We’re advocates of research-based fundraising and are seeing more organisations embrace the process to weather the pandemic. In 2017, Dr Beth Breeze’s Good Asking Report found that research enables cost-effective and efficient fundraising. Research-based fundraising isn’t only for organisations with a big budget; it can be effective for charities of all sizes (read our blog with tips for those getting started on a smaller budget here). Here’s how research plays into best practice fundraising.
1. Most gifts are not spontaneous
People don’t give gifts to organisations they don’t know exist. Most gifts that a charity receives aren’t spontaneous; someone or something has prompted that individual to give the gift. Someone could be a friend, family member or a fundraiser, and something could be a historical connection to your cause or philanthropic values that align. Research allows you to explore your organization’s existing connections and make asks of people who are ready to offer their support.
2. Research cuts down on your fundraising costs
Research helps fundraisers focus on making the right ask of the right people. If your fundraisers are well-informed, they will be able to make clear asks of people with the inclination and capability to support your cause. As a result, you will spend less money on fundraising and have more money to deliver your services and make an impact.
3. It’s the bedrock of major gift fundraising
Prospect research has been described as the ‘bedrock of fundraising from wealthy individuals’, and you might be surprised to hear that a lot of not-for-profit organisations do it. Prospect research is perfectly lawful under GDPR, as long as it’s done the right way. Research focuses on publicly available information and helps you identify the fraction of your pool of supporters who might be able to give a bigger gift.
Wealth screening is another effective way of getting to the right people quickly. As one method in your prospect research toolkit, it helps identify those with the ability to give at higher levels, in a non-intrusive way. Using it along with your best relationship fundraising methods can help transform your major gifts programme cost-effectively.
Our team provides prospect research, wealth screening, consultancy, regulatory compliance and training support to charities of all sizes. We’ll help you get the most out of your research budget, learn more about the people who support your cause, give you a detailed insight into your best prospects and identify new ones. We can also work with you to develop the best strategy for approaching them.
For more information, give us a call on 01491 577311 or email us at info@prospectingforgold.co.uk.