With the pressure on major gift fundraisers, well-thought-through, targeted major gift approaches become more and more important. It is critical to get the right ask to the right people so you don’t run the risk of alienating supporters who could give at a higher level.
This is where wealth screening comes in. 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.
So, how do you get started with wealth screening? Before rushing into it, follow these tips.
Identify the wealthy people supporting your cause
The first step to successful wealth screening is identifying who you can look at in your database to find your new major donors. By wealth screening your existing database, you can identify the people already supporting your cause who have the ability to give a transformational gift to your organisation. This is also an opportunity to identify the supporters who have the ability to make a major gift and the business leaders who might be able to connect you with corporate partnerships.
Assess your potential major donors’ giving capacity
Taking a second look at the major donor prospects already supporting your cause will give you a better idea of their giving capacity. It also helps you ensure that you are cultivating and making asks of the right prospects and not wasting time by approaching people who aren’t interested in your cause or who don’t have the capacity to give at major gift levels.
Build better relationships with your key supporters
Effective fundraising is built on relationships. As well as identifying the supporters who have the ability to become major gift donors, wealth screening allows you to gain insight into these supporters’ professional and philanthropic motivations, enabling you to build personalised relationships and engage with them in a way that resonates with their interests.
Take a person-centred approach
Knowing your supporters’ interests and philanthropic inclinations means you can tailor your fundraising approach based on the insights gained from wealth screening. This ensures you are cultivating them the right way by inviting them to events that resonate with their interests and engaging them with the right asks.
Getting the most out of wealth screening
Data accuracy is paramount
Ensure that you regularly clean your data and keep any personal information you collect up to date. Outdated or incorrect information can lead to misguided efforts and waste valuable resources. If you’re not sure how to access up-to-date data, seek outside support. Our Wealth Intelligence Database has information about over 270,000 high-net-worth and well-connected individuals based in the UK. We are constantly updating and adding to it.
Combine information with strategy to build relationships
While wealth screening provides valuable information, remember that building meaningful relationships with potential donors is equally crucial. Use the data to inform your strategies and complement the research with personal engagement.
Stay up-to-date
Donors’ circumstances change over time, so to stay up-to-date you should refresh your wealth screening regularly. New information can lead to fresh opportunities and insights.
Be transparent
When it comes to fundraising activities, you need to be transparent about how you collect and use personal data. It’s essential you follow data protection regulations such as GDPR (General Data Protection Regulation) and ensure that donors are informed about the types of research you may be conducting.
Being transparent and respectful of people’s privacy is not only the right thing to do, but it will help build trust and develop an ongoing relationship with your donors.
Use your results
Wealth screening should be an integral part of your overall fundraising strategy. Make sure you incorporate the findings into your donor cultivation and stewardship efforts to maximise their impact.