Wealth screening can transform your fundraising by helping you identify your best prospects and secure major gifts. However, before embarking on a wealth screening project, it’s important to go through some planning stages to ensure you can maximise the potential benefits of this process. In this blog, we’ll explore the steps that will help you plan your next wealth screening.
What’s your objective?
The first step is to define the objectives of the wealth screening project. Consider what you want to achieve from the wealth screening, such as identifying new major gift prospects, renewing existing supporters or improving your donor database. Defining the objectives of the project will help you determine the scope of the project and the resources required.
Who will be screened?
Define the criteria for selecting individuals to be screened. Consider what data sources you will use to identify potential donors and what criteria you’ll use to prioritise these individuals. For example, you could choose to prioritise individuals based on their capacity to give, their affinity to your charity’s cause or their level of philanthropic engagement.
Where will your data come from?
What data sources will be used for your wealth screening project? You are likely to be working with a research agency for your screening. So consider what data sources they will use to gather information. Screening usually provides you with wealth, corporate, philanthropic and social indicators.
How will you manage the data?
The fourth step is to define a data management process for your wealth screening project. How will you manage the data collected during the wealth screening process, and how it will be stored, analysed and updated? Also consider how you’ll ensure that this is done in a way that is compliant with data protection regulations, such as GDPR.
How will you engage new prospects?
Make a plan for how you’ll engage the potential donors identified through the wealth screening process. This may involve developing personalised communication plans, organising events or visits, or developing tailored fundraising proposals. At this stage, you should also identify who in your organisation is best placed to make the initial contact.
Measuring success
Define the monitoring and evaluation process for your wealth screening project. Consider how you will monitor and evaluate the success of the project, including measuring the return on investment and the impact of the project on your fundraising goals.
Get the most out of your wealth screening
Join us for our free webinar on getting the most out of wealth screening. We’ll answer the most commonly asked questions about how to use this form of research to identify new major donors and cover:
- What you need to know about wealth screening and data protection.
- Planning your wealth screening to be GDPR compliant.
- The key steps for undertaking a screening.
- What comes out of a screening.
- How to make the most of your screening results.
- Convincing colleagues that screening is right for your organisation.