By Susan Loh, Co-Editor, The Scoop, APRA Canada | Manager, Prospect Research, University of Calgary
One of the most fulfilling aspects of being a prospect researcher is our ability to play different roles and wear distinct hats - we are part investigator, part match-maker and part strategy partner.
We spend many intriguing hours behind the scenes, searching, gathering, analyzing and synthesizing information from a variety of sources. We love sniffing out leads - sorting and sifting through data to discern the relevant from the irrelevant, fact from fiction. Sometimes we find ourselves traversing - albeit cautiously - through nebulous grey areas, but we do so with full awareness and strict adherence to clear ethical guidelines established by our professional body, the Association of Professional Researchers for Advancement.
Our ultimate aim: to help our fundraisers and institution determine if an individual or entity has the capacity, interest and inclination to become a donor (investigator); if so, where he, she or it, would feel the greatest fit, alignment and passion (match-maker), and; how to best initiate, cultivate and deepen the relationship (strategy partner).
Our work culminates in the form of a simple document, the Research Profile - a showcase of our findings, thoughts and recommendations. At the most basic level, a profile resembles a career resume. It gives fundraisers a concise account of a person's (or entity's) background, skills, interests and capabilities, and allows the fundraiser to determine if they are a prospective donor, volunteer or connector, much like an employer screening job applicants for an interview and potential fit with the team or organization.
Key Elements Of A Research Profile
Research Profiles can take different forms with most institutions having their own defined templates. At its best, a well-crafted template guides prospect researchers and ensures they collect and present the most critical information.
Below are the key elements of three different basic research profiles:
Individual Research Profile
- Link to your organization: Donor, volunteer, advisor, employee, organizational "champion", status of current relationship
- Personal Details: Full and nicknames, age/birth date, education, contact details, spousal and immediate family details
- Career Overview: Reputation, achievements, chronological work history
- Community/Business/Professional Affiliations: Membership in professional organizations, trustee/director in public, private, non-profit and community organizations
- Philanthropy: Gift examples with amounts, dates and initiatives funded
- Wealth: Salary, shares owned and traded, assets owned, personal philanthropic funds or foundations established
- Other: Awards/accolades, hobbies & interests, in the news
Corporate Research Profile
- Linkages to your organization: Donor, supplier, grantor, corporate "champion", sponsor, internships, employer, etc., and status of current relationship
- Corporate Overview: Type of firm, key business activities, mission & values, history
- Management: Senior Management & Board members; founders and owners
- Financials: Total revenue, net income, total assets, market capitalization, debts, share price (current, 52 week high and low), capital expenditure projections
- Philanthropy: Areas/sectors funded, areas not funded, annual community investment budget, giving examples (date, amount, donee, initiative funded)
- Other: Award/accolades, in the news
Foundation Research Profile
- Links to your organization: Donor, grantor, sponsor and status of current relationship
- Foundation Overview: Private/public, funding interests, areas not funded, mission, date incorporated, source of funds, geographical focus
- Board of Trustees: Founders, arms length trustees and those intimately connected, advisory councils and committees, campaign committee members
- Financials: Total revenue, total assets, total grants given
- Philanthropy: Giving examples (in the last three, five, 10 years; specific initiatives identified by fundraiser)
- Other: Awards and accolades, events making the news
Turning Information Into Intelligence - Know Your Institution Well
Producing a research profile would be a cinch if all we had to do was populate the above fields. A few keystrokes here, there, and our internal and external, paid databases, could auto-generate and spit out information within minutes. Institutions with budgetary/resource constraints unable to hire their own prospect researchers, may do just this, relying on third part vendors or administrative employees - and even fundraisers themselves - to churn out such "Research Snapshots".
A Research Profile is much more. It not only provides data and information, but intelligence. Intelligence generated by a prospect researcher. At its core, it reflects the divide between technology (auto-generated snapshots) and brain power - the experience, judgement and strategic thinking prospect researchers bring to the process.
What this intelligence looks like will vary with each institution, but it can only come if researchers are educated about their institution's fundraising priorities, fundraiser targets and projects, and state of the prospect pipeline. Only through these lenses, are we able to weed out the irrelevant or less important information, and assess and articulate how it may specifically impact our institution or fundraiser.
Donning The Hat of An Investigative Journalist: Strategic Partner
Newbie researchers – the target audience of this article – should have their investigative reporter's hat on – or at least, close by – at all times. When sifting through information, some of the questions you could be asking include (and there are many, many more):
For an individual:
- Links to your institution: Depth and extent of their engagement and support? What motivates them? Who do they work well with or are connected to? Next steps to deepen and broaden current interactions?
- Career: Where are they on their career lifecycle? What makes them tick – passions, achievement and highlights? Career mentors, influencers? Likely career trajectory – 3, 5, 10 years from now?
- Philanthropy: Passion for a specific cause or organization? Historical giving patterns: small annual gifts leading to large gifts, one impactful, leadership gift, etc? Giving to similar initiatives your institution is asking money for? Geographical loyalty: city, province, country? Type of recognition preferred (e.g. naming, anonymous, dedications, etc)?
- Family: Links to your organization or the fundraiser’s ask/project? What influence do they exert – if any – over your prospect’s giving decisions? Should your fundraiser engage other members and why? Do they have young children which might in turn impact giving capacity/inclination?
- Wealth: Cash rich or assets rich? Liquidity of assets owned? Is wealth inherited, self-made, earned? Where is the prospect at on the wealth generating life cycle? Identifiable external factors which might impact wealth in next few years? Indicators they will likely make a gift this year – or next – for tax purposes?
For a Corporation or Foundation
- Links to your organization: As above
- Key Business Activity (corporation): How might the key business activities align with your institutional goals, mission or structure? Major industry and sector developments which might change business focus?
- Business overview: Business or corporate factors that might advance/hinder giving capacity and interest in your organization (e.g. marking of an anniversary might increase giving, whereas a big acquisition might negatively impact giving for a period of time)? Shared mission, goals and culture?
- Ownership/Major shareholders/Founders/Management/Trustees: To what extent might they influence giving decisions? What are their links to your organization?
- Financials: How might current, and projected financial health, impact amount and timing of an ask? Identifiable trends and forecasts impacting financial health?
- Philanthropy: How are grants accepted and accessed and by whom? Shifts in focal areas of giving? Observable and striking trends/patterns to giving year to year? Support for similar initiatives at other organizations?
Circling Back
Your answers and thoughts to any of the questions above, should always circle back to your institution: how might it impact the prospect’s interaction, engagement, fit, giving and interest in your organization and its fundraising priorities? How might it impact a fundraiser’s engagement strategy? What are the implications?
Inform your fundraiser about your conclusions and recommendations – that is, the intelligence that comes from analyzing/ interpreting information and linking it back to your institution’s fundraising goals.
At the University of Calgary, such information is contained in "Researcher Comments", a section that fronts all our research profiles, together with "Wealth Capacity", where a prospect's giving capacity, both at a larger level and specifically to the university, is rated. We'd like to think that if a gale-force wind were to suddenly snatch a research profile from a fundraiser's grip, they would still be adequately prepped to meet a donor/prospect, merely from reading the front page.
Research Profiles are fun. They expand and deepen our knowledge about people and organizations within our community and help position us as partners to the fundraisers we work with. At the very least, savour the pleasure of meeting and discovering a new and interesting person, or entity, everyday – minus the handshake and small talk!
University of Calgary Research Product Suite
Standard Profiles
- Discovery Profiles (for potential prospects – still identifying interest and capacity)
- Comprehensive Profiles (prospects that are ready for an ask)
- Alumni Profiles (for Alumni Relations; focus on university links; wealth capacity is not included)
- Media Scan (identifying significant items reported in media for a defined time period, plus update of relationships with the U of C)
Project-Based Profiles
- Qualification Profile and Lists (for prospects we have not met yet)
- Prospect Lists (for projects that need prospects)
- Relationship Maps (to identify new prospects or those who can open doors)
- Comparative Analysis (benchmarking and industry standards research)