Michael Nabarro says there is significant hidden wealth amongst the individuals in an arts organisation's database, and uncovering it is relatively straightforward and inexpensive.
As 2014 draws to a close the arts fundraising landscape has changed dramatically. Arts Council England funding has been slashed, private foundations have raised the bar for accountability, corporate donations are increasingly tied to narrow CSR programmes, and individual giving has been squeezed by shrinking disposable income.
Which is not to say it’s ever been easy. The challenges faced by today’s arts fundraisers, however, demand a new approach. The key to overcoming them may already be at your fingertips.
A report in 2012 by Arts Quarter found that of the 126 UK arts organisations whose databases they analysed, an average of 3.4% of individuals had personal wealth over £1m (not including the value of their homes). As might have been expected, this was highest in London (5.4%) but even in the region with the lowest number (North East & Yorkshire), it was 1.3%.
Imagine a database of 50,000 customer records – 1.3% still represents 650 individuals. If you were to solicit annual £1,000 donations from just 10% of them, that would amount to £65,000 each year... Keep reading on UK Fundraising
As 2014 draws to a close the arts fundraising landscape has changed dramatically. Arts Council England funding has been slashed, private foundations have raised the bar for accountability, corporate donations are increasingly tied to narrow CSR programmes, and individual giving has been squeezed by shrinking disposable income.
Which is not to say it’s ever been easy. The challenges faced by today’s arts fundraisers, however, demand a new approach. The key to overcoming them may already be at your fingertips.
A report in 2012 by Arts Quarter found that of the 126 UK arts organisations whose databases they analysed, an average of 3.4% of individuals had personal wealth over £1m (not including the value of their homes). As might have been expected, this was highest in London (5.4%) but even in the region with the lowest number (North East & Yorkshire), it was 1.3%.
Imagine a database of 50,000 customer records – 1.3% still represents 650 individuals. If you were to solicit annual £1,000 donations from just 10% of them, that would amount to £65,000 each year... Keep reading on UK Fundraising