proxy filing with the SEC. But do you really know what beneficial ownership means Why do insiders sometimes disclaim the beneficial ownership they reported? Should you care? Maybe. If you have to explain it to others, such as development officers, then definitely!

The proxy (Form Def 14a) is the document a public company files each year to explain and be transparent about the securities or stock it has on offer for purchase by the public. After all, the SEC came into existence in 1933 to restore investor confidence in our capital markets after the stock market crash of 1929. From that perspective, beneficial ownership makes a little more sense.

A beneficial owner is…

  1. A person who enjoys the BENEFITS of ownership even though the stock is not directly owned in his/her name.

    For example, I may change the title of my stock to a trust, or a foundation, or an LLC, but still, maintain the benefit of ownership as a trustee or beneficiary or both.
    .
  2. A person (individually or as part of group) who has the power to vote on shares, or who wields influence over a shareholder’s vote.

Fundraising research is less concerned with whether the prospect can influence the votes of shareholders, but we do care about enjoying the BENEFITS of ownership, because this can have an impact on our prospect’s wealth picture.

James Dimon Example

Let’s look at an example: James “Jamie” Dimon is CEO of JP Morgan Chase & Co. (JPM). According to the beneficial ownership table in the proxy filed on 4/6/2020, he owns 9,538,667 shares of company stock. Or does he?

Footnote #3: Includes 115,800 shares owned by entities as to which Mr. Dimon disclaims beneficial ownership, except to the extent of his pecuniary interest therein.

If Mr. Dimon BENEFITS from those 115,800 shares, but DISCLAIMS this beneficial ownership, who might have legal and direct ownership of them?

A Form 4, Statement of Changes in Beneficial Ownership, must be filed every time an insider has a change in the number of beneficially owned shares. It often gives us greater detail on who owns exactly what shares. Could it help us with Mr. Dimon’s disclaimed, mystery 115,800 shares? Indeed, it does!

Form 4| Filing date 10/14/2020(much later than the proxy filing

Note the footnote #1 next to ownership by “LLC”? This savvy guy doesn’t want us to know the name of the LLC, just that it is an LLC.

Footnote #1 reads: Reporting person [James Dimon] disclaims beneficial ownership of such shares except to the extent of any pecuniary interest.

Mystery solved?

An LLC of undetermined name legally owns title to 143,388 shares of JP Morgan Chase & Co. stock. And Mr. Dimon DISCLAIMS that ownership, even though he is legally required to report it because he benefits from the ownership.

Translation / Interpretation

In Mr. Dimon’s example above, we are discussing fewer than 200,000 shares out of more than 9 million shares. From that perspective I care a lot less about that mystery LLC. But I have researched more than one prospect where the mystery LLC owns the lion’s share of stock. Sometimes I even know the full name of that LLC.

And too often, even knowing the company name doesn’t help.

As I have described before, someone like Mr. Dimon could be a member of an LLC in Delaware and the public (and even the Delaware Division of Corporations) wouldn’t know it!

The DISCLAIMING of beneficial ownership in Mr. Dimon’s case feels interesting because he benefits from a laundry list of indirect ownership that he does not disclaim: 401(k), family trusts, spouse, etc. Since he does indicate a pecuniary (financial) interest in the LLC shares, we might speculate that he expects to profit from whatever the mystery LLC is going to do with his shares, but that he argues that he is not influencing the investment.

Is Speculation Warranted?

Speculating is fun! And sometimes it does help to put numbers into perspective, especially if you are fussing over exactly how much and what kind of gift proposal to put together for a prospect.

Following is my completely fictional speculation about Mr. Dimon’s mystery shares as written for the prospect profile. For this fictional example, assume that I discovered the name of the LLC was MiamiBeach LLC and that I knew his daughter started a real estate venture in Miami Beach.

We know that Mr. Dimon’s 32-year-old daughter recently began a real estate venture in Miami Beach, Florida. We do not know who owns Miami Beach LLC because it was incorporated anonymously in Delaware. Since Mr. Dimon disclaims ownership of the shares owned by Miami Beach LLC, we might speculate that it is his daughter’s company, and that Mr. Dimon invested those shares in his daughter’s company, expecting a financial return.

We can speculate, be we can’t actually KNOW this to be true. The information about the true disposition of those shares is NOT available to confirm our speculation.

Be Clear. Be Firm. Have Fun!

If you are going to pick apart stock holdings and speculate, just be sure to use very clear language. Words such as the following are useful:

  • We do NOT know if this is true, but we are GUESSING based on…
  • We can NOT know who owns this company, but we SPECULATE…
  • Mr. Dimon disclaims his ownership of these shares and although we can NOT know the details of exactly who owns the shares, we SPECULATE…
  • Because this is SPECULATION, you might want to consider these shares as NOT available for gifting.

The pressure on your development officers to raise the most money possible to further your mission is real and it is powerful. If you are comfortable speculating, it can help your development officer to put the stockholdings into perspective relative to the full philanthropic and wealth picture of the prospect.

But there is a limit to what we can know. And when the prospect has deliberately placed information beyond public viewing, it is worth stating. After all, our prospects are just as entitled to their privacy as we are. To attempt to pull back the veil of privacy could be construed as disrespectful with the potential to damage the relationship.

I enjoy the tangled web of financial filings and the constant rebalancing of how exact to attempt to be when presenting the information. I hope this example made beneficial ownership just a little bit clearer.

Additional Resources

  • Want to dive in deep to insider SEC filings? Become a member and enroll in the Insider Stock and Compensation Course. >>Learn More
  • Wish you had an SEC filings reference book handy? Purchase the Insider Stock and Compensation Workbook and focus on filings and information that matters for fundraising. >>Learn More
  • Can You Really Hide LLC Ownership? You Betcha!| Jennifer Filla | 2020

Back to the Future with #ResearchPride

Prospect Research, , , ,

Are you familiar with the imagery of a devil on one shoulder and an angel on the other, both whispering in your ear, trying to influence your behavior? In the information services field it sometimes feels likes we have artificial intelligence on one shoulder and humanity on the other, each trying to get us to follow the path on the right or left.

Does it have to be one or the other? Good versus evil? Artificial intelligence versus humanity?

I had the privilege of interviewing prospect research thinker Valerie Anastasio recently for the Prospect Research #ChatBytes podcast. Years ago when the Apra Talks first debuted at Apra’s annual international conference, she was one of the first presenters. She talked about profiles and the future. Would artificial intelligence take over our profession? Her message: the march is on …but we are just as important as before!

If you haven’t listened to Valerie’s 20 minute podcast yet, I give you permission to go ahead and take a tea or coffee break right now.

Valerie walks us through the dawn of the internet right up to the data aggregators and social media firehose of information available to us now. She talks about what our profession has lost sight of and the opportunities it is gaining as it moves into the future. It’s good stuff.

Advances in information technology have transformed the prospect research profession. Even so, our primary role remains the same. As prospect research professionals we provide the information necessary to guide and support the fundraising effort – the relationship donors have with the organization.

How and what kind of information we provide has changed and will continue to change.

I won’t spoil the podcast for you and share Valerie’s vision for what that change might look like in the future, but I will share with you how you can change your mindset in a way that prepares you for the future of our profession.

  1. Don’t sell products; sell service partnerships. So often we refer to our work as a “product.” We can give you a profile, a wealth screening, or data analysis. The future is in partnerships. We can listen and understand what you need to move fundraising forward, and translate the information to get you there.
  2. Be a sales person. That means communicating in the way your end-user prefers, which could be on the phone or in-person. It also means actively marketing your services. Why should anyone care about the all-in-one rating you created to prioritize the prospect pipeline? Listen to their “pain” and “speak” the solution.
  3. Omit the details. Prospect research must still understand and be accurate in the details, but don’t torture your end-user with them. Big picture thinkers often make good leaders, but they won’t listen to you drone on about all of the options. Listen to them, decide what you think will work best, present the solution confidently, and then you can keep tweaking until it works.

Back to our devil vs. angel imagery, if the march of artificial intelligence is already on, which shoulder should you be listening to – artificial intelligence or humanity? Both! Valerie listens carefully to the voice of artificial intelligence, the advances in information technology, but also to the voice of humanity, the way in which humans behave and relate to one another. She combines them both to create a central path for her organization. This is the path that leads to the deepest connections with the most capable donors.

As you listen to the prophets and skeptics of artificial intelligence, remember your history, and consider Valerie’s description of her experience with the internet revolution. Change doesn’t happen overnight. It will happen, but probably not quite the way we all expect it to.

One thing I am certain about: prospect research professionals will continue to provide invaluable support to their organization’s fundraising programs. So go on, indulge yourself in a little #ResearchPride!

Additional Resources

How about a fun way to show your #ResearchPride at the office?

Click here for #ResearchPride Swag

Women’s Hack Guide to Prospect Research

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Did you know that International Women’s Day is March 8, 2018? Get ready! In honor of women, the Day, and with some recent inspiration from a #FemaleFund Tweet-up hosted by Preeti Gill (@SoleSearcherPR) and Vanessa Chase (@vanessaechase), I thought I’d depart from the usual and have a little bit of tongue-in-cheek fun!

You see, during the Tweet-up I mentioned that my biggest challenge in researching women is that the traditional public sources are weak on information about them. Sarah Bernstein (@srbernstein) mused that since prospect research, like other fundraising careers, is still mostly done by women, are we creating many of our own biased tools?

And the seed to the Women’s Hack Guide to Prospect Research was planted!

(Don’t worry, men, you can read this, too, and still get some great search ideas.)

Preparing for Your Day

  1. Make some coffee.
  2. Review/write your task list for the day, incorporating meetings on your calendar and when you’ll accomplish household errands in between everything else (because you pass the dry cleaning on your way to the library where the book you requested is waiting, and you can finally return your child’s overdue library book, which you found when you were cleaning this weekend).
  3. Mentally separate tasks that require deep focus and those that you can do while chatting with someone who stops by your desk (including updating the database record while the gift officer tells you about her visit with the prospect you just researched).
  4. Sip your coffee and start your research!

Shifting to Inclusive Research

  1. Using the “inside-out” approach, efficiently work through the usual tools, collecting information, but then, regardless of the level of profile, stop and shift to one or two alternative or less traditional search approaches.
  2. Document your alternative search strategies to keep track of what works as you proceed with your research, such as the following:

Female Spouse

Male Spouse

  1. Social media is sizzling for you today! Add the social media sites to your bookmarks, especially if there is a separate search page.
  2. Download a few articles and blog posts about Instagram and Pinterest onto your tablet because you don’t have your own account on them – yet! (and you know you’ll have at least a 30-minute wait when you take your teenager to the doctor’s office later this week – they are never on time.)
  3. Make more coffee! (or switch to tea)

Winding Up Your Day

  1. Hand-deliver the prospect profile to the gift officer because you know he’s excited about his upcoming meeting in the couple’s home. When you mention that the woman was a marketing executive and he dismisses it, listen as you weave the story about why it’s important (The giving is either in her name individually or as a couple, suggesting she is the philanthropic driver in the household. She held a top position at the marketing firm and would probably be a great fit for and open to serving on our development board, while her husband appears overstretched serving on multiple company boards building his career. The children are teenagers and she might be thinking about what she wants to do next – it’s good timing!)
  2. Make a mental note to add information like that to the profile next time!
  3. Pat your back because you just advocated for a woman AND put your organization in a better position to deepen its relationship with a donor.
  4. Finish your last cup of coffee before the commute (race) home begins.

 

Additional Resources

Curious About Canada? A Primer for Prospect Researchers Who Don’t Own Hockey Sticks

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Guest post by Preeti Gill

On this April morning, it’s -5 Celsius and the snow is blowing lightly.

I saunter in to my local Timmies, order a double double and a honey crueller, drop a few loonies on the counter and sit down for a while. It is tax time and I need to netfile before the CRA deadline. I look up from my keyboard and there’s Tony, the local hockey sensation, carrying his pet beaver on his shoulder…

Eh?

Oh, Canada, where donughts (not donuts), yoga pants and timed tweets were perfected. The land where conservative fiscal policy helped our big five banks cushion Canadians (somewhat) from the economic downtown of 2007/08.

I find that where we’re from makes us exotic, especially for other Prospect Research professionals who are always on the lookout for new resources.  When Jen and I brainstormed around blog ideas, she seemed intrigued by my Canadianness.

“How far is Ottawa from Toronto?” she asked this Vancouverite who is ill-equipped to comment on any Ontario-related matters.

What I can offer is a quick primer on today’s Canada for Prospect Researchers outside my homeland, strong and free.  Here you’ll find some interesting “Timbits” about what’s new and where to access information about your friendly Canuck prospects and donors.

We are accomplished

Our Government hands out accolades to everyday and high-profile brave and successful Canadians.

Our peers also honour each other.

We are diverse

Immigration is primarily driving population growth. Environics intelligence notes that in our major urban centres, Toronto and Vancouver, nearly half of the population identify as members of a visible minority group. So the minorities are fast becoming the majority.

Canadian Immigrant magazine profiles successful new Canadians in business and other areas.

We are rich

  • Well, they are (not me) –> Canadian Business Rich 100 2014 [List]
  • The left-leaning Canadian Centre for Policy Alternatives studied the wealth gap in Canada and discovered that the wealthiest 86 Canadians could purchase an entire province today. [News release]
  • How much did Canada’s top 100 CEOs get paid last year? The Globe & Mail is due to update this list with 2013 figures soon. [List]

We give back in a big way

  • The late Doc Seaman left $117 million from his estate to the Calgary Foundation last year. It’s the largest ever gift to a Canadian community foundation.  (Did I mention we’re getting older, as well?)
  • The Slaight family gave $50 million to a consortium of five hospitals in Toronto.
  • An impressive 13.3 million Canadians volunteer 2.1 billion hours, according to Volunteer Canada.
  • KCI provides an addictive scroll of recent Canadian giving by individuals, corporations and foundations.
  • Blackbaud’s new Giving Index provides a monthly snapshot of our generosity. (Things are looking up.)

We are social

…but slightly more conservative in our approach to shameless self-promotion!

  • There are 8 million+ LinkedIn users, as of 2013. [Infographic]
  • Twitter opened a Canadian branch in Toronto primarily to drive advertising and sales.
  • Planning timed tweets? You may be using HootSuite which was born in Vancouver and is rapidly expanding, thanks to securing $165 million in financing.
  • Can’t get enough of Canada? Consider attending the upcoming APRA-Canada conference in Toronto this fall. This is a highly-anticipated and well-organized biennial conference with a focus on Canadian-based research resources, issues and trends.

About Preeti Gill

Preeti-2Preeti Gill is passionate about all things prospect research, pipeline management and charity capacity-building. She works at Canada’s largest community foundation in Vancouver and blogs at Sole Searcher [preetigillyvr.blogspot.ca]. With true patriot love, she welcomes social contact here and there:

Top Secret! How to Bulk up your Prospect Pool

Prospect Identification, Prospect Research, Resource Links, , , , , , , , , , , , ,

HappyKeySMIn this article I’m going to share the secrets of finding great prospects. Maybe you’re one of those fundraisers who is always reading the Business Journal scouting for a lead, but they don’t pan out. Do you wonder how those other organizations pull in the big gifts? Or maybe you’re new and all the best prospects are assigned to senior fundraisers. You can get great prospects too!

If you read a lot of blogs (like I do) now is where you get skeptical. Is she just going to give me theory I already know (and hasn’t yet helped me find good prospects) or will I get at least a couple of nuggets I can actually use? I’m aiming for the latter. The “trick” is that you still have to work hard!

Fundraising research theory tells us that you need to know who you are looking for so you can spot them. We use jargon like linkage, ability and affinity. And there are tools that give you a competitive edge with that. But you can do it even without bright, shiny tools.

The First Thing…

The first thing any good fundraiser (and prospect researcher) needs to do is learn what it looks like to be wealthy. Watching soap operas may seem like a good education here, but much better is reading through some of the wealth reports like the Knight Frank Wealth Report 2014. You’ll find links for other reports in the sidebar on your right.

And the second first-thing-any-good-fundraiser-needs -to-do is get in front of people, especially donors. You should read and get in front of donors at the same time. Start with known donors because they are the most likely to give (again) and it’s always better to get a gift, right?

Call, visit, and read.

When you are reading about the wealthy at the same time as you visit prospects you’ll start making the connections. When the prospect talks about how he and his wife are taking classes in gemology and he has a watch collection, you’ll remember what you read about this being an investment hobby for the very wealthy. And when a different prospect brags about taking regular trips to Europe on mileage points you’ll recognize that what you thought were luxury vacations probably aren’t.

You can do that without any tools except your eyes and ears. Well, I guess you need to use your mouth to place the phone call…and, okay, guide the conversation. But you get it, right? Recognizing the wealthy – the truly wealthy – takes an education.

Get Your Toolbox Dirty

Getting an education on spotting the wealthy still isn’t likely to fill your prospect pool with GREAT donors – those with linkage, ability and affinity. If you have tools that assign ratings to the prospects in your database, use them! Don’t be discouraged if it doesn’t work out perfectly the first few times.

For example, you might pull a report of people who rate high for ability and likelihood to make a gift, but find most won’t take your phone call. You may need to add additional criteria depending on your organization. Maybe it’s “donor within the past two years” or “attended an event in the past two years” or some other criteria that makes it more likely they will let you visit with them.

Keep track of your efforts so you can repeat what works best. And, yes, this does mean you will have to make a lot of phone calls that end in “no thank you I don’t want a visit”.

It’s the same even if you don’t have tools that provide ratings. Without tools you have to get more of an education. You might use a free tool like the Washington Post’s interactive map** of the nation’s super zips to identify wealthy zip codes to search for in your donor database and combine that with “donor within the past two years” or other criteria that suggest a “warmness” toward your organization.

The Secret Weapon

If you are really lucky, you have a trained prospect researcher on staff. Use all your fundraising powers of relationship building to get this prospect research wizard on your side!

HOT TIP: your researcher is likely to get the most excited about searching out top prospects if you reward her with feedback from your calls and face-to-face visits.

With a prospect researcher on your team you are more likely to out-produce even seasoned professionals in the race for fundraised dollars. Really, really!

…and if you can’t support a trained prospect researcher full-time, you can always outsource. Just sayin’!

**Julie, Prospect Research Analyst in Pennsylvania and Groundbreaking Student at the Prospect Research Institute, shared this fantastic resource with the class!

Did you get a nugget or two?

I hope you found a useful tip you can apply in your office. Maybe you have great suggestions you’d like to share with others. Please comment and share!

Jenz Favorite Wealth Reports

Watch out Prospects! Got a Photo? Gotcha!

Profiles, Prospect Research, Resource Links, , , , , , , , , ,

Do you know how it is when you find a new tool and suddenly it appears EVERYWHERE?! This is how I feel about relationship mapping. Ever since I purchased a subscription to Prospect Visual, I have started to notice different relationship mapping techniques and applications all over the place. My recent quest for facial recognition searches on photos is a case in point.

My typical nonprofit client doesn’t have a huge warehouse of internal data and often feels an urgency to add to its current donor pool to meet special fundraising initiatives. Relationship mapping holds such promise for identifying prospect gold in uncharted territories! Or does it? Yet?

My feel for the technologies involved is that it is early days. Some of what is currently being commercialized could be easily disrupted by what we might now consider ancillary or “extra” services. Facial recognition is a good example.

Technologies like facial recognition are both shockingly advanced and woefully inadequate. Most things start out expensive and, especially with technology, can become affordable in a remarkably short period of time. Here’s hoping that happens with facial recognition. Unless of course you are searching on me!

Here’s how my facial recognition quest began. I was working on a difficult prospect assignment. Not many donor lists out in the public domain in this particular city, and board members with limited profiles and middle-income wealth. And then I stumbled on a Flickr account with gala pictures from a past event of a similar organization. Eureka!

But no captions on the photos. And I am not personally familiar with the who’s who of that city. Bummer! Or is there a way? To find out I consulted the best talent around – the research list-serv hosted by APRA – and received two good sources:

Google Images

Did you know that you could search for other images using an existing image? You can! And it did make good *exact* matches to find pages where my picture was located (because, of course, I tested it on myself first). But when it came to similar matches…wildly differing pictures appeared. But, ahem, it did find one of Julia Roberts, which I agree is very similar to mine.

TinEye.com

This site seemed so promising, but it didn’t find any matches on my photo, which was disappointing.

These sites were not enough to help me identify the pictures on that Flickr account. But apparently there is some seriously powerful software available that has the potential to make a prospect researcher’s dream come true and find out way more than just linkage or connection.

Social media maven and all-around talented researcher, Lori Hood Lawson, pointed out a 60 Minutes episode that demonstrated the power of some maturing technologies – and has me even more determined to vote at every possible opportunity!

Check out the 60 Minutes episode here: http://www.cbsnews.com/video/watch/?id=50153673n

With the proliferation and popularity of photos and videos all over the public domain, it creates an opportunity not currently considered in the text-based products such as Prospect Visual and Relationship Science that are on the market for nonprofits right now.

Relationship mapping and other prospect research techniques often follow behind competitive intelligence and other for-profit efforts. The uses are similar, but not the same, and as prospect researchers, we often find ourselves getting “creative” to make products work for us. However, with the nonprofit industry growing to such a powerful size, we might see a shift.

But don’t worry donors, prospect researchers have a code of ethics we take incredibly seriously!

Other Articles You Might Like: Relationship Mapping for New Prospects

Join the Relationship Mapping Workgroup:  Click Here to Sign Up

Questions? Want to talk about this post? Call Jen Filla at 727 202 3405 or email jen at aspireresearchgroup dot com.

5 Tips for Finding Your Prospect’s Children

Profiles, Prospect Research, Resource Links, , , , , , , , ,

Knowing whether a donor prospect has children is a critical piece of information, but even more important for planned giving prospects. According to a study by Russell N. James III, J.D., Ph.D., Assistant Professor at the University of Georgia*, the absence of grandchildren as an indicator of likelihood to make a planned gift trumped even giving history – by a wide margin. Yes, go ahead and read that sentence again!

After those findings were presented at AFP’s International Conference I received multiple inquiries asking if there was a way to append child relationships to the donor database. Thank goodness the answer is “no”! I’m not confident that a centralized database of familial relationships is in our best interest generally. But it sure would be a powerful piece of information in our ability to predict inclination to give.

Whether you are a frontline fundraiser or a dedicated prospect researcher, there are a few ways to tease out information about children when it might not otherwise be obvious.

1.  Biographical Sources

The first places to look are biographies, obituaries and wedding notices – any place where family information is described. Sometimes it is tucked at the end of the executive’s company biography and may or may not include names. Sometimes the Who’s Who listing is detailed. Other times a search engine might find a genealogy page for your prospect’s family.

2.  In the News

Many of you have access to newspaper and other news databases online with the use of your public library card. Other news articles show up in search engine results. This is often a good place to find references to children and grandchildren.

3.  Search on Address

I like to use Lexis Nexis for Development Professionals (LNDP) and perform a “People” search using only the home address – especially when the prospect has lived there for a long time. But you can also use a site like www.switchboard.com and do a reverse search by address. Any search that will give you a list of the names of the people who have been associated with that specific address is useful. The bonus from the LNDP search is that those addresses are referenced against voter’s registration and other sources and a birth year is often included in the search results. This gets me closer to uncovering how likely those associated names are to being children, instead of other family members.

4.  Giving and Private Schools

When a prospect gives regularly to a private school, especially one from which s/he did *not* receive a diploma, I like to perform a search in Google of the school’s website. You can use the Google Advanced Search form, or type in your own. It looks like this:  LastName site:schoolname.edu   Many times I have found likely children’s names, and sometimes even grandchildren who are attending or have attended that school.

5.  Social Media

If your prospect is active on Facebook, Twitter, or other social media websites, you might be able to tease out family relationships. Many times the prospect has tight privacy controls, but it is surprising how much can still be discovered in the public domain. I have even encountered prospects who keep detailed, and very public, blogs online.

Once I have found a likely child’s name, I have often been rewarded by doing a couple of searches on only the child’s name. The younger generation is more comfortable sharing online and the child, especially if post high school, might share parent names and pictures more publicly. This helps us with making an accurate match, but we need to be careful when approaching the donor prospect.

Children are special and protected relationships, and the last thing we want to do is make the donor prospect feel like we are stalking her with our prospect research techniques! Without trust there will be no gift. Because of this, we as fundraisers need to be skilled at opening the conversational door to allow the prospect to tell us what we already know.

There is always room for error when we search for information anonymously. If you are a prospect researcher working with a new frontline fundraiser, it is worth having a conversation with him about how important it is to allow the prospect to confirm the information we find.

Other Posts You Might Like

Why Use a Researcher When There’s Google?

3 Actions That Demonstrate Your High Prospect Research IQ

* “Causes and correlates of charitable giving in estate planning: A cross-sectional and longitudinal examination of older adults”, a study conducted by Russell N. James III, J.D., Ph.D., Assistant Professor at the University of Georgia and published in 2008 (data from 1996-2007 collected by the University of Michigan Health and Retirement Study)

Top Tips for Everyone: Power Searching with Google

Profiles, Prospect Research, , ,

Kate Rapoport, Research Associate

In July I attended an online class Google offered called “Power Searching with Google.” The class reminded me of a bunch of tricks to Google searching, and taught me some new ones as well.  Here are a few that I think will be useful for prospect researchers.

Patent searching

If the prospect that you are researching has been involved in research and you want to gather information on what patents she may hold, Google can help with that. On the left hand panel in the search page, under the word “Shopping” click on the word “More”.  The list will expand and you will see “Patents”. Now you can search for your prospect’s name and Google will find patents that contain that name.

Site and Filetype Operators

These operators allow you to narrow your search significantly. The site operator confines your search to one website or domain. For example:

“Jazzy Jay Jefferson” Site:Stanford.edu

…would produce only results that included Jazzy Jay Jefferson on the Stanford.edu website.

“Jazzy Jay Jefferson” Site:.edu

…would find every instance of Jazzy Jay Jefferson on every website that ended in “.edu”.

The filetype operator confines your search to a type of file. For example:

“Jazzy Jay Jefferson” Filetype:pdf

…would produce only results that include Jazzy Jay Jefferson and are PDF documents. (Think: online donor recognition reports!)

Date Range Limiting

If your prospect created a great deal of news in 2008 because of a controversy that you already have sufficient information about and you are now only interested in search results that give you information about your prospect from 2009 to the present, Google offers date range limiting. On the left hand panel of the search page at the bottom is the option “Show search tools.” Once clicked on, the first option is for date range. I can search SlideShare founder “Rashmi Sinha”, click “Show search tools”, select “Custom range”, enter 2009 to 2012, and receive search results from that time frame only.

Search Translated Foreign Pages

If your prospect is an immigrant from or has an interest in a company from another country, you can try to find more information by using the Translated Foreign Pages search function. Type in your search keywords, go to the left hand panel, select “Show Search Tools”, and then select “Translated Foreign Pages”. This will bring up searches for your prospect in available translated pages. You can customize the languages you wish to look through at the top of the search page once you have made the search request.

Conversions

This one is clearly not just for prospect researchers. I can never remember the correct ways to convert feet into meters, for example. Google has a really neat tool that does that for you. Enter “16 feet in meters” into the search box and it immediately gives you the answer (4.8768, just in case you were curious). You can use Google to convert any measurement as long as you use the formula “Number units in units.”

I hope you found these top tips informative, or at least a helpful refresher!

About the Author, Kate Rapoport:

Kate graduated from Smith College with a B.A. in Women’s Studies. She began her career in non-profit administration, became a mother and now, at Aspire Research Group LLC, applies her intelligence and curiosity to preparing prospect profiles that tell the stories that lead to major gifts.