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Writing a Research Prospectus

A prospectus is a formal proposal of a research project developed to convince a reader (a professor or research committee, or later in life, a project coordinator, funding agency, or the like) that the research can be carried out and will yield worthwhile results. It should provide:

• a working title for your project,
• a statement of your research question or issue,
• an overview of scholarship related to this topic or to the this author,
• a brief summary of your research methods and/or your theoretical approach.

A prospectus is normally accompanied by a bibliography, often annotated, which lists sources you have consulted or plan to consult for your research. In cases where the texts studied exist in multiple editions or in translation, the bibliography should normally state which edition, text, or translation you will be using and why. You also should include a Prospectus Cover Sheet (Word) , complete with the signature of your director and second reader.

Contents:  In most cases, a prospectus will begin with an overview of existing scholarship, summarizing basic arguments relevant to the project. It will then position the project with reference to this scholarship. For this reason, the prospectus will demonstrate that you have conducted enough preliminary research to be able to design a relevant project and carry it through relatively independently. Since at this stage much research remains to be done, a thesis statement usually does not follow this introduction. Instead, include a statement of hypothesis or of the central research questions. The prospectus should then offer an overview of the project organization. If the project is large enough for chapters, include a breakdown of them. If special skills or assistance such as foreign language competency, access to archives or special collections, technical skills, or access to technical equipment are needed to complete your project, the prospectus should address your preparation in these areas. Part of your goal is, in essence, to "sell" your research supervisors on both your project and yourself as a researcher. Cover the ground well, presenting yourself and your project as intellectually convincing.

Developing an initial prospectus will help faculty understand where you are in the research process and help you bring focus to your research throughout the experience. Because it lays out a framework for your project, the prospectus can provide you with direction during the inevitable moments when you feel overwhelmed or lost. And because you have already clearly demonstrated your ability to carry out your research project, the prospectus can serve to reinforce your confidence and help keep you on track for a timely completion.

Beyond its relevance to your current research project, a prospectus helps you sharpen several important skills. Because a good prospectus demands concise, informative writing, composing one will help hone your writing style. In asking you to persuasively describe a compelling project and establish your ability to carry it out, it draws on abilities applicable to a variety of situations in and out of the academy, such as scholarship and funding applications, proposals for research forums, conferences, or publications, job applications, and preparation for larger and more complex research projects such as those found in Ph.D. programs and a variety of professional settings. The skill is so important that some people—grant writers—make a profession out of writing prospectuses.

Prospect Research 101: A Crash Course for Nonprofits

It’s critical for nonprofits to have healthy and effective fundraising strategies that empower them to maintain relationships with current and new donors who drive their missions forward. One of the most effective ways to strengthen your fundraising efforts toward these ends is to conduct thorough prospect research…

Whether your nonprofit is looking to strengthen its existing major giving program, solicit major gifts as part of  capital campaign planning , or even kickstart its very first development initiatives, prospect research will be integral.

However, you may be new to the process or need some refreshment. That’s where this crash course comes in. In it, we’ll give you a comprehensive overview of prospect research and the steps you need to take to get started.

Screen prospects quickly to get the freshest insights possible. Explore the tools DonorSearch has to help you get ahead!

Frequently Asked Questions About Prospect Research

Prospect research can be a daunting undertaking, especially for smaller or newer organizations. In this section, we’ll cover some of the frequently asked questions nonprofits often have when jumping into donor prospecting.

What is prospect research?

Prospect research , also called donor prospecting, screening, or donor research, is a technique used by nonprofit fundraisers, major gift officers, and development teams to identify high-impact donors within and beyond an organization’s current donor pool. Through this process, nonprofits gather an immense amount of data—information about donors’ backgrounds, past giving histories, wealth indicators, philanthropic motivations, and more.

How does prospect research differ from wealth screening?

When learning about prospect research, you may come across the term “wealth screening.”

Traditional wealth screening  falls under the “prospect research” umbrella. Typically, wealth screening focuses on analyzing donors’ and prospects’ wealth markers such as real estate ownership, business affiliations, and stock holdings. These help your organization determine a donor’s financial giving capacity.

However, just because a donor has the capacity or wealth to donate to your organization doesn’t necessarily mean they have the willingness or affinity to do so.  Wealth screening that takes into account a donor’s philanthropy and affinity provides a fuller picture of potential donors than honing in on wealth details alone.

What types of nonprofits use prospect research?

Prospect research is used by various organizations to improve their fundraising efforts. Here are a few examples of organizations that conduct prospecting and how each utilizes the data they collect:

• K-12 Schools : Parents and families of students should be screened during the research process, especially at the beginning and end of the school year and around graduation, to see how much they could contribute to the school’s annual fund and other giving campaigns.
• Colleges, Universities, and Sororities and Fraternities : Donor research provides a way to segment large pools of alumni into different potential giving groups, resulting in more targeted and successful solicitation efforts.
• Healthcare Organizations : Early and frequent research can help grow  grateful patient donor programs .
• Advocacy and Social Service Organizations : Large volunteer pools and event attendee lists mean there are always new prospects to screen and analyze for future giving potential.
• Arts and Culture Organizations : Screening single-ticket purchasers, special event attendees, membership holders, and consistent donors can lead to more support.
• Environmental Groups : With a calendar full of events and volunteer activities, these organizations should be screening attendees for more targeted donor cultivation.
• Faith-Based Organizations : Churches, mosques, synagogues, and other places of worship can pinpoint parishioners or frequent service attendees who are likely to contribute major gifts.

What are the benefits of prospect research?

Prospect research can enrich your nonprofit’s operations in a myriad of ways. When you prospect, you will be able to:

• Screen current donors : A  major donor  may be hiding in your current pool of donors. Prospect screening can reveal who in your donor base has the capacity to make a major gift.
• Generate new prospects : Donor research allows you to expand your nonprofit’s reach and find new potential donors. You’ll grow your community and your revenue generation capabilities!
• Refine your  major gift  strategy : Whether you’re seeking major gifts for a capital campaign or looking to strengthen your planned giving program, prospecting saves you time and money by helping you focus your efforts on prospects who are likely to give.
• Optimize  ongoing fundraising activities : With a wealth of data at your fingertips, your organization can see trends in its fundraising efforts and refine its goals and strategies for the future.
• Identify corporate giving opportunities:  Find out if your donors are eligible for corporate giving programs like  matching gifts  or volunteer grants as you gather information about donors’ giving histories, employers, and more.
• Fill gaps in donor data:  Donors may move, get married, or change their phone numbers. Prospect research can help you fill gaps in inaccurate or out-of-date information.

The Elements of Prospect Research

To successfully conduct prospect research for your nonprofit using  prospect research tools , you’ll need a solid understanding of its key elements—the tools you’ll be using and the indicators you’ll be looking for in the data you gather. Let’s explore both of these elements!

Prospect Research Tools You’ll Need

Prospect research database.

A comprehensive database such as DonorSearch will inform your organization about prospects’ charitable giving, business connections, real estate ownership, stock holdings, corporate giving opportunities, and more.

Your nonprofit's CRM

The internal data you already have in your CRM can provide important information about your organization’s fundraising trends. This can be a starting point for learning more about current donors and their connections to new prospects, as well as identifying potential major donors within your existing supporter base.

SEC investment records and FEC political contribution records

These government records can supplement your prospect research data to show you which prospects or donors have the capacity and propensity to give a large gift.

Prospect generator solutions

A prospect-generating tool like DonorSearch’s ProspectView Online 2 (PVO2) can provide you with lists of prospects who have given to causes similar to yours. Plus, PVO2 summarizes data through customizable AI-powered prospect reports so you can understand potential donors at a glance.

Predictive modeling solution

These AI tools organize your prospect lists and make suggestions about which donors to reach out to first so you can improve results while saving time and resources. Our machine learning tools, DonorSearch Ai and DonorSearch Enhanced CORE, score prospects based on probabilities including response to appeals, acquisition, retention, conversion to sustainer status, upgrade, and lifetime value.

Generative AI communication tool

Once you’ve determined which prospects are your top priority for outreach, generative AI can help streamline content creation. In particular, DonorSearch Ai + Momentum uses predictive modeling insights to inform content generation and ensures outputs match your gift officers’ writing voice and tone.

Matching gifts database

A matching gifts database is important for finding out which donors and prospects can request donation matches from their employers. This provides insights into their professional connections and shows where opportunities exist to increase contributions without asking more of donors themselves.

In addition to these tools, simple internet searches and deep dives into prospects’ social media profiles can help reveal who your donors are and what they value. Discover how our wealth and philanthropic screening tools , PVO2 , DonorSearch Ai , and our partnership with Momentum can help your nonprofit learn about potential donors in detail!

Prospect Research Indicators to Know

During the prospect research process, you’ll be looking for three kinds of indicators: philanthropic indicators, affinity (warmth) indicators, and wealth (capacity) indicators. Note that these indicators can also be referred to as “markers.” Let’s dig into each of these indicators in detail.

Philanthropic Indicators

These indicators show that a donor or prospect may be willing to give a donation to your organization because they have philanthropic tendencies. Here are a few examples of philanthropic indicators:

previous donations to your nonprofit

As past giving has always been one of the greatest indicators of a prospect’s willingness to donate in the future, previous donations to your nonprofit should be included as a part of a thorough prospect profile.

donations to other nonprofits

If a donor has given to other nonprofits in the past, it’s a solid indication of charitable habits, especially if these nonprofits have missions similar to or related to your own. Prospect research profiles should incorporate information based on other nonprofits’ annual reports and recognition documents.

Affinity Indicators

These indicators show that a donor or prospect may be willing to give to your organization because they love your specific work. Here are a few examples of affinity indicators:

deep love for your cause

Whether they love your nonprofit’s mission because they are a grateful recipient of your services or simply because they’re passionate about your vision for a brighter future, having a deep connection with your cause lets you know that a donor or prospect may be ready to say “Yes!” to a donation ask.

nonprofit involvement history

Nonprofit involvement indicates that a prospect values and understands the general importance of philanthropy. Foundation trustees, board members, volunteers, and advocates are likely future donors.

personal information

Beyond basic information, personal information about hobbies, interests, and values can be gleaned from public social media profiles or internet searches. This information is useful in determining prime prospects based on their personal philanthropic interests.

Capacity Indicators

These indicators help you to know whether or not a donor or prospect is in a financial position to give a large gift, and can assist you when determining how much to ask for down the line. Here are a few examples of wealth indicators:

real estate ownership

Real estate ownership helps determine wealth. Plus, individuals who own real estate valued at $2+ million are 17 times more likely to give philanthropically than the average person.

SEC transactions

Stock holdings at publicly-traded companies are reported to the SEC and available through SEC.gov. They provide a clear window into a donor’s finances.

business affiliations

With these indicators, you can learn about a donor’s career, and, by extension, estimated financial situation.

political giving

Someone who has donated large sums of money to political campaigns has the financial capacity to make a major gift. Plus, you may find that a prospect’s political leanings give them a greater affinity for your mission.

Additionally, depending on where your prospects work, they might be able to boost their impact via  corporate social responsibility programs  such as matching gifts. In fact, a stunning  $2-3 billion is donated each year  in matching gift revenue. Collecting employer information helps you determine which prospects are eligible for matching gifts so you can tailor your marketing efforts and raise more.

Remember, in thorough prospect research, you can’t have one type of indicator without the other. Wealth indicators and philanthropic indicators are both crucial to finding the most viable prospects for your nonprofit.

Exploring Your Options: 3 Approaches to Prospect Research

You have a few different options when it comes to how you conduct prospect research. Let’s look at each approach and why an organization might choose it.

1. Conducting In-House Prospect Research

There are two ways to go about in-house prospect research.

The first is do-it-yourself (DIY) prospect research. This approach involves having an existing staff member take responsibility for prospecting. If your nonprofit is just starting out or if you have a tight budget, this may be a great initial option. Although it won’t be a sustainable long-term solution as your organization grows, it’s an accessible way to begin prospect research so you can kickstart that growth.

DIY prospect research usually involves a member of your development team sitting down with a list of your very top prospects and performing online research with prospect research tools. If you’re interested in more in-depth training, there are plenty of great resources from classes to  webinars  that are available through popular prospect research channels.

The other way to conduct prospecting in-house is to hand the job over to full-time research staff. Usually, organizations bring on research teams if they have a large prospect pool and need to free up other staff members’ time, so if you’re a midsize or large organization with the means to outsource this work, this may be a good choice.

Full-time research is a challenging job that requires a combination of both extensive fundraising experience and a naturally inquisitive and investigative nature. Researchers use tools to take masses of raw data and turn it into usable, digestible information. As such, look for candidates who have analytical minds, understand the minutiae of databases, and know how to synthesize data.

2. Working with a Prospect Research Consultant

Another option for conducting prospect research is to hire a prospect research consultant.  Consultants  are experts in prospecting. They know how to use prospect research tools and interpret the philanthropy, affinity, and capacity markers they see in the data. They can also help you put your data into action and begin cultivating relationships with prospects.

Here are a few questions to ask yourself if you’re interested in working with a prospect research consultant:

• What are you looking to gain?  Determine what kind of research you need conducted—do you want to screen your current donors? Looking for new prospects? Once you know what research you need done and how that will help your nonprofit accomplish its goals, you’ll be able to go into the consultant hiring process fully aware of your organization’s needs and ready to look for the right partner to fulfill those needs.
• What kind of access do you need to your consultant?  Consider whether you need a consultant that will be available full-time or part-time. Also consider if you’re willing to work with a consultant remotely or if you’d like to work with someone in your local area.
• Do they have samples of their work?  Review samples or case studies of the types of donor profiles your potential consultants can put together. Not only will this preview of their work give you a sense of the options you’ll have should you choose to work with that consultant, but it will also provide an example of the quality of their work. In addition, be sure to reach out to the consultants’ references.

3. Partnering With a Prospect Screening Company

A prospect screening company can be a valuable partner, especially if you’re actively seeking out major gift donors from your current donor pool. These experts can help you know who among your donors would be an ideal major giving candidate and how much you can reasonably ask for when you solicit a donation.

If you have a large number of records in your donor database, then a bulk screening could potentially help you sort through the masses of information. Bulk screenings sift out only the most pertinent and useful donor data and serve it in a neat package that your organization can easily analyze.

A screening company can help your organization as it grows, too. If you’re acquiring new members or donors regularly, screening services can help you keep track of, sort, and assess all the new prospects in your donor pool.

Additionally, a good screening company will be able to seamlessly integrate its tools with your existing software and align with your normal workflow, meaning that your data will always be easy to get to when you need to access it. Many screening companies offer comprehensive integration support to make the data transition as smooth as possible.

The 7-Step Process of Donor Research

Now that you know the what, how, and who of prospect research, it’s time to dial into the specifics. Let’s jump into the seven-step process of donor research.

1. Create a plan of action.

Once the data is in your hands, it’ll be tempting to dive into the results first and ask questions later. To ensure that your team is taking the most responsible and reasonable approach possible, it’s best to plan out exactly how you’ll be handling the analysis process before conducting research.

2. Clean up your data.

Remember that your organization’s CRM will be a valuable tool during the prospecting process. So, cleaning up your data before conducting fundraising research is essential to receive the most accurate and helpful results efficiently. Usually, this will involve consolidating duplicate profiles, updating outdated contact information, and removing lapsed donors from your records.

How extensively you clean up your data depends on the state of your existing information. Your data doesn’t need to be perfect—it just needs to provide enough information to reap usable results.

3. Validate your results.

Once your results are in, you’ll want to validate them to ensure they’re accurate and make the most logical sense. For instance, if a donor has a common name like “Tim Smith,” the researcher might have pulled data for someone who shares that name. Or, you might not have the most up-to-date contact information for a prospect.

Take the time when your results first come in to ensure their accuracy. This way, you’ll spend less time on the other end accounting for misinformation.

4. Analyze your results.

Your screening results will provide a wealth of useful information. The best step you can take once you have this data at your fingertips is to analyze it thoroughly.

Start by organizing portfolios for each of your prospects. Through this process, you’ll establish qualification criteria for different giving levels, helping you determine the prospects you should reach out to first.

5. Make a solicitation plan.

Creating a solicitation plan can help you structure the process and standardize it for future fundraising efforts. Start by setting goals for how much you want to raise and how many donors you plan to solicit gifts from.

Then, group your donors based on shared characteristics. Decide what segmentation criteria you’ll use to tailor solicitation messages, such as preferred communication method, giving capacity, and interests.

Finally, develop solicitation strategies–the more personal, the better! For instance, instead of a generic email follow-up, send an eCard  addressed to the prospect, tailored to their interests, and featuring their personal information.

6. Solicit donors.

After prospecting, you should have a better sense of how much you should ask for, your donor’s preferred communication channels, and their giving motivations and connection to your mission.

You’ve spent considerable time building out your donor profiles, so you should definitely use them! Especially as you cultivate major donors  based off of a gift range chart , keep track of your efforts in your database so that your team can make adjustments.

7. Make improvements to your prospect research process.

No process is streamlined during the first pass, and that’s perfectly okay! After you’ve gone through all the steps of researching, cultivating, and soliciting, it’s time to take a step back and assess.

As with anything else in the nonprofit world, becoming a prospect research expert might involve a steep learning curve. But in the end, the efforts you expend to refine your technique will be well worth it as you can find more prospects and grow your organization!

Final Thoughts

Prospect research helps you find the people with the means and the passion necessary to contribute generously to your cause. While the process may seem daunting and complex at first, as you leverage the right tools, know what to look for, and secure the right support for your team, you’ll be successful in finding more donors for your mission!

But don’t just take our word for it—learn how one of our amazing clients,  Didi Hirsch Mental Health Services , leveraged DonorSearch to take its prospecting and fundraising efforts to the next level, tripling its fundraising over the past year.

Did you enjoy learning about prospect research? Then we recommend these other resources:

• How to Create a Donor Profile: Ultimate Guide + Template . Detailed donor profiles can inform the major donor cultivation and solicitation processes. Dive deeper in this guide.
• Legacy Gifts: Taking Your Org’s Strategy to New Heights . Legacy gifts, also known as planned gifts, can have a big impact on your mission and empower your donors to leave their mark on the world. Discover everything you need to know in this article.
• How to Create a Standout Nonprofit Annual Report + Template . Your nonprofit’s annual report can help you expand your community and showcase your accomplishments. Learn more in this guide!

Prospect research empowers your nonprofit to connect with the right donors. By providing up-to-date insights that allow you to take advantage of every opportunity, DonorSearch can take your strategy to new heights!

Introducing Enhanced CORE

Introducing Enhanced CORE by DonorSearch — your organization’s gateway to AI. Our AI-powered fundraising platform is the perfect entry point for organizations looking to harness the power of predictive artificial intelligence. Join us in embracing the future of fundraising with confidence.

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A 3-Step Guide to Performing Prospect Research (Before You Pick Up the Phone)

Updated: June 11, 2021

Published: August 06, 2013

What's the difference between a poor first-time connect and a successful one? One word: context .

Researching potential prospects before you first email or call them can make a world of difference between a deal or a bust. By understanding the background of a company and the person you're trying to speak to, you can better frame a conversation.

And just like no two prospects are the same, no two prospects’ interactions with you should be the same. It's important Sales take the time to collect information and then create more tailored experience from first touch. By creating relevancy, you're much more likely to engage a prospect and have a positive, meaningful conversation.

But we also know that time is precious. While there's a lot to gather from your research, ultimately it's important to train yourself to spend no more than around five minutes researching potential prospects. With practice, you can start to develop a sixth sense for knowing what to look for -- here's a guide to start you off.

Step 1: Learn About the Company

Visit the company website. Make note of its mission and vision . At the end of the day, this company wants to be great at what it does, and if you can identify how your products or services can help it achieve its vision, you can paint a more meaningful picture for your prospect.

Some basic information you should quickly gauge include:

• Company Size
• Number of Employees
• Product or Service Offerings
• Typical Sale Size

You should also do some more in-depth sleuthing that gives context to that information. Search for any recent third-party publications mentioning the prospective company -- is an industry blog talking about struggles that company is facing, or something the company is doing really well? Who are its competitors? Does this company have its own blog? Do they use social media channels such as Twitter, Facebook, or LinkedIn? What are they talking about there ? Has the company just published a post about a new product they’ve released, or about an event they were a part of? Knowing this type of information can add relevancy when you reach out to start a conversation, and allow you to send relevant information their way.

If you're looking to learn more about how Sales can use social media to close business, check out this free ebook . 

( Bonus Tip: What is the company tweeting about? Does it seem to be trying to push one or two types of content -- maybe ebooks for a specific product or service, or a thought leadership piece? You might be able to discern some top priorities based on what’s being communicated in their own lead generation content.)

Step 2: Do a Background Check

It’s incredibly important not only that you reach out to the right company, but also to the right person at that company. Are you talking to an influencer, a decision-maker, or someone who has no reason to ever talk to you about your product or service? For example, HubSpot sells software for marketers -- so reaching out to someone on the R&D team of a company would result in either no connection, or a much longer sales process as they forward a representative onto someone else.

First, look at the company website’s “About” and “Contact” pages. Does it list bios of employees? Do they have contact information for certain areas, such as “please contact [email protected] for all marketing inquiries”? 

LinkedIn should also become your best friend. Do some digging around people listing your company of interest as their employer. Look for information such as recent job changes, their job function, and their education. What's their role? How long have they been at the current company? Someone who has only recently started may not have enough context about the company's needs or may have less influence in the decision-making process. Build a persona in your head of who this person is, and think over how you'd address him or her if you were face to face. 

Step 3: Hypothesize Pain Points

Try to find out what a company is doing to address their problems relevant to your product or service offerings, already.

If you're selling an inbound marketing platform like HubSpot, for instance, you'd look at how a company is currently trying to drive traffic to its website. Perhaps the company's using banner ads and paid search, which can be costly. Your "in" here would be to bring up these points in the initial conversation - “I noticed that you've been using paid advertising. How well has this been working? Have you been able to hit your traffic goals? Why, or why not?".

The information gleaned before even reaching out can turn you from a salesperson into a consultant. Instead of talking at a prospect, you're starting a problem-solving process that you both have a stake in.

Since you’ve already narrowed down your list of potential people to reach out to, you should also look at these people's personal channels. What are they tweeting about? Are they part of a special-interest group on LinkedIn? It’s all about relevancy -- build an idea of who this person is, and what that person's pain points are within the context of their company's goals, before you reach out to them.

Remember, Don’t Judge a Book By Its Cover

Methodology for pre-qualifying prospects differs from salesperson to salesperson, but one important rule of thumb is to never rule out a prospect if you can come up with even one reason they might buy your product. As you research, hypothesize different scenarios a potential prospect might be facing so you can be prepared to address it. Is there any reason they wouldn’t buy your product or service? Is there any reason they couldn't be a potential customer?

There are some cases where, as someone familiar with your industry, you just know a prospect is not workable. Other times, you can prioritize prospects based on likeliness of converting them into a customer. Assign them with a high/medium/low value and organize your time accordingly. Go with your gut on these, but err on the side of caution -- it’s better to send an email and make a call and not have anything come of it than lose a good opportunity. Most of the time you simply cannot know what is going on in a prospect’s head, and the only way to find out is to get him or her on the phone and ask them.

In short -- don’t judge a book by its cover, but make sure to read and analyze what’s right in front of you, too. Knowing as much as you can about a potential prospect before you reach out can save you time and energy by reaching out to the right prospect, with the right message that is tailored to them, at the right time. We are living in the age of context, and using relevant information to create a unique experience for each prospect will yield a more fruitful start to the sales process.

What are some pre-connect researching tips you have when prospecting?

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Researching Prospects: How, When & Where to Find Your Best Prospects

Written by: Chloe West

We all remember those cliché first-day-of-school nightmares where we showed up in our underwear. As professionals, we’ve mostly left those in the past—however, sending out a cold email or showing up to a sales call having done absolutely no research on your prospects is essentially the equivalent.

How can you properly share how your business can help your sales prospects if you know absolutely nothing about them?

Short answer: You can’t. That’s why researching prospects is such an important part of the sales process .

Throughout this article, we’re going to talk more about what prospect research is, its main benefits, how to research sales prospects and so much more. You want to make sure you show up to each and every sales call 100% prepared.

Table of Contents

What is prospect research, top 3 benefits of prospect research, how to research prospects for sales, what to do once you’ve got your prospect.

• Prospect research involves finding and studying potential customers likely to purchase your product or service.
• Researching prospects includes defining buyer personas, creating a list of potential customers, studying their industries, and leveraging platforms to conduct research.
• Once you've identified your prospects, you can share relevant case studies with them, convert them into qualified leads, provide a personalized onboarding experience and continuously learn and adapt.
• Visme is a versatile platform that helps you create various marketing and sales content to attract and nurture leads. This includes presentations, infographics, lead magnets, and email headers.
• Contact sales to start maximizing the efforts of your sales team.

A prospect in marketing is someone who may potentially be interested in your product or service—they just don’t know it yet. Prospect research involves discovering who these prospects are and their specific needs so you can best present your product or service’s solution to them.

What is a Prospect vs. a Lead?

As mentioned above, a prospect hasn’t heard of or engaged with your company yet. It’s someone who matches your customer profile and has a need for your product or service, but they haven’t actually been to your website, taken action to learn more or maybe even heard of your business.

A lead, on the other hand, is someone who has expressed some type of interest in your business—whether they’ve filled out a contact form, requested a demo, clicked on an ad or something similar. Prospects are people or companies you’re sending cold communication to while leads have already started the conversation.

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Other than ensuring you’re informed and look professional in front of new prospects, there are a few other major benefits of researching prospects and making sure you understand their needs.

Get a Better Understanding of Your Target Audience

The more research you do to find potential prospects, the better you’ll understand which customer profiles you should be looking for. This is especially helpful after you start reaching out to prospects and gaining insight into patterns of who is responding and most interested in your solution.

Identify More SQLs

Prospect research also helps you pinpoint more SQLs, or sales qualified leads . Once a prospect responds positively to your initial cold outreach , they’ve become a qualified lead. You can then start nurturing them according to your sales process until they (hopefully) become a customer.

Increase Closed Deals

Lastly, prospect research can help you increase the number of closed deals. Once you get a better understanding of your target market, you’ll start reaching out to more potential SQLs. You’ll get better and better at finding the right people to research and reach out to, further increasing the chances that you’ll get to close your deals .

Researching prospects can be a complex process. After all, you want to ensure you’re reaching out to those most likely to respond and become customers. So to help you get started, we’ve outlined some key steps to take and places you can use for your research.

Study Your Buyer Persona and Ideal Customer Profile

A buyer persona outlines each of your customer profiles (though some businesses may only have one). It lets you know what demographics, interests, purchasing behaviors and other defining characteristics you should be looking for in your research.

You can easily use a buyer persona template like the one below to get started:

Make sure to study your buyer persona so you know exactly what types of prospects you should be researching. It can also help you get a starting point for your search if you’ve outlined where those people tend to spend time online.

Similarly, an ideal customer profile (ICP) is a detailed description of the perfect customer for your business. For B2B companies, it complements the buyer persona by highlighting the characteristics of the most valuable and profitable organizations.

While the buyer persona helps you understand people using your product within the organization, the ICPs are organizations that'll get the most benefit from your products or services.

Create an ideal customer profile and combine it with the buyer persona to streamline your research efforts and effectively target your marketing strategies.

You gain access to helpful analytics features when you use Visme to create and publish your marketing content. These features provide valuable information about how your content is performing and give you insights into your audience.

With these analytics, you can track views, unique visits, activity levels, and completion rates. You'll also get additional details like the date and time of views, visitor IP addresses, location and traffic source.

With the help of these analytics, you can understand your audience better and refine your buyer persona.

Build a Potential Customer List

Create a spreadsheet or document that includes each of the prospects you want to reach out to. You’ll be able to flesh out your customer list with the research you’ll do in the next two steps. But essentially, you’ll want to create columns for things like:

• Prospect’s Full Name
• Email Address
• Phone Number
• Pain Points
• Use Case for Your Product/Service
• Selling Points
• Financial Information of the Company (if publicly available)
• Company Leadership

Again, gather more information about each prospect through the next two steps, fill out as much information as you can and start your outreach.

Do Research on Your Prospect’s Industry

If you’re finding potential prospects from industries that you’re unfamiliar with, start by doing research on the industry. This will help you identify whether you should be looking for more prospects within that industry or if they may not work well with your business.

For example, researching your prospect's industry can provide insights into the market dynamics, key players, emerging trends and competitive landscape. This knowledge lets you evaluate the industry's compatibility with your business offerings and identify potential opportunities or challenges.

It helps you determine if there is a demand for your product or service within that industry and whether your value proposition aligns with their needs.

Use Platforms to Do Research

Finally, you’ll want to dig deeper into research about each of your potential prospects. Who are they? Where do they work? What do they do? How can you get in touch with them? Everything that you wrote out in your spreadsheet needs to be filled out as much as possible.

There are several platforms you can use to get started on your research.

Social Media Platforms

Look around online to see if your prospect is on social media. While you’ll likely want to stay away from their personal Facebook profile, public profiles like Twitter, Instagram, LinkedIn and the like are fair game for figuring out what the prospect does.

Especially when it comes to LinkedIn, you can find out a lot of information like:

• Job experience
• History at company
• Groups they’re in
• Shared connections
• Recent activity

Company Websites

Head to the prospect’s company website to gather even more information there. You can find out their USP, their industry, their product/service and everything else you need to know to be able to cater your own sales pitch .

You can also head to their About page to see their leadership hierarchy and find out where your prospect sits on the totem pole.

Check out the company’s social media profiles as well to learn even more about their specific messaging and marketing strategies. Understanding how your prospect’s company presents itself can also help with your pitch.

Conduct a Google search with the prospect’s name as well as their company name. This way, you can find potential PR information about them both that may also help inform your sales pitch.

Furthermore, you can also set up a Google Alert with your prospect’s name and company name to make sure you’re informed of any new updates about each of them.

Simply type in the person’s name, email address, company name, etc., in order to receive an email alert if they’re ever mentioned in any type of online article or communication.

Press Releases

Searching through press release sites is another great way to make sure you’re in-the-know about recent media mentions, launches, company updates or anything else related to your prospect or their business.

Crunchbase is an online website that provides public-facing information about other companies. This is the perfect place to try to find financial statements, contact information, acquisitions, investors, company profiles and more.

Although Crunchbase offers a free trial, this tool isn’t 100% free. Sales teams can sign up for plans starting at $29/month. However, this is such a key platform in prospect research that we highly recommend it.

Review Sites

Look at what their customers or clients are saying about the company. If your product or service helps to solve some of their customers’ complaints, you’ve got a surefire way to make your pitch.

Yelp is one of the most popular sites to check if your prospect’s company is more B2C. Other key review sites include Facebook, Google, TripAdvisor, Amazon, and Angie’s List.

You’ve filled out your potential customer list—now what? It’s time to start your outreach and move through your pitch and sales process in order to seal the deal.

The next is to create engaging content to help you capture and nurture leads.

And when it comes to creating marketing materials, Visme is your best bet..

But you don't have to rely solely on our claims. Let's hear from Anne McCarthy, the Senior Director of Learning Experience at EmployBridge, one of our satisfied customers:

“It’s easy to create something in Visme quickly that looks like we sent it out to an advertising firm to design.”

“My whole team has been using Visme for several years, but now seeing the kind of work we’re producing, our marketing team wanted to start using Visme.”

“If it’s something we need to turn around really quickly, we’re jumping into Visme. We either put together a one-page piece that’s easy to absorb, or we’ve started creating little animated pieces.”

Here are a few ideas to get started.

Share a Case Study With Them

Case studies are great sales tools. This is because they’re showcasing your own company’s real-life proven success stories and results.

When you’ve worked with a happy client or customer, talk to them about a case study interview. You can ask questions about their experience, highlight quantitative results and write it up in a case study.

Use a template like the one below to create an easily shareable case study:

These are perfect additions to one of your initial outreach emails so that your prospect can immediately get an idea of what your company is capable of. It will help qualify the lead and generate a response much more quickly.

If you find it challenging to create compelling copy for a professional case study, don't worry! Visme has got you covered with its AI Writer . Whether you need to brainstorm ideas or outline the structure of your content, the AI Writer is there to assist you throughout the process. You can quickly generate the first draft for various text types and copy.

Turn Them Into a Qualified Lead

Once you’ve gotten a response, it’s time to qualify the lead. This process helps you determine if they are a good fit for your product or service. Here's how you can proceed:

1. Email Follow-up: Engage in a conversation with the prospect through email. Ask them relevant questions to understand their needs, challenges and goals. This exchange of information will help you assess if your offering aligns with their requirements.

2. Discovery Call: Consider setting up an initial discovery call with the prospect and ask them some sales discovery questions . This allows for a more interactive conversation, where you can delve deeper into their specific pain points and provide insights on how your solution can address them effectively.

Remember, not every prospect will be a suitable fit for your offering. Studies indicate that around 50% of prospects may not match your ideal customer profile. And according to Sandler's sales methodology , by qualifying leads early on, you can focus on those more likely to convert into customers.

Building a robust list of potential prospects is essential for this step. If you continuously broaden your list of potential leads, your likelihood of discovering qualified prospects genuinely interested in your offerings will increase.

Create a Personalized Onboarding Experience

Once you’ve turned at least half your prospects into SQLs, it’s time to nurture them until they’re ready to get started. From here, you should have a pretty solid relationship with each prospect and can create a personalized onboarding experience catered specifically to their needs and everything else you found out during the discovery process.

Everything from the onboarding information you require from the new client to the products and services you provide should be personalized based on what will best fit their needs and offer the best solution.

Provide an engaging and memorable onboarding experience to your prospects by making a wide variety of content such as onboarding videos , customized product walkthroughs, user guides and more.

For example, if your product is a software application, you can make an onboarding video that walks new users through the basics of using the tool.

Also, here's how Visme provides an interactive product walkthrough when a new user signs up for the tool.

Learn & Pivot Along the Way

Last but not least, just as it goes when you build out any new strategy, you need to leave room for testing. You may not nail your prospect research on the first try. But as you go through the process more and more, you’ll discover faster ways to find the information you need, specific channels that work for you, and what specific information works best for your sales pitch.

You can also take this chance to adjust your sales and onboarding processes to ensure you’re providing the best experience possible for your prospects and new clients. Learning and adapting will always be a part of any new process, so be sure to keep your mind open.

Attract New Prospects & Leads With Visme

Researching your prospects is vital for effective marketing. The more insights you gather about their needs, desires and behaviors, the better you can tailor your content to resonate with their interests.

Now that you've learned how to find prospects for your business, it's time to focus on converting them into valuable leads and, ultimately, paying customers. That's where Visme comes in.

Let Visme be a part of your sales team , helping seal the deal every step of the way. From creating a sales plan and building out your sales collateral to creating winning sales presentations and playbooks , Visme has everything your sales team needs to be successful.

But that's not all. With Visme, you can also create engaging web forms that boost conversions by up to 207% . By harnessing the power of these memorable forms, you can seize more opportunities and drive growth for your business.

Find potential prospects and leads effortlessly and don’t miss any sales opportunity. Sign up for Visme today and unlock the full potential of your marketing and sales strategies.

Easily create sales enablement content in Visme

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About the Author

Chloe West is the content marketing manager at Visme. Her experience in digital marketing includes everything from social media, blogging, email marketing to graphic design, strategy creation and implementation, and more. During her spare time, she enjoys exploring her home city of Charleston with her son.

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Prime London Market Faces Prospect of Falling Mortgage Rates but Rising Taxes

Buyers in prime London postcodes were understandably more focussed on their summer holidays than moving house in June and July.

The property market in the capital is less seasonal than other parts of the country, but the number of offers made declined over the last two months, as the chart shows.

The figure was 19% below the five-year average in June and 6% down in July.

The prolonged wait for a rate cut and the distraction of a general election called on 22 May was clearly not a conducive backdrop for buyers.

Demand should rise in the autumn following this month’s rate cut, which increased the likelihood of more mortgages falling below 4%.

Last week, financial markets were pricing in a further cut of 0.25% in November and between four and five over the next year.

Despite the pre-holiday mood of hesitation, many transactions already in the pipeline were completed, largely driven by buyers needing to move.

The number of exchanges in London in June and July was 8.4% above the five-year average.

It was a release of pent-up demand following 12 months of frustratingly-high inflation and was replicated in the wider UK market. The RICS noted an improvement in the number of agreed sales in July, while Nationwide and Halifax both reported rising prices last month.

After the initial shock of the mini-Budget in October 2022, stubborn inflation kept mortgage rates high and demand in check in the final half of last year and the first six months of 2024, as the chart shows.

The improving economic backdrop will boost activity in mainstream property markets this autumn but the Budget on 30 October provides an extra obstacle for prime markets.

For example, the decision to impose VAT on private schools from January could curb demand in some higher-value areas when people return from their summer break.

Buyers could be squeezed further if changes are made to pension tax relief, inheritance tax or capital gains tax.

However, there is now a little more clarity on how the government intends to change the rules for non doms, the 74,000 individuals living in the UK who do not pay tax on their non-UK income.

Labour had previously adopted the position that under the new system, all overseas trusts would be subject to inheritance tax irrespective of when they were set up, which was potentially a trigger for a number of non doms to leave the UK.

It has now changed position slightly by acknowledging that an “appropriate adjustment of existing trust arrangements” is needed, which is a tentative step in the right direction.

Average prices in prime central London fell 2.4% in the year to July, which was the same annual reading for the third successive month. Prices are 4.5% down on their pre-Covid levels and 17.6% below their last peak in August 2015.

Recent declines in prime outer London (POL) have been smaller thanks to an active market during Covid and the fact demand has been underpinned by buyers needing to move for reasons that include employment and schools.

There was a 0.4% decline in the year to July in POL, while prices are 3% higher than their pre-Covid level and 7.6% below their last peak.

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Blackbaud Raiser’s Edge NXT® Recognized in G2’s Summer 2024 Reports

• Aug 08, 2024

We’re proud to announce that Blackbaud Raiser’s Edge NXT® has been recognized by G2, the world’s largest and most trusted software marketplace, in its Summer 2024 Reports across 11 different categories. The G2 Grid® Reports are a result of real user ratings and reveal which solutions have the most satisfied customers and largest market presence. Raiser’s Edge NXT was named as an overall leader in the Donor Management , Nonprofit CRM , and Donor Prospect Research categories.

Blackbaud Raiser’s Edge NXT is a comprehensive, cloud-based fundraising and donor management software solution built specifically for nonprofit organizations and educational institutions, and is proven to increase the number of donors, number of gifts, and total dollars raised. Blackbaud recently announced a major wave of innovation and powerful enhancements for Raiser’s Edge NXT, including new fundraising AI tools and a reimagined user experience.  

“Fundraisers rely on Raiser’s Edge NXT to raise money, save time, and deliver remarkable outcomes for their organizations,” said Sudip Datta, chief product officer, Blackbaud. “We’re honored to see Raiser’s Edge NXT recognized as a leader for Donor Management, Nonprofit CRM, and Donor Prospect Research in the Summer 2024 Reports, and we look forward to continuing to help organizations drive impact with their software in 2024 and beyond.”

“Software buyers are increasingly turning to trusted customer proud reviews to inform their purchasing decisions,” said Sydney Sloan, CMO of G2. “As the world’s largest and most trusted software marketplace, our quarterly Market Reports are rooted in the authentic voice of customers. Simply put, their feedback guides our rankings – including Blackbaud Raiser’s Edge NXT’s #1 Leader position in the G2 Summer 2024 Grid® Report for Donor Management Software. Among 172 products listed in the category, Blackbaud’s solution rose to the top based on receiving a high customer satisfaction score and having a large market presence.”

Recent customer reviews for Blackbaud Raiser’s Edge NXT have noted:  

• “It’s the most expansive and detailed CRM on the market. The donor and gift details you can track, report on, and analyze come second to none. Our finance department uses Financial Edge NXT®, making reconciliation a breeze. With the new webview, NXT uses open KPIs to allow you to integrate automation and app making to really personalize your organization’s experience; quite literally any function you need NXT to have for your organization’s individual business processes, you can now create it. Chat support is always very quick and helpful in a pinch.”  
• “I have been using the system for at least a decade and have seen the evolution over time. At my current organization when we implemented [Raiser’s Edge NXT] in early 2020 and the implementation was so easy. It integrates seamlessly with [Financial Edge NXT]. They are constantly innovating, and they listen to their customers. I enjoy being a part of the community, their product updates are always informative, and the product has gotten better over time. Loving the new donation forms, expanded forms of payment, and capabilities; expanding what’s possible.”  
• “I find the integration to [Financial Edge NXT] the best aspect. The program itself is very easy to use, and the knowledgebase is a ‘wealth of knowledge’ that I have found extremely helpful when in need of navigation for certain tasks. Most recently I was excited to learn of the duplicate record assistance update and love the updates that have been completed with regard to the gift management section of the program. I look forward to more updates to come!”

To read current reviews, write your own review, or hear from other active Blackbaud Raiser’s Edge NXT users, visit our review page: https://www.g2.com/products/blackbaud-raiser-s-edge-nxt/reviews  

Minnesota Stands Out for Its Moderately Progressive Tax Code

August 6, 2024

Carl Davis Research Director

Most state tax systems fall short of the public’s perception of fairness by charging the rich lower tax rates than everyone else. Minnesota is among a small group of states that has chosen a different path. In Who Pays? , our comprehensive study of state and local taxes, Minnesota stands apart from the pack with a moderately progressive tax system that asks slightly more of the rich than of low- and middle-income families.  

Recent reforms signed by Gov. Tim Walz, the Democratic Party’s presumptive Vice-Presidential nominee, have contributed to this reality. Our analysis shows that taxes on working-class families declined markedly over the last few years in Minnesota, while taxes on high-income people went up slightly over this same period.  

The most notable changes were signed into law by Gov. Walz in 2023 as part of a sweeping tax reform package. Some changes were temporary, like taxpayer rebate checks and expanded property tax credits. But the bill also included a host of important, permanent reforms.  

Chief among those was a new Child Tax Credit that is expected to slash child poverty in Minnesota by one-third, according to Columbia University’s Center on Poverty and Social Policy. The link between Child Tax Credits and child wellbeing is well established, as the financial security afforded by these credits is associated with improved child and maternal health, better educational achievement, and stronger future economic outcomes.  

Other tax cuts signed by Gov. Walz include expanded exemptions for Social Security income and for student loan forgiveness, plus an extension of the Child Care Tax Credit to newborn children.  

To help pay for these and other substantial tax cuts, the 2023 bill included a variety of well-targeted tax increases on high-income people and profitable corporations. Certain tax deductions claimed by high-income filers have been scaled back. Capital gains, dividends, and other investment income over $1 million per year is now subject to a modest 1 percent surtax. And multinational corporations reporting income overseas now face higher taxes as well, as the state opted to piggyback on a law written by Congressional Republicans targeting companies’ “low-taxed income.”  

While the Minnesota tax code is somewhat progressive, it is far from radical. The state has embraced practical, administrable reforms that have lowered taxes for working-class families, reduced child poverty, and addressed the public’s frustrations with the tax treatment of multinational companies and wealthy people. At the end of the day, Minnesota does better than most states in living up to what most people would consider to be a bare minimum standard of tax fairness: the idea that wealthy people should not pay lower tax rates than everyone else.  

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2024-2025 Campus Internship - Research & Development (AS/BS)

Job Location

Prospect Park, PA, US, 19076

Employment Type

Job Posted On

10 August 2024

Job Overview

• Application Deadline: 7 September 2024

Job Description

At Dow, we believe in putting people first and were passionate about delivering integrity, respect and safety to our customers, our employees and the planet.

Our people are at the heart of our solutions. They reflect the communities we live in and the world where we do business. Their diversity is our strength. Were a community of relentless problem solvers that offers the daily opportunity to contribute with your perspective, transform industries and shape the future. Our purpose is simple - to deliver a sustainable future for the world through science and collaboration. If youre looking for a challenge and meaningful role, youre in the right place.

About you and this role - What you would do in this role

Dow has exciting opportunities for Intern Undergraduate Scientists within Research and Development (R&D). Opportunities exist across the R&D function and are aligned with various organizations and business units in Texas, Michigan, Pennsylvania, and other locations in NA. You will work with project teams to solve chemical- and material-related problems through both fundamental and applied research. The types of projects span from product research to process research to application development.

The purpose of the position is to help support one or two projects in R&D. You will partner with research scientists to drive these projects to completion.

To stay connected with Dow, join our Talent Community for email alerts of new job opportunities that match your interest and events taking place in your area.

Qualifications Required education, experience, knowledge, skills, and abilities that are needed for this role (must haves).

• Must be 18 years of age or older
• High school diploma/GED and currently enrolled in an Associates or Bachelors degree program in a laboratory science, technology, or engineering field
• Reliable attendance is an expectation of every Dow employee, therefore reliable transportation is required.
• A minimum GPA of 3.000 (on a scale of 4.000) is preferred
• A minimum requirement for this U.S. based position is the ability to work legally in the United States. No visa sponsorship/support is available for this position, including for any type of U.S. permanent residency (green card) process.

Dow (NYSE: DOW) is one of the worlds leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. Our global breadth, asset integration and scale, focused innovation, leading business positions and commitment to sustainability enable us to achieve profitable growth and help deliver a sustainable future. We operate manufacturing sites in 31 countries and employ approximately 35,900 people. Dow delivered sales of approximately $45 billion in 2023. References to Dow or the Company mean Dow Inc. and its subsidiaries. Learn more about us and our ambition to be the most innovative, customer-centric, inclusive and sustainable materials science company in the world by visiting www.dow.com.

As part of our dedication to the diversity of our workforce, Dow is committed to equal opportunities in employment. We encourage every employee to bring their whole self to work each day to not only deliver more value, but also have a more fulfilling career. Further information regarding Dow's equal opportunities is available on www.dow.com.

Dow is an Equal Employment Opportunity employer and is committed to providing opportunities without regard for race, color, religion, sex, including pregnancy, sexual orientation, or gender identity, national origin, age, disability and genetic information, including family medical history. We are also committed to providing reasonable accommodations for qualified individuals with disabilities and disabled veterans in our job application procedures. If you need assistance or an accommodation due to a disability, you may call us at 1-833-My Dow HR (833-693-6947) and select option 8.

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Money blog: Blue Light discount anger as teachers added; pound falls for four straight weeks

Welcome to the Money blog, your place for personal finance and consumer news/tips. Today's posts include four weeks of falls for the pound and this week's Money Problem - you can submit yours (remember to leave contact details or we can't look into it) below.

Monday 12 August 2024 14:48, UK

• Pound falls for four straight weeks - here's what it means
• Blue Light discount for teachers prompts backlash - but poll suggests public support move
• Unusually cheap package holidays on offer - but travel writer dismisses Russia theory
• Compensation for poor water service to double
• Revolution Bar's restructuring plan approved by court

Essential reads

• Money Problem : 'I cancelled swimming lessons and they are keeping my money - do I have any rights?'
• Is this the end of the British pub?
• The rise of 'doom spending' - what it is and how to stop
• Where kids can eat for free or cheap
• Best of the Money blog - an archive of features

Ask a question or make a comment

A revamped Waitrose store in north London will reopen soon with fancy new features - including a parmesan bay - as the upmarket grocer unveils its new store concept.

The John Barnes store on Finchley Road has undergone a major six-week refurbishment and is set to reopen on 21 August.

According to Retail Gazette , the store will have a number of new features including a new look and feel bakery, an in-branch baguette station and even a "dedicated parmesan bay".

The supermarket chain said it would also be the first to have a hot wok counter serving ready-to-go meals.

The John Barnes site is being used as a tester for its new concepts, it added.

On Friday we reported on teachers being given access to the Blue Light discount scheme - which appeared to elicit a backlash on social media...

We had scores of reader comments - all but one onside with the backlash (see below).

This morning, we asked our followers on LinkedIn for their view. The poll is still active , but the results so far suggest a level of support for teachers...

The discrepancy between the way people are voting on LinkedIn and the comments here in the Money blog could be interpreted in several ways. Sky News could be followed by different demographics on the two platforms, or perhaps it is that those who feel most angry at something are far more likely to leave a comment.

Whatever the explanation, here's a selection of comments that sum up the general feeling in our inbox...

If you change it to key workers then you would have to open it to shop workers, waste disposal workers, plumbers and electricians. Dave

Blue light is in the name. Shift workers who work long unsociable hours in a responsive role. Pure greed by the administrators of the scheme. Shawhome

How long have teachers been an emergency service? I don't remember them being on the front line during COVID. I haven't seen them during the riots. Swiftrider

Teaching is NOT an emergency service. I'm a carer to a child and get paid peanuts, no Blue Light card for me. Joseph Morgan

As a gas emergency engineer who is safeguarding life and property who has an hour from the reported time to get to the gas escape... we get there quicker than the ambulance service and occasionally police but we can't get a Blue Light card. Just wondering why? Senseirick

Teachers do a good job, but to actually class them as blue light is shameful. When was the last time a teacher went home and wept after loosing a patient or had to stand in a line behind a shield getting bricked by a mob? Or being shot at in a foreign land? Ianstu

Farmers feed the nation, when will they be entitled to a Blue Light Card? Greatauntbleach

An emergency service is available 24 hours a day. 365 days per year. Teachers are not. They are valuable in society, absolutely, but they are not an emergency service with a blue light. Joanna Clark

Wow. 30 years as a prison officer, working very unsociable hours, getting abused, assaulted. Nowhere near the amount of time off that teachers get. Police, NHS, armed services deserve this, not teachers. Noslop17

We did have one correspondent backing teachers - and of course our inbox is still open if you want to share your view...

Good to see teachers getting the Blue Light card as an essential service for children's future - and also what about teaching assistants, lunch supervision and school club staff. If schools shut, the whole country is affected, especially parents not working, during strikes or bad weather. Southwest lady

Blue Light hits back

Blue Light Card hit back on Friday, saying: "Teachers are not just educators; they are mentors, guides and inspirations that are helping shape the future for our children. They are fully deserving members of our blue light community."

What kind of offers can a Blue Light card get you?

There's too many to list but among the offers is 12% off at Fenty Beauty and 15% off at Bose.

Users can also get a £30 gift card if they spend more than £1,000 at British Airways or a £110 voucher if they sell their car via Carwow.

Or if getting fit is more your thing, you can get 50% off an annual subscription to the Body Coach.  

The pound last week completed its fourth consecutive weekly fall against the US dollar – something that will have worried British tourists heading to the US this summer.

Since hitting a high for the year of $1.3044 on 17 July, sterling slipped to a low of $1.2662 last Thursday, but has since rallied to as much as $1.2782 this morning.

Against the euro, the pound has traded similarly. It hit a peak of €1.1927 on 17 July but then fell to as low as €1.1584 last Thursday before rallying to as much as €1.1703 today.

The reason for these reverses is pretty straightforward.

Since the Bank of England cut interest rates on 1 August, for the first time since 2020, the markets have started to price in the prospect of at least one further interest rate cut between now and the end of the year. That obviously has implications for the pound.

It is important to put this recent weakness into context.

Until last month, sterling had been one of the best performing currencies globally so far this year, hitting its highest level for a year last month. That reflected the strength of the UK economy which, during the first half of this year, had been the best performing economy in the G7.

So the recent weakness, such as it is, is really not that remarkable – and analysts still think, all other things being equal, that the "bull case" for sterling remains intact.

By Sarah Taaffe-Maguire , business reporter

It looks set to be a quieter week on the markets compared with last week which started with a global market sell-off prompted by fears of the US economy being in recession and worries of tech company performance. 

But there'll be plenty of new information for investors to chew over as latest inflation, economic growth and employment data is released over the coming four days. 

As stock market values rebounded, so too did the benchmark oil price. A barrel of Brent crude now costs $80.09, greater than at any point last week, spelling more expensive fuel refilling for motorists. 

The pound has come off the highs against the dollar seen earlier in the summer. One pound now buys $1.2768. Similarly it is weaker against the euro with £1 equal to €1.1689.

Both of the UK's major stock market indexes started the week up. The Financial Times Stock Exchange (FTSE) 100 index of most valuable companies on the London Stock Exchange rose 0.57%, while the larger and more UK-based FTSE 250 index was up 0.34%. 

Compensation for customers experiencing poor service from their water providers is to more than double under new government proposals.

The plans will see compensation paid in more circumstances - including automatic payments for people who are told to boil their water in certain areas or when firms miss scheduled appointments.

Earlier this year, residents in the Devon town of Brixham were told to boil their water for eight weeks after the local supply was hit by a parasite outbreak. 

People affected by an incorrect notice telling them their supply will be interrupted could also see their payout rise from £20 to £50, while those being reimbursed for internal flooding from sewers could see a maximum payment of £2,000 rather than the current £1,000.

It's hoped the proposals - which are now subject to an eight-week consultation - will "turn the tide on the destruction of our waterways", Environment Secretary Steve Reed said.

Every Monday the Money team answers your Money Problems or consumer disputes. Find out how to submit yours at the bottom of this post. Today's question is...

I had a frustrating issue with my kids' swimming lessons. We had to pay in advance, but when your child says they don't want to go any more, that's it, they don't go. I asked the club if we can get a refund for the remaining month that they won't attend but the club just say, 'Your child is eligible to come for the next four weeks.' Doesn’t seem quite fair.  Richard Wallace, West Sussex 

Hi Richard, we can understand why this doesn't seem fair. You are trying to cancel with what sounds like a reasonable amount of notice and yet you're getting nowhere.

This is a common occurrence and many readers will have been in a similar situation.

The law says that you can cancel a service you've booked online or by phone (or by mail order) within a 14-day cooling-off period.

This might be a cleaner or electrician or surveyor.

This cooling-off period also applies if a business approached you away from their premises if the service costs £42 or more.

The bad news in your case, though, is that the above does not apply to accommodation, delivery services, vehicle hire or - and this is the relevant one here - leisure or catering activities for specific dates.

In these cases, you'd be relying on their being a generous cancellation policy - so you should check their T&Cs.

It might not be a dead end, though.

You should try to negotiate with them - it's generally accepted this can be done when a cancellation charge seems unfair or when a business is withholding more money than needed to cover their losses.

Ask them if they're part of a trade association, which you could request help from in negotiating.

Beyond this, they might be a member of an alternative dispute resolution (ADR) scheme. Again, it's worth asking. If not, you could choose a Trading Standards-approved ADR scheme yourself to approach.

We suspect the sums involved here are not big enough for you to consider going to court - but if this was an avenue you wanted to explore here or in future, keep records of all the above steps. 

As a last resort you can take your case to the Small Claims Court in England and Wales - or use the respective legal routes in  Scotland and Northern Ireland .

Further help

The Citizens Advice consumer helpline is a great resource - it's 0808 223 1133. You can also use  an online form . 

If you're in Northern Ireland, contact  Consumerline .

This feature is not intended as financial advice - the aim is to give an overview of the things you should think about. Submit your dilemma or consumer dispute via:

• The form above - you need to leave a phone number or email address so we can contact you for further details;
• Email [email protected] with the subject line "Money blog";
• WhatsApp us here.

Unusually cheap package holiday deals have been popping up for August.

The Money team found deals for between £300 and £400, including a week-long trip to Rhodes from Edinburgh for £365 and a holiday to Corfu from the East Midlands for £325. 

The Independent's travel journalist Simon Calder has been looking into what's behind bargain prices - and the veracity of a rumour that a lack of international travel from Russia due to the war in Ukraine means hotels are having to cut prices to attract tourists.

In a nutshell, it's not true.

Calder says that, yes, places that are popular with Russians, such as Cyprus, Venice, Monaco, Nice and Turkey, are missing some of those guests.

"Yet I am also seeing good value in places such as Benidorm and Lanzarote, which were not visited by significant numbers of tourists from Russia and Ukraine before the conflict began," he writes in this article .

So what is the reason?

"Nothing is so perishable as a plane seat that departs empty and a hotel room that remains unoccupied," says Calder. "Holiday companies, with commitments of aircraft and accommodation, can cut prices for late sales to whatever is needed to fill the booking void.

"Since the end of the pandemic, holiday prices have soared.

"Tempted by big profit margins, companies have piled on capacity. But growing unwillingness by the travelling public to pay outlandish prices, combined with pressure on household budgets, means buyers need to be lured by cheaper deals." 

Troubled bar firm Revolution is to close some of its sites after gaining High Court approval for its restructuring plan. 

The firm argued the plan was needed to save the business from collapsing into insolvent administration. 

The court was told that Revolution Bars Limited, part of a group owning the Revolucion de Cuba and Peach Pubs brands, was "heavily loss-making" and "deeply unprofitable". 

Lawyers said it was forecast to "run out of cash" this month, and was reliant on funding from the group to survive. 

Like other hospitality businesses, the Revolution group was "adversely affected by the COVID pandemic and suffered significant losses as a result," Tom Smith KC, representing the company, said.

The approved restructuring scheme will amend Revolution Bars Limited's obligations under a fully drawn £30m "revolving credit facility" with NatWest bank and extend the time to pay its tax debt, its legal team told the judge.

It will also feature the "right-sizing" of a portfolio of leases "in order to create a sustainable business".

Around 15 bars will close, while Revolution will restructure its debt and see a rent reduction across some of its other locations.

Following completion of the Plan, the business will operate 27 Revolution Bars, 15 Revolucion de Cuba Bars, 22 Peach Pubs and one Founders & Co. site.

The Money blog is back for another week of consumer news, personal finance tips and the latest on some big updates in the economy.

This is how the week is shaping up...

Monday: This week's Money Problem  is about whether you're entitled to your money back if you cancel an activity you'd booked.

Tuesday : We'll have jobs data first thing in the morning - remember, the Bank of England keeps a close eye on this when it decides what to do with the base rate. We're also continuing a new series to investigate whether some of your favourite sweets and treats from the past will ever return - we've called it Bring It Back and it'll run every Tuesday until we, or you, run out of ideas. We'll also have our regular Tuesday Basically...  feature.

Wednesday : Inflation data for July is released at 7am. This will give a measure of where we're at with the cost of living crisis and, again, the figures influence what could happen with interest rates. And we are back in London for this week's  Cheap Eats , in which top chefs reveal their favourite spots to get a meal for two for less than £40.

Thursday : Quarterly GDP figures will provide a picture of how the UK economy is doing. Here in Money, Savings Champion  founder Anna Bowes will be back with her weekly insight into the savings market.

Friday : We'll have everything you need to know about the mortgage market this week with industry experts - plus the best available rates with Moneyfactscompare.co.uk .

Bookmark  news.sky.com/money  and check back from 7am each weekday - and look out our weekend reads every Saturday.

The Money team is Bhvishya Patel, Jess Sharp, Katie Williams, Brad Young, Ollie Cooper and Mark Wyatt, with sub-editing by Isobel Souster. The blog is edited by Jimmy Rice.

By Brad Young , Money reporter

Mourning his mother's death and celebrating her life at the Old Neighbourhood Inn was the obvious choice for Martin Leach, 72, from Chalford Hill, near Stroud. 

The wood-beamed pub opposite his home had been woven into the fabric of the village for 150 years, so it made sense for 90 friends and family members to gather there in 2015 to say their final goodbyes to Nellie "Lilian" Leach. 

But seven years later, the village would say goodbye to the Old Neighbourhood too; its only pub shuttering its doors in a scene playing out hundreds of times over across the UK – and at an accelerating pace. 

"Entirely pissed off," said Mr Leach, when asked how he felt about the closure of the pub, which had once played host to local bands, mobile bakeries, artisan vendors and an affectionate black Labrador. 

"The pub was all that was left to represent that [village] community, and that's gone. And I think it's important to have that sense of community otherwise we just turn into a bunch of hamsters in cages."

Some 239 pubs closed in England and Wales during the first three months of the year, according to government figures – 56% more than in the same period in 2023. 

"There's a sense of death by a thousand cuts or 'what fresh hell is this?'" said Dr Thomas Thurnell-Read, a sociology expert at Loughborough University who has extensively researched pub closures. 

"Everything cumulatively is building up and that's why, sadly, there isn't a magic bullet for the problems in the sector."

Gen Z's changing habits 

Young people are more health and fitness conscious and more time-poor than their parents were, said Dr Thurnell-Read. 

The financial burden of university is rising, meaning students are taking part-time jobs and reducing the social time when drinking habits could form, he said. 

Freshers' week, once a party-filled gateway to three years of drinking, has become a box to tick and leave behind. 

"A generation of young people are finding other ways to socialise without automatically reaching for alcohol."

COVID played some part in this trend, said Dr Thurnell-Read. His students who started their degrees during social restrictions don't routinely go for big nights out or spontaneous, post-lecture pints. 

Between 2011 and 2022, the proportion of non-drinkers increased from 16% to 19%, according to Drinkaware's analysis of NHS data.

It's a trend driven by 16-24-year-olds (26%) and resisted by adults aged between 55 and 64 (14%).

Less cash, more alternatives 

"The younger generation don't drink as much. That's definitely a noticeable thing, but I don't think anyone really does any more. I don't really see the culture of when people used to go out and drink – like properly drink," said Simon Goodman, 44, owner of the Duke of Cumberland Arms, Henley.

The publican, who has been in the industry for 18 years, said that trade between the start of the year and the start of summer was "the quietest I have ever seen it". 

"People just weren't around. It's very bizarre after being in the business like this for so long."

The public have little money left over after paying their bills and more places to spend it, said Tom Stainer, chief executive of the Campaign for Real Ale (CAMRA). 

This was a trend that began in 2003, when the Licensing Act gave new types of venues the right to sell alcohol, not just pubs and clubs. 

Now the cost of living crisis looms large. One in five people who would usually go weekly to pubs and restaurants said they were doing so less often in a survey by consultancy firm CGA in April.

At the same time, skyrocketing rents and mortgages have led to a squeeze on leisure time, with people spending longer commuting in order to afford homes in cheaper locations, added Dr Thurnell-Read. 

"The big shift I think has been home entertainment. One of the other effects of COVID was it showed everyone how easy it was to get just about everything delivered to your front door," Mr Stainer said. 

This is a setback profoundly familiar to the manager of the Queen Inn, Great Corby, in Carlisle, which closed on 30 June.

Punters thinned out because they had a "vast amount of options at their fingertips" at home and supermarket alcohol was significantly cheaper, said Katie Wilkinson.

"It's a big shame," Ms Wilkinson said: "It means the village won't have a pub anymore and a lot of people rely on coming in each night for that social aspect."

She said this was particularly important for older people: "They see each other every night and now they won't.

"I think as we move forward more and more smaller village pubs will be closing."

The real estate incentive

As pubs become less profitable, companies that own the land are knocking them down to cash in on the real estate value "time and time again", said Dr Thurnell-Read.

"Pubs are being closed against the will of the people who run them and often against the will of the community who need them."

One of those community members is Tricia Watson, who moved to Chalford Hill, Stroud, as a new mum and used the Old Neighbourhood as a hub to connect with other parents. 

Now a Stroud district councillor representing the area, she has joined a campaign group fighting to stop the landlord's plans to convert it into a residential property. 

The Old Neighbourhood has been deemed an asset of community value under the 2011 Localism Act, meaning local groups like the Chalford Hill Community Benefit Society must be given time to make a bid to buy it for the community. But, ultimately, the owner can reject it. 

"The asset of community value regulations are absolutely toothless. So any community that wants to keep their pub going is at the mercy of the markets," she said, adding the site is worth £300,000 more as housing than as a pub. 

Without outside support, community efforts to purchase closing pubs have a success rate of less than 10%, according to the Plunkett Foundation, a charity promoting community-owned businesses. 

"Sadly that picture is very recognisable," said CAMRA's Mr Stainer. "It was recognisable pre-COVID and COVID has accelerated the process."

He added: "I think a lot of property owners are being tempted to take the fast buck."

Pub companies often finance buying pubs in such a way that they need to make big returns to service the debts, which can either be done by raising rents or selling off parcels of land, he said. 

"It is the tenants and the pubs that suffer because they are the ones that get chucked out of their business and often their homes."

'Daily struggle' of doing business 

The last four years have been "incredibly intense" for the industry, said Emma McClarkin, chief executive of the British Beer and Pub Association (BBPA). 

She lists off some of the "thousand cuts" Dr Thurnell-Read was referring to: the pandemic, war in Ukraine, pressures on supply chains, the energy crisis, cost inflation and customers who are far worse off than they were 2019.

Mr Goodman, of the Duke of Cumberland Arms in Henley, lists the impacts of these wounds: "The price of food, alcohol, wages, electric, gas - it's never ending." 

He said: "It is definitely the trickiest the industry has ever been I think. It is a daily struggle."

Food costs in particular have been "insane since the beginning of the year", rising by at least 15%, and in some cases doubling since 2019.

And they are completely unpredictable: "The prices can just change overnight, quite drastically as well."

It's not just food. Despite wholesale energy costs easing, Ofgem research published in March found 88% of hotel and catering businesses were still concerned about the impact of energy prices on their business. 

Fixed energy contracts have come to an end at five Cornish pubs run by Chris Black and his husband Jason, who face new tariffs costing 25% to 50% more.

"Pubs are not particularly energy efficient. I think that can be a massive factor in where money is basically being wasted quite easily," said Mr Black, 39.

He went on to echo an argument being made across the industry: while world events may not be in the government's gift, taxation is, and pubs are being "overly taxed". 

"I don't think there has been enough done to support pubs and that's evident in the number of pubs that are closing," he said. 

Alcohol duty, a tax levied on booze, is worth approximately 54.2p in a pint of 5% ABV draught beer (38p in a 3.5% pint, 75.9p for 7%).

Food and drink served in pubs is also subject to 20% VAT (though this was reduced to 5% and 12.5% at different stages of the pandemic). 

Pubs contribute 2.5% of all business rates collected by the government, but generate 0.5% of total business turnover, which CAMRA and the BBPA argue equates to a £500m overpayment. 

Taken together, Ms McClarkin estimates £1 in every £3 goes "straight to the tax man". 

COVID loans hangover and WFH 

During his research, Dr Thurnell-Read was told by many publicans they could have survived COVID or the cost of living crisis – but not both. 

The term perfect storm is overused, but for CAMRA's Mr Stainer, it's the only appropriate description. 

The pandemic burned through pubs' savings and forced them to take on more debt, just before the cost of energy and ingredients rose dramatically and the amount of money customers had to spend plummeted. 

Now, loans taken out and rents deferred during COVID are being called in, said Mr Stainer. 

"Many pubs have survived COVID but maybe are in danger of not surviving the long-term effects of the lockdown."

Introduced in March 2020, the Coronavirus Business Interruption Loan was a scheme whereby the government would encourage banks to loan up to £5m to businesses by guaranteeing 80% of the money and paying any interest or fees for the first year. 

"It is definitely a contributing factor to these failures, the inability to be able to pay back these loans," said Ms McClarkin, of the BBPA.

She said some smaller brewers had gone into administration because they "simply cannot pay them back". 

Loans aren't the only COVID hangovers facing pubs, according to Ms McClarkin: "Working from home culture has definitely damaged the pub sector, to the point where some pubs simply don't open Monday, Tuesday."

The pub lunch has dwindled in cities and big towns, and some establishments are choosing to close early on weekdays and open earlier on weekends, she said, as customers switch to less frequent outings. 

Fewer, more costly staff

Staffing has been a problem since Brexit, says Jane Pendlebury, chief executive of the Hospitality Professionals Association (HOSPA). 

She explained the end of freedom of movement has made it more difficult to find staff - and choose the right ones. 

"The friendliness, the smiles, charm, the willingness to pour a drink or deliver some food with a smile on your face will take them [pubs] a long way, but... if you can't get the right staff then you're not going to be delivering that." 

Minimum wage increases, while great for workers, have added to the outgoings for struggling pubs, she said. 

April's increase (£1.02-£1.26 more per hour for each employee) will see the sector's salary bills rise by £3.2bn, according to trade body UKHospitality. 

"People's wages have gone up, and that's absolutely acceptable and they should go up, but when it all adds up in this industry, when do you start going out and you're paying over £50 on a steak?" said Mr Goodman, of the Duke of Cumberland Arms. 

Cornish publican Mr Black said: "We've run a lot tighter on labour to try and keep the cost down because labour costs can be real money down the drain if you've got too many staff on at the wrong times."

Exhaustion 

For HOSPA's Ms Pendlebury, it's important to remember pubs are run by people – and they have a limit. 

"People that run pubs, own pubs, are just exhausted. 

"They were enormously under pressure [during COVID] and then as the guests came back, they were more difficult to deal with because their expectations were so high.

"So I think they are at their wits' end."

It's the smaller, more independent pubs that are closing, she said.

The scale of pub companies means more favourable borrowing rates, supply-chain priority and better value for money when bulk buying stock like menus, cutlery and loo roll, she said. 

They may have their own property managers – rather than more costly local tradespeople - and staff to manage their online reputation. 

"If it's all chains then we would, probably, ultimately lose some of our character as a country," said Ms Pendlebury.

It's not all bad

Walk across the River Ver, St Albans, north of London, almost 1,000 years ago and you would have seen the same building where Ronan Gaffney serves pints today. 

Pop into Ye Olde Fighting Cocks for an ale 400 years ago and you might even have bumped into Oliver Cromwell, who was said to have spent a night at the inn during the mid-1600s.

But centuries of history could not save the pub in February 2022, when the Fighting Cocks, the only inn to be officially recognised as the oldest in Britain, closed (though this was a title so disputed in the industry that Guinness dropped the category entirely in 2000).

Mr Gaffney, 27, and his colleagues lost their jobs in the pub where he – and generations before him - bought his first pint. 

But this isn't the story of another lost community asset: the pub reopened two months later, and Mr Gaffney was there to welcome the community back – with a promotion. 

The establishment's manager and head chef had banded together to take over the lease with a third business partner.

"It was super rewarding being able to reopen the doors and have been back in," said Mr Gaffney, now general manager.

"It was lovely to see the local community come in and say they're glad we're open again. A lot of people do have a lot of memories in this pub."

The pub is now in a much for comfortable position, though they must remain "very cautious on a daily basis", he said. 

He put its success down to attention to detail, big events, pricing and luck.

Bars can't get by on day trade anymore: birthdays, weddings and other large bookings are essential, he said.

"That is definitely one thing that our pub is not only very good at, but we're also almost reliant on it for a certain amount of our turnover."

Unless your pub is next to a train station, food is a must: "Being a simple boozer any more doesn't really seem to exist." 

He said he pays close attention to how staff are trained, products are bought and prices are set.

A lot of alcohol and food will return very slim – if any – margins, so you've got to make up for it on soft drinks, crisps and nuts, he said.

The same applies to the low and no alcohol products that have become so popular among younger people as they steer away from heavy drinking.

"It was quite strange," said Mr Gaffney. 

"It's not too rare for a pub to close or reopen these days, but it was quite rare to be able to be on both sides of that."

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