Done right, wealth screening can alleviate pressure on fundraising teams by cutting down time spent on unnecessary stewardship or ill-conceived donor asks. By comparing the information on your supporter database with our Wealth Intelligence Database to find matches, we’ll help you identify the supporters best placed to make a major gift.
After 27 years of working with charities of all sizes on research-based fundraising, here’s our advice for staying compliant with GDPR while wealth screening and making the most of your results.
Get clear on what wealth screening can do
Wealth screening has been the subject of years of misinformation, so you may have to educate some of your colleagues on its benefits to get them on side. Let’s start by being clear that wealth screening, carried out in line with GDPR requirements, is perfectly lawful. In fact, your high-level supporters expect this kind of research to be done before you approach them. It saves their time and yours by avoiding unaligned asks.
Wealth screening doesn’t replace relationship-building; instead, it’s a tool that can support you to build sustainable, long-term relationships with your supporters. And wealth screening doesn’t just benefit your major gifts team, it can also support corporate, regional and legacy fundraising.
Make sure your privacy policy is up to date
We could talk about data protection all day long; we’re committed to getting it right for major gifts and empowering the non-profit community to do the same (if you have any questions, don’t hesitate to get in touch).
Before you undertake any wealth screening, you have to let your supporters know you’re doing it. You can do this by making sure your privacy notice is clear, and if not, updating your privacy notice, informing your supporters of the changes, and giving them ample time to opt out of data processing. Don’t be afraid of communicating your research plans with your supporters; this kind of transparency builds relationships.
Make a plan for what you’ll do with your results
The most successful charities have a plan for what they’ll do with their wealth screening results before they get them.
One organisation we worked with had its table of gifts mapped out, and its fundraising team prepped for new prospects. Because they were ready for their results, they assigned them to fundraisers who could start nurturing those relationships within a week or two. It meant that short-term gifts came in that covered the cost of the screening while they were working on their long-term approach to major gifts.
Ready to find the best prospects for your major gift fundraising programme?
Join our free webinar on Thursday 30 April, Getting the most out of wealth screening. As well as sharing the nuts and bolts of data protection, planning, doing and using the results for major gift fundraising, our CEO Kerry Rock will explore:
What you need to know about wealth screening and data protection.
Planning your wealth screening to be GDPR compliant.
The steps for undertaking a screening.
The results – what you get from a screening.
How to make the most of your screening results.
How to convince colleagues that screening is right for your organisation.