Meet the New WE Search

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Understanding the power and insights around the data WealthEngine uses to create our WealthGraph, consisting of 250 million individuals throughout the Nation, might be complex; however, it’s valuable to our clients.

Core to the products WealthEngine builds is our WealthGraph, comprised of: multiple data points, wealth analytics and social connections on individuals. This is what makes our platform unique.

WE Prospect, driven by the WealthGraph, enables users to build and construct custom queries of multiple attributes containing geographic, wealth, and interest data. Users are able to drill down and create a specific list based on their own defined parameters allowing greater precision.

Bottom line…It’s the full package.

We realize our customers want this same ability to target specific searches on individuals they know. Similar to finding and targeting a list of new individuals, our users need a more robust way to search within our platform.

This is what inspired us to provide a nationwide search empowering our users to uncover more, ascertain more, and most importantly, improve their experience.

So, that’s just what we did.

We took the power of WE Prospect and added it to Search.

What does this mean?

Users can now query based on:

  • Nationwide search – It’s no longer necessary to enter a city and/or state.
  • Additional geographic filters – Including radius and metropolitan area search.
  • Last name search – Ability to search just based on last name without a first name.

The part that makes our revised Search so powerful is the updates we’ve made to the backend technology enabling a user to conduct a nationwide query by last name in an average of a few seconds. It’s the same technology that powers WE Prospect allowing a user to get a list of California Democrats with a Net Worth of over $1 Million and an interest in skiing.

We’ve gone a step further to improve workflows for our customers, making it easier for them to find the correct profile and access the detailed data more quickly with:

  • Improved search results ordering – To bubble the best results to the top
  • One-click access to Research Details – Directly from search results

We’re excited about these enhancements to Search. Take a spin through our latest improvements to Search, we’d love to hear your feedback.

New to WealthEngine and want to see our new Search in action? Request a Demo.

 

 

As Director, Product Management, Elizabeth Schiffmann is responsible for working closely with our product development team while managing a portfolio of WealthEngine’s key products. With Elizabeth’s prior experience as Director of Customer Care at WealthEngine she understands our client’s needs and cares about the success of our clients. She brings experience from multiple roles within fundraising, customer support, marketing and product. This experience combined with her understanding of WE’s products enables her to help guide product and development decisions. And her work with Children’s National Health System and as a board member for Montgomery County Partners for Animal Well-Being (MCPAW) means that Elizabeth has a genuine understanding of the needs of non-profits. She’s a team player, but when she’s not working with the product development team on product improvements and requirements, Elizabeth enjoys challenging opponents on the tennis court with a wicked forehand.

 

Grateful Patrons…Special Intelligence

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I just came out of watching the latest (and maybe, just maybe the best?) Bond movie – Spectre.  Now I have to admit, I am British, I love cars, I love watches and I love Bond, so I am somewhat of a sitting duck for both the movie producers and gratuitous product placements that seem to be everywhere in Bond movies.   Walking out of the theatre, I was on a high; I felt like James Bond’s less fashionable sibling who wanted everything his brother had!  If someone had presented me with the opportunity right then and there, I would have purchased that new Aston Martin DB10, that new Omega watch, or that oh-so-well-fitting Tom Ford suit!  

Unfortunately, I won’t be buying any of those thing right now (Bond accessories are a little out of my league) but you get the gist. Marketers dream of people like me who are caught up in the moment and will do just about anything to get what they see in front of them.  By next week, the euphoria will have worn off….I’ll be Mike Lees again (not the Bond Brother)…and I’ll have seen other cars, other suits and other tempting targets for my hard-earned cash. The moment will have passed.

So what’s the lesson here?  In sales, marketing and fundraising, timing is everything; it’s sales and marketing 101. This basic principle works in grateful patron programs as well. There are three basic pillars for qualifying a good sales or fundraising opportunity:

  1. do they have the budget?
  2. do they have the affinity or the need? And,
  3. is now a good time to ask?

Let’s look in a little more detail at these three in reverse order:

  • Timing – Place a message when your audience is most susceptible.  It’s not only product placement marketers that have been doing this successfully; healthcare fundraisers have been using this tactic with great success through Grateful Patient Programs (GPPs).  They know that frequent screening of patient records and frequent outreach to ‘grateful patients’ can yield great fundraising results.  For many years now, hospitals have been able to do more research, make necessary capital purchases and fund significant initiatives through these programs.  The same holds true for Grateful Patron Programs. You need to ask yourself…
    • How often are you screening your patrons?  Do you reach out to them when they are most ‘grateful’ (i.e. after a performance) or do you wait until later, maybe even until the end of the season?
  • Affinity – This one is easy.  Your patrons clearly have affinity to your cause….after all, they just came to watch your show, or visit your establishment; and many of them do so frequently.   But have you looked beyond this?  
    • Do you have the data and insight into their lifestyle and interests to determine what else interests them, what else may better align them with your cause?  Are there partnerships you could exploit to attract them?  For example, if you have a significant number of fashion lovers in your patron base, could you partner with a luxury brand to deliver a special event?  Consumer analytics vendors like WealthEngine can help here.
  • Resources – This one is a little harder.  You may know your most prominent patrons well.  But do you know the rest?  Do you truly know their capacity to give?  Do you have the insight to be able to make the right ask?
    • Wealth intelligence when done right can score your entire patron base and prioritize each and every one so that you focus your resources in the right place and optimize your fundraising with the right ask.  This is where tools like WealthEngine can truly make a difference.

All of this can seem a little daunting, but it really isn’t.  With some simple changes to your fundraising practices and the introduction of the right data, you can develop processes to consistently make the right ask of the right people at the right time.  

Many of your peers are already doing this (take a look here) and can attest that while you don’t need the resources and cunning of an international special agent, you do need special intelligence.   That’s where we can help.   The name’s Engine…WealthEngine.

To learn more about WealthEngine and our Grateful Patron Program offerings for Arts & Culture organizations take a look here.

From accountant and financial analyst to entrepreneur and get-to-market strategist (it’s never as easy as just going-to-market), Mike’s professional journey has armed him with a unique set of skills and perspective – starting with a product that meets unmet needs, through delivering simple and differentiated messages that generate demand, Mike has done it all.

 

Marketers must work with tradition to reach boomers: report

Traditional in-person experiences are still essential for reaching the wealthy baby boomer market, according to a new report by WealthEngine and Forbes Insights. Baby boomers generate nearly half of the United States’ after-tax income, an amount of $3.6 trillion, and overwhelmingly prefer in-person to online purchases for all luxury products and services except for travel. Although much is made by marketers, brands and researchers alike about the significance of reaching the millennial consumer in digital spaces and according to her preferences, the boomer must not be forgotten.

Five Things You Don’t Know You Don’t Know (But Training Does!)

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As a Senior Product Specialist at WealthEngine, I spend my days training clients on how to use various products they have purchased from WealthEngine. Most people assume that I only train brand new clients, but many of my training sessions are done with clients who have been using WealthEngine products for years. Why do these clients bother taking training on how to use something that’s been a huge part of their work flow for years?

Because you don’t know what you don’t know.

Trust me, I can feel the eye rolls happening as you read that. “I see what you did there with your snazzy word choice,” you say, “but I’ve been using WealthEngine for years. I know what I’m doing.” I don’t doubt that you do, Hypothetical Mystery Client, but knowing what you’re doing and knowing the best ways to do what you’re doing are two very different things. There’s a chance that you’re making your work harder that it needs to be. Maybe you’re using a score that’s not really the best fit for what you’re looking for. Maybe you’re not aware of a feature that could be saving you a ton of time. That’s where I can come in to help save the day.

Let’s look at some common things I’ve found that even our more seasoned clients aren’t always clear on.

1. You Probably Think P2G Is About You.

Our P2G (or Propensity To Give) score is one of the most useful scores in WealthEngine profiles and can be seen in profiles pulled from a variety of our tools (like batch screenings, individual searches in FindWealth 8, or We Prospect). While it is one of the most useful scores we offer, it is arguably also the most misconstrued.

Some clients are surprised to find out that a donor’s P2G score is not related to their history with the client’s organization. Others are surprised to find that it also goes beyond the obvious factors, like someone’s publicly visible assets or political donations.

In fact, P2G looks at a wide variety of factors. Because of this, the P2G score that someone possesses tells you a great deal about the content of their profile before you ever open it up. It can help you identify hidden gems and help save you time while looking through prospects.

2. Gift Capacity Isn’t Everything.

Arguably the second most misconstrued score is Gift Capacity, which can be viewed in nonprofit profiles from WealthEngine. Having a high Gift Capacity is directly related to someone’s publicly visible assets, but does not necessarily take other factors into account. What if you have a prospect that has all of their real estate tied up under a less-than-obvious trust or LLC? Their Gift Capacity could end up being very misleading at first glance. I can show you tricks around that and what scores are going to be better indicators of that prospect’s actual priority level.

3. Profiles Aren’t Set In Stone.

Tell me if this sounds familiar: you’re looking at a profile for one of your top prospects. You’re just giving it a quick once-over before you hand it off for someone to use and then you see it. You notice that there’s something in there that shouldn’t be. You’re scared that it is throwing off the scores. You can hear it laughing evilly from within the computer.

Would you be surprised to know that you can delete data with a simple click? I can show you how to delete items from a profile and recalculate the profile with the information removed. I can even show you what is worth deleting and what doesn’t affect the profile so that you don’t waste time as you validate.

And when you’ve got that situation where you want to edit values themselves before they go into the scores, like adding a pesky piece of real estate to your nonprofit prospect’s profile? Yep, I can help with that, too.

4. Now You See It, Now You Don’t.

There are many situations where you might want to hand a nice PDF of a profile off to a colleague but you don’t want to hand them everything. Sure, the fact that the prospect has $5 million in real estate is great, but your colleague doesn’t want to read through every single real estate record.

​Did you know that you can create templates for your PDF or DOC downloads? I can keep you from manually parsing out what you do and don’t want to be visible every time. Instead, I can show you how to create reusable custom templates that only include the data you actually want them to see.

5. Transaction Histories, News Alerts, and Stocks…oh my!

​The Specialty Search options can be a bit intimidating to some clients but they can really enhance your researching experience. As a subscriber to FindWealth 8, you have access to property search tools that can show you transaction histories for properties (which can be incredibly useful if you want to see if someone has moved or transferred their home ownership). You also have access to an up-to-date news database that allows for highly specific emailed news alerts (like if you only want to be emailed once a week if a certain phrase or name appears in a newspaper obituary). You can even set up email alerts if a prospect takes part in a transaction with their insider stock.

I can show you how to take advantage of all of these features and more to make sure you are taking full advantage of your subscription.​

​So, Hypothetical Client, please be sure to schedule your training as soon as possible. Snazzy word choices aside, I sincerely want to make sure you’re getting the most out of your investment with WealthEngine. Let’s work together and make sure that you have the knowledge you need to tackle your next project.

In the meantime, if you’re interested in being a Hypothetical Client, please request a demo.

Ashley McConnaughy is the Senior Product Specialist/Training at WealthEngine, specializing in providing in-depth client trainings for both nonprofit and commercial clients. She’s analytical, detail and process oriented and adores tackling projects. While Ashley has many hobbies she shares a passion for comics and has attended the Comic-Con convention to enhance her love of science fiction/fantasy related film, television, and similar popular arts.

 

New Report Shows Luxury Brands Can Benefit by Building Personalized Relationships with Boomers

Today WealthEngine and Forbes Insights released the report “Engaging 50+ Consumers in a Digital World: How Luxury Brands Earn Trust Through Online and Offline Channels” highlighting the marketing potential and best practices for luxury brand marketers to reach and win the business of wealthy 50+ consumers. Luxury marketers who exclusively focus customer acquisition strategies on Millennials or who shift outreach exclusively to digital channels are missing opportunities of gaining the market share of a still powerful customer segment – Boomers.

Luxury Marketers: Don’t Forget About Boomers

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Want to market more effectively to the 50+ Luxury Consumer? Download the full report from Forbes Insights here.

Luxury marketers are able to engage with Millennials in ways they were never able to before thanks to technology. However, this laser focus may result in missing out on a key market segment that still appreciates traditional relationship marketing.

Continue reading “Luxury Marketers: Don’t Forget About Boomers”