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Wealth Intelligence – Diamonds In Your Back Yard

Posted by Redbourn Business Systems on Friday, November 25, 2011 Under: Fundraising Database

One of the ways that technology can help innovate and improve giving is to use it to take a closer look at your supporters’ database using Wealth Intelligence; there might be some “hidden gems” in there.

Wealth Intelligence is the identification of liquid asset millionaires, or put another way the identification of those individuals who can give or who can influence a single gift of at least £5,000.  Through factually researched information sources such as the Times Rich List, Debretts, Who’s Who and Dash, a Wealth Intelligence Database has been prepared by fundraising researchers, such as Prospecting For Gold, and this database has developed significantly over the past 20 years or so.

A number of organisations, including the team at AdvantageNFP as well as other reputable data cleaning and profiling agencies (e.g. CCR Data and Prospecting For Gold),  provide a wealth intelligence matching service for your CRM database.  This identification can be as simple as flagging the liquid asset millionaires in your database, so they can be “ring fenced” for specific fundraising activity or excluded from general activity, right through to detailed profiles that present their giving history, wealth band, share ownership, employment details, etc.  All of this data can be loaded back into your CRM database for subsequent research, mailing activity, etc.

The effects can be quite dramatic and are perhaps best illustrated by three case studies.  Each shows the difference wealth intelligence can make to an organisation’s fundraising efforts.

In 2008, an animal shelter charity ran a wealth screening exercise and tagged their database of supporters with a single wealth tag. They ran a “tea and cakes” afternoon, for a new cattery, inviting the tagged individuals to attend. This single event raised over £10,000 in just one afternoon.

In 2009, a leading university ran a wealth intelligence screen against their data. They identified a liquid asset millionaire alumnus, already giving, but just £50 per month and with a greater potential gift capacity.  After data mining, using the extended profile available from the Wealth Intelligence Database, they arranged a face to face visit.  The conclusion of that meeting was the receipt of a donation cheque for £500,000.

In 2009, an international development charity used the wealth screening process to identify liquid asset millionaires across its entire live data set.  These supporters were wealth tagged on the database and a relationship building process was initiated.  These potential high value donors have received tailored communications about the organisation’s work and have been invited to an evening event with keynote speakers.  The emphasis with this project was to build relationships with these supporters so they identify with the organisation, the aim being sustained funding in future rather than one off donations.

Given the current global economic climate and the considerable effort required to recruit new supporters, identifying those individuals with a greater gift capacity in your existing database makes real sense. Fundamentally it is about asking for the right gift value, from the right person, at the right time, and any technology that can help you with this process has got to be worth investing in.

In : Fundraising Database 

Tags: charity crm  database  advantagenfp  redbourn business systems  advantagenfp fundraiser  fundraising  wealth intelligence 
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