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Around the World with Prospect Research

Around the World with Prospect Research. Carol McConaghy Thorp, CFRE Managing Director Professional Services Group Prospect Information Network 1.888.557.1326 www.prospectinfo.com. Prospect Research Basics . What Is It? Understand its purpose & role

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Around the World with Prospect Research

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  1. Around the World with Prospect Research Carol McConaghy Thorp, CFRE Managing Director Professional Services Group Prospect Information Network 1.888.557.1326 www.prospectinfo.com

  2. Prospect Research Basics • What Is It? • Understand its purpose & role • To collect and analyze prospect information necessary for relationship building/solicitation • Research generates leads (proactive) through prospecting activities and responds (reactive) to leads from field staff • Both activities are important to fundraising and equally challenging, especially with regard to international prospect research

  3. Prospect Research Basics • First: Expectations: understand how much time it takes to conduct prospect research • Second: Determine how much time your researcher(s) has to devote to your program: • Domestic Individual Prospects (reactive and proactive) • Corporate & Foundation Research Support • Prospect Management & Tracking Responsibilities • Database Management • Staff/Departmental Management Responsibilities • Inter-departmental Meetings & Projects • Intra-departmental Committees & Obligations

  4. Prospect Research Basics • Typical Assignment • Researcher handed a name (often misspelled) with little or no additional information from field staff; given tight deadline for research profile • Researcher given list of names (10-100+) on Monday to be completely researched by Friday… • Researcher asked to find “rich people” in a particular class, geographical area or some other broad designation

  5. Prospect Research Basics • Good News • Researcher will be able to complete each request…but… • Bad News • Not in the timeline requested

  6. Prospect Research Basics • The Answer? • A four letter word: • PLAN • PLAN • PLAN! • Work ahead with research, ESPECIALLY TRUE for international projects and prospects

  7. Prospect Research Basics • Meet with Research at end of fiscal year or include in planning meeting(s) over the summer • Inform Research as early as possible of annual travel calendar • Determine scope of services needed as early as possible • Also determine if information needs vary by staff (ie President, ED, new staff person, volunteer)

  8. Prospect Research Basics • Typical sources/methods: • Books/directories (ie, Who’s Who) • CD-ROMs – many of the directories are now on CD • On-line databases – fee-based • Internet sites – free

  9. Prospect Research Basics • Most of the sources used today are now in electronic form and available via the web – either free or fee-based: • Newspapers • Magazines/periodicals • Directories • CD-ROMs • Bibliographies/links

  10. Prospect Research Basics • Information necessary for relationship building/solicitation for domestic prospects: • Insider/securities holdings • Real Estate holdings/value • Privately held company information and ownership • Non-profit affiliations/gifts • Biographical information & interests • Information is collected, synthesized, analyzed and organized into a written profile

  11. Prospect Research Basics • Sound easy? • Prospect research is demanding and time-consuming (although fun!) • Typical timeframe is 8 hours for a comprehensive profile • International research poses more challenges and adds complexities to the research process • Expectations need to be adjusted

  12. International Prospect Research • Special Challenges • Information on international prospects is not often public nor accessible for a fee • Information that is available on international prospects is often not in the English language • Researcher often has little to start with and names/naming conventions in different countries are confusing yet specific • Researcher needs to become expert on different countries and regions to research effectively

  13. International Prospect Research • Research requires greater lead time – rush jobs are sure to fail, not produce information and not meet anyone’s expectations…

  14. International Prospect Research • International research takes more time (for reasons we will go into shortly) and may require additional information for traveling staff (President/VP/ED or if staff person new to area) • Country Profile • Economic Profile • Customs, Travel tips • Language • Prospect Profile • Other Contacts/Network

  15. International Prospect Research • Try to focus the researcher on just a few geographical areas so that she can become intimately familiar with them (i.e.,culture, custom, families, economics, philanthropy) • Determine how the researcher will interface with your program – will she be responsible for identifying wealthy prospects, researching names you provide or researching the country, customs, etc as a whole? • So…what do you really need?

  16. International Prospect Research • Remember to “determine the scope” • Information needed to qualify and cultivate international prospects is the same as needed for domestic prospects but add country information to the list and build in more time for retrieval: • Wealth indicators/assets • Real estate holdings, business wealth, family wealth, stock holdings; foundation affiliation, other assets • Biographical/interest information • Business/professional • Non-profit affiliations/gifts

  17. International Prospect Research • Here is a highlight a few good sources to get you started • More extensive bibliography included for you to use or distribute back at the office

  18. International Prospect Research • General sites • Dow Jones Interactive (approx. $75 month additional fees for articles) • Dialog ($300 to sign up and monthly fees for use); has over 400 databases, many international sources and sites • Bloomberg Box (about $1500 per month; covers every publicly traded company in the world and profiles on high level individuals; government officials etc) • Join PRSCT-L, FUNDUK and INTFUND list serves

  19. International Prospect Research • General sites • New England Development Research Association (NEDRA – www.nedra.org) • Internet Prospector – www.internet-prospector.org • Forbes – www.forbes.com/tool/toolbox/billnew/ • Virtual reference – www.refdesk.com • AJR Newslink – http://ajr.newslink.org/news/html • Aileena – www.aileena.ch

  20. International Prospect Research • Phone directories • Telephone Directories www.contractjobs.com/tel - find foreign phone numbers, has links to country directories • International Look-up www.whowhere.lycos.com/wwphone/world.html - addresses and phone numbers of foreign companies • International Directories – www.infobel.be/inter/world.asp - yellow and white pages of many countries

  21. Prospect Research - Europe • Tips on Getting Information • Long-standing attitude of fear toward the release of private names and information (many think its based on WWII and dictatorships) • Privacy and data protection legislation is being incorporated into national law(s). • Researchers need to avoid highly personal information (as always)

  22. Prospect Research - Europe • Alternate/Supplemental Approach • If you have one good volunteer/prospect, use them to review lists of other prospects for you • Ask research to look for prospects who live in NY but have European business addresses • This has been very effective in my experience

  23. Prospect Research - Europe • According to Christopher Carnie, Director Factary Europe & The Factary (NEDRA News, Winter 2000 Vol 13.2), researchers will find it easier if they can speak/read at least four languages but that some sites do translate into English language. • It appears that more and more sites are offering an English translation. • Included with this information is a listing of site useful for European prospect research.

  24. Prospect Research – Europe • Some pointers: • www.whos-whosutter.com/ has Italy, Russia, Spain (put other ones) • Newspapers are your best source, especially European “yellow press” which covers society, includes biographies and social “who’s whos” • Check out www.Bunte.com for society news in Europe (mainly UK)

  25. Prospect Research - Asia • Some pointers • Learn the naming convention! • Families are the main focus of financial assistance, not philanthropy • Stigma associated with public displays of wealth/conspicuous consumption • Lexis/Nexis is the most comprehensive source, next is Dow Jones Interactive. These are great starting points.

  26. Prospect Research - Asia • These sources work if your prospect is prominent enough to be mentioned in the news. • International Whos Who and wealthy lists from Forbes, Fortune and Asia Inc are a great next step as is Whos Who of Business in Asia and Asiaweek has an annual list of powerful people.

  27. Prospect Research - Asia • If prospect is an executive at a major company, information will come even easier. • Bloomberg box (check business school library) makes searching by name easy and even collects biographical information on Asian/foreign individuals. • Asian Company Handbook lists company’s shareholders.

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