Do you have an exciting major gifts programme in mind but don’t know how you’ll find the prospects to fund it? One way to secure funding is by targeting individuals who have the capacity and affinity to give philanthropically. This is where wealth screening comes into play.
What is wealth screening?
Wealth screening is the process of systematically identifying potential donors who have the capacity and propensity to give significant gifts. It involves analysing publicly available data about individuals, including their estimated wealth, publicly available philanthropy and other corporate and social connections. This information can help charities to identify their best prospects, engage with them and secure major gifts.
Why bother with wealth screening?
The answer lies in the three key factors that determine a person’s potential as a major donor: capacity, affinity and proximity.
Capacity refers to a person’s ability to give. Wealth screening enables charities to identify individuals with a high net worth who are capable of making major gifts. By knowing a person’s estimated wealth, you can tailor your fundraising approach and ask for an appropriate gift amount.
Affinity is a person’s interest in, or connection to, your cause. Wealth screening can reveal an individual’s known philanthropy, which alongside their connection to you, enables you to identify those who are most likely to be suitable to approach for higher-value gifts. This information can help you to personalise your approach and build stronger relationships with potential donors.
Proximity refers to how easy it is to reach a person. If they are identified through screening, you know you have a way to reach them as they are already your supporter. You can also use wealth screening to identify high-net-worth supporters who live in specific geographic areas which may be very helpful if you are running events around the country. This information can help you to target your outreach efforts and engage with potential donors more effectively.
Wealth screening gives insights into each of these areas and means you can tailor your fundraising approach and ask for an appropriate gift amount. By personalising your outreach efforts, you’ll build stronger relationships with potential donors.
When should you carry out a wealth screen?
- There are a range of times when screening is appropriate. If you’re planning to set up a major gifts program, a feasibility study can help to determine whether you have the potential to receive major gifts. Screening helps assess feasibility.
- During the planning stages of a new programme, screening can help to ensure that you have enough prospects in your pipeline to meet your fundraising goals.
- Finally, regular screening can help to keep developing prospects and top up the pipeline as people progress through the funnel.
Wealth screening is an essential tool to help you identify your best prospects, engage with them and secure major gifts. By understanding a person’s capacity, affinity and proximity, you can tailor your fundraising approach and build stronger relationships with potential donors. With the right approach and engagement, wealth screening can help transform your major gift fundraising.