Around the World with Prospect Research

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.