2019 Millionaire Report: Personalization is the Key to Marketing to Millionaires

The 2019 U.S. Millionaire Report illuminates many themes indicative of the ways nonprofits and commercial brands are changing to meet the needs of High Net Worth and Ultra High Net Worth individuals. One of the primary takeaways from this year’s millionaire report was personalization.

Now, millionaires (especially members of the millennial millionaire population) are keen on receiving relevant information that speaks to their personal needs, specifically. To adapt to this growing need, organizations and businesses are tailoring their messaging to meet their prospect’s unique interests. By showing your consumers you are of service to them, and their experience, you have the opportunity to create end-to-end customer engagement. It’s essential to nurture your customer and their values.

So, with the emergence and recognition of different millionaire personas, prioritizing personalization is no longer beneficial— it’s necessary. All millionaires aren’t alike. Therefore, they spend differently, they save differently, and they give differently. Two people may buy the same luxury good or service for different reasons. Knowing and anticipating the triggers of those capable of spending and donating is done with personalized data and segmentation. When companies align their engagement properly, they’re able to create a loyal customer base. This also helps them bring in new customers who are more likely to stick around.

Not only is this need for focused, personal engagement influencing the behaviors of organizations, but it’s also influencing our approach to technology. Advancements in Artificial Intelligence and Machine Learning are being used to advance personalized, consumer engagement. Predictive prospecting (the science of identifying your next best prospect, whether it’s a customer or a donor) is becoming exponentially more powerful with the help of AI. AI can help you identify patterns and actionable insights among customers, donors, and prospects. Continued engagement results in conversions and lays the foundation for long-term relationships.

To discover more themes and takeaways, download your copy of the 2019 U.S. Millionaire Report here.

WealthEngine Levels Up in 2019 – Announces Next Generation Product Release, Completes Hires To Their Executive Leadership Team

The leader in fueling wealth-aware campaigns makes a major leap forward
into data-driven digital activation of audiences

Bethesda, MD: WealthEngine today announced during Liveramp’s RAMPUP 2019, that it has rounded out their executive leadership team and set the stage to achieve rapid growth in 2019. Within a strong, profitable year in 2018, involving a highly successful WE Prosper customer and partner Summit, and growth within their more than 3000 active customers, the company also added more than 700 new customers across financial services, education, healthcare, advocacy and faith-based and leading arts & culture organizations in 2018.

The upcoming WealthEngine 9.0 release transforms how both nonprofit and for-profit organizations can incorporate unique wealth signals into finding, segmenting, nurturing and activating their prospective audiences. “It’s the industry’s first Prospect Engagement Platform in the market, filling the analytical void between CRM systems and marketing campaign management engines,” says WealthEngine CEO, PV Boccasam. “For the first time, our customers will be able to be both predictive and personalized in their approach to prospecting. It will set a new standard for how data science and analytics are used ethically for doing good while enhancing the mission of corporations.”

WealthEngine revealed an early preview of WealthEngine 9.0 at the LiveRamp’s RAMPUP 2019 conference to a select group of customers, sharing its latest cloud-based offering. The predictive prospecting platform uses advanced machine learning models to curate high-fidelity wealth signals across hundreds of data sources to nurture and lead-score potential prospects. These API-enabled wealth signals can now be activated directly into omnichannel campaigns with integrations into DMP systems such as LiveRamp (NASDAQ: RAMP). By having a single, secure, integrated platform that incorporates the complete lifecycle of prospecting – from searching, screening, scoring, segmenting, and precision targeting and activation of audiences – the industry now has a unique way to test-learn-measure their campaign outcomes. Unlike data enrichment platforms, WealthEngine enables complete control and governance of both the customer’s and their client’s data preferences, providing command over personalization and solicitation of prospects.

WealthEngine is also excited to announce its new wealth screening service offering, WE Insights. It’s a complete package of data cleansing, data enrichment and data analysis services for clients. “Our team of customer engagement managers will now leverage our secure platform to deliver next-generation wealth screening services,” says Prag Shah, President. “With in-built machine-learnt models like capital campaigns, grateful patient, next-best-prospect, look-alikes, etc., our customers will have renewed intimacy with their customers and prospects.”

The company also invested in its infrastructure and people, including establishing an India-based innovation team, thereby more than tripling the investment in product and customer success. “Being a profitable, growing company allows us to make continued investments in our customers by investing in our product and our people,” says Bob Latchford, the company’s recently appointed CFO.  “I’m excited about the value our clients will see as a result of our new outcomes-based approach and simple pricing and packaging for clients for every size.” In addition, the company appointed experienced industry executives Matt Melnick, to SVP of Sales, Raj Khera to EVP of Customer Growth, and Prashant Nerkar as VP of Engineering.

About WealthEngine: WealthEngine works with more than 3000 industry-leading financial services, higher education, healthcare systems, advocacy, and high-end hospitality organizations to deeply understand their current and prospective donors and customers.  Our cloud-based prospect engagement platform contains WE Profiles for 250M adults in the U.S., enriched with demographics, lifestyle and affinity, charitable/political giving history, real-estate and other wealth signals. WealthEngine also is an ardent supporter of its local community and a member of the 1% Pledge movement. To learn more visit: WealthEngine.com.

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How to Create a Wealth Model of Your Best Prospects

wealth models

When it comes to fundraising and marketing, acquisition costs can be measured not only in dollar value but also in time. It is important to spend time and dollars on the right kind of prospects. Wealth models can guide fundraisers and marketers to focus their time and efforts.

What is a wealth model?

A wealth model is a statistical model or an algorithm. It is based on a mathematical formula. Data scientists create these formulas to identify common traits among your customers, donors, and prospects. They have the capability to even convert certain qualitative attributes into quantitative scores.

Instinct usually determines the most predictive characteristics of top prospects. Wealth models help validate your instincts by quantifying and measuring data. This means that as a fundraiser or marketer your educated guesses can now be data-driven decisions.

How does wealth modeling work?

The idea is simple. A wealth model helps you answer a specific question. Wealth modeling is like perfecting a recipe. Data scientists take different ingredients in exact proportions to create the perfect model. Correlations between data points help you find your next best prospects. These correlations are much more reliable than any one single attribute.

For instance, let’s look at building a major gifts model for a university. The model must answer a specific question. Let’s say that the query is to find donors with a gift capacity of over $25,000 out of a list of 100,000 people. The wealth model first considers past behavior. Everyone that has made a contribution of $25,000 or higher will be included in the results.

wealth modeling

WealthEngine’s models establish a sample size of 200 or more. This means the machine learning in the model will look for donors with high gift capacity. It also means that the algorithm will go a step further to redefine the gift capacity or metric until a reliable sample size is established.

In the previous instance, if there are over 200 people that have donated over $50,000 the model can recommend this as a benchmark. Conversely, if it is only possible to find over 200 people who have donated $22,000 and more then the model can reset the benchmark accordingly.

How to use a Wealth Model

The quality of data determines the strength of wealth modeling. Therefore, modeling with reliable data gets you closer to your next best prospects. Wealth models can help segment your database based on capacity and propensity.

Raw scores generated by the algorithm help rank prospects. You can then start to segment top prospects. Refined segmentation helps you personalize offers and nurture prospects.

The benefit for marketers and fundraisers here is that the model brings you to the right neighborhood of prospects. You can prospect with confidence as your decisions are backed by data. The wealth model helps keep the right people and removes ones don’t meet your goal.

You can also customize wealth modeling to your industry and organization. Instead of looking at benchmarks that may not apply to you, you can focus on attributes that truly affect your business.

For instance, if two competing luxury goods companies run wealth models they might find different patterns within the same database. Company A might find that the correlation between zip code and number of cars owned is important. Whereas, company B might find the correlation between age and interest in travel are most important for them.

In this case, companies A and B would not benefit from a generic model for luxury goods companies.

Additionally, wealth modeling can also help you calculate donor lifetime value. This can act as an indicator of major gifts and recurring donations. It can also reduce donor churn and acquisition costs.

Do you know what millionaires are spending and investing on? We do. Download our 2019 Millionaire Report to find out.

How WealthEngine Builds Wealth Models

What makes WealthEngine’s analytics unique is that we build custom models for your industry and organization. This means they truly reflect patterns in data that are relevant for you.

WealthEngine’s wealth modeling goes beyond the industry standard of analyzing 70% of any data set.  In fact, we use 90% of your data file and use the rest of the 10% to validate the file up to 10 times.

Our models generate raw scores to help you prioritize. Further, they create 10 deciles so that data is pre-segmented to show you the top 10% of prospects. You could then choose to target the top 20%, 30% and so on.

Our process uses standard econometrics and tree-based modeling to show you where your top prospects are clustered in a continuum.

Enterprise models give you unlimited opportunities to answer fundraising or marketing questions. You can input every attribute in your database into different wealth models. Each model addresses a specific need. These are custom built for your organization so they highlight patterns that are most relevant to you.

Custom models give you the option to input 6 key attributes into our analytics solution. This is an affordable way to generate more controlled models that are still specific to your organization.

Both types of models are capable of accepting numeric and categorical variables.

Learn more

Find out which model delivers the best results for your organization. Get insights now.

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Prospect Automation: Why Old Ways of Prospecting Will No Longer Deliver Results

Use Predictive Modeling to Find Your Next Best Prospect

 

Hidden Donor Calculator: Finding Hidden Donors in Plain Sight

When you’re in the midst of a capital campaign, it can feel difficult to pursue new donors to contribute to your goal. But, before you go looking for new prospects, ask yourself: have I connected with all of my existing donors? Or, are there some who I have yet to connect with?

That’s where WealthEngine’s Hidden Donor Calculator can help. First, we’ll look at how many existing records you have in your database. That means donors, prospects, board members, friends—everyone! No one is off limits.

Then we’ll evaluate what you would consider to be a major gift, and how many gifts (in the past year) met or exceeded that amount. Not only will we do this to assess major gift potential, but we’ll also help gauge your existing donors’ annual giving potential.

With this information, we’ll help you unlock potential major gift donors, untapped gift potential, a number of potential new donors, and much more.

Collaboration is the key to uplifting humanity. Together, we can make that happen.

Click here to find your hidden donors.

Empower Prospect Research with Artificial Intelligence & Machine Learning

artificial intelligence & machine learning

The applicability of Artificial Intelligence & Machine Learning has been growing in every sector. In fact Forbes predicts that, “AI and machine learning will no longer be considered a specialty and will permeate business on a deeper level.”

At WealthEngine, Artificial Intelligence and Machine Learning are terms that are part of our Zeitgeist. We deal with these technologies every day when it comes to platform optimization. In fact, our new release WealthEngine 9.0 is all about automation and continuous learning.

This means you get accurate and up-to-date data to fuel personalized, wealth-aware campaigns.

Artificial Intelligence, Machine Learning, and Prospect Research

Artificial Intelligence helps analyze your database and build predictive models. You can use these models to identify your next best prospects. Further, Machine Learning automates the learning process to give you refined, personalized insights. In effect, the more you use the platform, the better it gets at serving your needs.

For instance, you could give us a list of 100,000 people with over 100 attributes for each record. This seems like a lot of data, but the Artificial Intelligence that powers the engine quickly analyzes these records. The engine recognizes patterns among top donors. These patterns are different for every organization. Therefore, your custom model helps you find new prospects like your top donors.

Machine Learning continuously refines your model. You can find top prospects in your database and convert them. While you do this, the algorithm sharpens itself to make the process faster and more targeted.

How do Artificial Intelligence and Machine Learning empower your organization?

The idea is simple. Models built specifically for your organization result in increased fundraising and marketing efficiency. Our predictive score is a strong indicator of conversion. It helps lower acquisition costs by enabling you to focus on top prospects.

When causes and corporations become efficient, they level-up entire communities! McKinsey reports that Artificial Intelligence is seeing niche applications in several social sectors. Plus, the technology has great potential to be scaled up.

Besides Artificial Intelligence and Machine Learning, we have defined a set of qualities that will empower us to uplift you.

Download our best practices guide and learn about the 10 email marketing elements to test using artificial intelligence.

What does AI/ML mean for us?

Our company is operating on a theme that we call Level Up! Every aspect of our business is being pushed to perform at a higher level. The notion applies to us, our platform, partners, and our approach to customer engagement.

Further, it means leveling up the work that our customers do- making their goals and missions our own. Through them, we will work towards uplifting communities and causes.

We believe that Automation, Integration, Monitoring, and Learning are key to achieving this.

Automation

Automation helps us present a tested and unified recipe in the form of a customer or donor profile. The process involves taking bits of data or ingredients in varying proportions from different sources and orchestrating them into a comprehensive profile. Our profiles can help you understand a person’s capacity, propensity, and intent.

 Automation also helps ensure that you are always working with the latest information. This reduces the margin of error and acquisition costs. We automate the most manual, error-prone aspects of the process through Artificial Intelligence.

For instance, if you are a bank you can go beyond generic service offerings. An updated profile allows you to offer products based on current life stage and needs.

Integration

We take efficiency one step further through integration. Having updated profiles is great, but if we can provide this to you within a familiar platform, it is even better!

 Our Salesforce connector app is one such integration. It allows you to see richer data on each profile within the ecosystem that you already use.

 Integration reduces your effort and helps you focus on driving engagement.

Monitoring

Monitoring enables the platform to automate and provide a seamless user experience. It provides insights that help us enhance the profile frequently. The process also helps us refine our integrations for each sector.

For instance, giving history may be a top data point for a nonprofit. The same data point may be nothing more than an interesting side note for a luxury marketer. Monitoring powered by Machine Learning creates a tailored experience for you. When you access the platform, you will see a dashboard built on data and features that are most relevant to you.

Learning

Nothing is more important than continuous learning. We are interested in two types of learning. Insights at the platform level can help enhance your experience continuously.

At a higher level, we keep our eye on about global wealth, charitable giving and macroeconomic trends that could affect you. This helps us champion your causes and thereby level-up communities.

Leveling Up Together

Artificial Intelligence and Machine Learning enable us to offer relevant and updated insights. Our focus on Automation, Integration, Monitoring, and Learning empowers your prospect engagement.

When engagement and personalization come into greater focus, corporations can better serve customers. These customers can better support causes. This means that we each help the other to level up!

Learn More

Learn more about how you can use Artificial Intelligence to test and refine your email marketing strategy.

Download our best practices guide now–>

Customer Segmentation Models for Increased Conversion

customer segmentation models

As a marketer, you are well aware of the power of customer segmentation analysis. However, segmentation is not an end in itself. Its impact grows exponentially with customer segmentation models. These models can increase personalization and engagement.

Importance of Customer Segmentation Models

Personalization is going to be a major theme in marketing. Tailoring the experience to your customer’s interests makes your message resonate. Robust customer segmentation analysis is the foundation for personalization.

In a diverse marketplace, organizations need deeper insight into demographics, lifestyle, and interests. To this end, customer segmentation models help you understand the nuances of the market.

Once you create main segments, you can analyze them further to improve personalization.

For instance, let’s say you’re a luxury car dealership based in suburban Chicago.  You are looking for customers with the capacity to spend over $50,000 on their next car. There are more indicators than a prospect’s wealth score.

You can identify prospects who live in zip codes within a certain radius of the dealership. The next step is to filter for prospects who already own a luxury vehicle. You can refine this segment further by identifying who owns your brand. This helps you determine if they are due for an upgrade or if they are looking at other luxury automakers.

You can then personalize your message in a way that speaks to each micro-segment. You can have one message for those who are loyalists to your brand. For those who own other luxury cars, your messaging could focus on comparative statistics. Focusing your marketing budget on targeted micro-segments reduces costs. Further, it also increases the likelihood of conversion.]

Want to learn more about how to market your luxury brand? Download our guide and gain perspective on the value of using analytics in your marketing strategy.

Customer Segmentation Analysis

Segmentation models reveal patterns that help you increase engagement within these micro-segments. They also enable you to personalize marketing at scale.

WE Analyze, our analysis and modeling solution can create such models from your data. In the previous instance, you found your micro-segment. Chicago area millionaires who have a net worth of at least $5 million. You narrowed your list down further to those who own luxury cars. You then divided them into a group that owns your brand and a group that doesn’t.

Customer segmentation models can identify patterns of traits within this group. You can then apply these patterns to your database to find more prospects like your chosen segment. A customer segmentation analysis can also help to drive predictive prospecting. This includes finding lookalike prospects that match the profile of your best customers.

Customer Segmentation Models and Personalization

Customer segmentation analysis helps to drill down into smaller sub-segment to fine-tune messaging. A personalized message that reflects customer interests is more likely to resonate. If your customer relates to the message then he is more likely to engage with the brand or cause.

For example in your micro-segment, you can create smaller groups of prospects based on age and type of pet. 

This will help you personalize your pitch to them. Further, it can guide you when selecting a medium that is most effective for each subgroup.

Segmentation Analysis and Lifetime Value (LTV)

Customer segmentation models increase engagement over time. This results in improved customer LTV. Which means that the customer stays connected to the organization. LTV is a great metric for you to rank your prospects.

Prioritization means your budget and message focus on the most responsive segments. Thus, your efforts will see increased conversion at reduced costs.

Segmentation Analysis and Models are Cyclical

The more you use customer segmentation analysis and modeling the better it is for conversion. We have already established that micro-segmenting helps personalize your message and increases engagement.

Therefore, increased engagement results in higher conversions and lower costs. The other important attribute of these models is that they learn to get better over time. Every customer segmentation model helps WE Analyze learn from it. Your models become more refined, thus creating better segments for your next campaign.

customer segmentation analysis

Increase Conversion Rates

Learn more about how WealthEngine’s data science team can help you increase conversion rates through customer segmentation models. Get insights now.

Further Reading

Why You Need a Concierge Marketing Strategy

What is Wealth Screening – and How to Use it to Generate More Money

 

Rich in Love: Finding Wealthy Singles

They’re single and ready to mingle! Introducing our breakdown of the United State’s most eligible, wealthy singles. Learn all about their interests, where they live, what they do, and much more. With WealthEngine’s wealth and lifestyle insights, you can easily search, screen, model, score, and segment to connect and engage with the best prospective donors and customers.

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pink in love

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Emerging Financial Services Trends

Our knowledge of financial services and customer engagement is transforming. With the growing need for personalized wealth management and online services, consumers are demanding more from the industry. By catering to these evolving needs, your business has the ability to drive greater consumer satisfaction, loyalty, and overall profitability. Adopting the following four emerging financial services trends will equip you with the necessary tools to remain effective in the industry:

Holistic Wealth Management

Holistic wealth management, as a comprehensive form of financial planning which would cover all of one’s assets, liabilities, and financial goals, will emerge as a new kind of digitized business model. According to the 2018 Wealth Management Outlook conducted by Ernst & Young, holistic wealth managers are expected to gain a market share of 30% by 2025.

With the rise of digital wealth innovation, high net worth individuals expect to receive support that’s more advisory than product-driven. Not only do clients desire financial asset allocation, but they want their assets, liabilities, and life plans viewed and managed. This is to help deliver a better approach to after-tax wealth preservation and performance.

Additionally, with the presence of low-interest-rate environments and high volatility since the 2008 financial crisis, clients’ shares, bonds, and money market investments are giving way to alternative investments.

 

Influence of Big Data on Financial Services

The presence of big data in financial services can bring disruptive change to the industry. Although the financial sector may not require production or logistic processes like the industrial or manufacturing sectors, the daily operations of banks are fueled by a high volume of real-time transactions.

The potential of big data in this sector can bring about change in two areas: precision marketing and risk management. In precision marketing, big data would alter the information structure, allowing financial institutions to collect and analyze customer and prospect data. This would enable institutions to generate individualized and tailored services for their clients. Your institution can accomplish this by generating new revenue streams through data-driven offers. Risk management, where big data’s used to rework traditional risk management models, promotes accurate risk estimation at a low cost. By becoming more efficient and providing strengthened security for clients, financial services can continue to serve clients, instead of becoming obsolete in the face of emerging FinTech companies.

Introducing and leveraging big data in these areas will help institutions increase their operational efficiency and business performance. 

Use of RoboAdvisors for a Higher Volume of Clients

Robo-advisors were initially used to serve beginner investors and individuals with a lack of investment experience. Now, financial institutions are developing ways to have robo-advisors manage all aspects of a client’s financial life.

Instead of providing simple portfolio allocation, institutions are beginning to use robo-advisors to expand their focus to provide advice on insurance, employer plans, and debt and asset management. The use of robo-advisors costs less and has a lower account minimum than traditional financial advisors. So, clients may be more inclined to use these online services.  Leveraging these platforms to make them more holistic will allow the financial services industry to develop a strong online presence more seamlessly. 

 

Omnichannel Marketing

With the diminishment of physical interaction with clients, financial institutions are beginning to look toward different channels to engage clients.

Over the past five years, the financial services industry has adopted the use of online-only banking systems. By adopting an omnichannel financial services marketing strategy, clients can now apply for credit cards and check their balance through apps, SMS, and through other digital means. By having a financial institution’s brand exist in multiple places, they are increasing the degree of impact they have on larger groups of people. They are able to meet the evolving needs of existing and potential clients, by allowing them to access personal, financial information more efficiently if they so choose. Leveraging these channels allow financial institutions to create personalized experiences that have a greater likelihood of creating loyalty among clients. 

Learn more about client engagement

Drive up conversion rates efficiently. Learn more about how WealthEngine’s suite of solutions can help you identify your next best client. Take a minute to fill the form on the right and a WealthEngine representative will contact you soon.

10 Necessary Steps for Your Grateful Patient Program Checklist

grateful patient program checklist

What separates an average grateful patient program from a successful one? Aside from prioritizing gratitude, and leveraging wealth insights, it’s integral to follow certain steps to propel your program to great heights. Add these 10 steps to your grateful patient program checklist:

1. Engage Your C-Suite

Before setting up your program, it’s important to communicate openly with your CEO and CMO. Your C-Suite can help chart the course of your program.  During this time, they can also introduce you to the doctors and nurses you’ll potentially be working with.

Remember: Fundraising is the process, not the product. These programs help fund labs, buy equipment, and much more.  By having your C-Suite share the benefits of the grateful patient program with your healthcare practitioners, providers will slowly but surely trust and understand your motivations, and will be more open to working with you.

2. Identify Which Physicians to Involve in Your Program

Once you’ve engaged your C-Suite, it’s time to start meeting your physicians. If you’ve got two gift officers, identify 20-30 clinicians. Then, you and your CEO can host an event to speak with the doctors and nurses you’ll be working with.

Transparency and connection are essential in establishing your program. You should not only involve clinicians you believe will be helpful in your efforts, but also forge authentic connections with them. Since clinicians have formed relationships with their patients, they know which patients are grateful for the treatment they’ve received. However, clinicians may feel that much more apprehensive sharing what they know. If you’re extrinsically motivated in your efforts, they will feel less inclined to help. Their patients come first. So, in these meetings, it’s important to openly involve them in the process, and ask them:

  • What’s the most comfortable way for you to identify a grateful patient?
  • What’s the most comfortable way you introduce the rehabilitation?
  • How do you want to be involved in this philanthropic process, that will be most comfortable for you? 

3. Train Physicians

Training your physicians in philanthropic giving is another form of transparency that will transform the culture of your healthcare institution. Since clinicians are well-versed in medical practice, introducing them to uncharted territory can feel overwhelming. To alleviate their concerns, training clinicians can provide them with a greater understanding of how a grateful patient program works, their role within it, and your intent in establishing one. Clinicians are then able to forge their own relationship with the program and determine how they will approach it based on their comfort level.

4. Collaborate With Physicians To Identify Potential Benefactors

Once your physicians have been trained, and have familiarized themselves with the program, begin collaborating with them to determine who you can reach out to. By having physicians take the lead, they will be able to help you identify benefactors who are grateful for what they received and would be more inclined to give back to the hospital, and the physicians, that treated them. This is where gratitude and wealth intersect. Engaging in this open dialogue with your physicians provides you with a specific list of potential donors, that can be distilled into an even smaller group of potential benefactors, using wealth insights

5. Conduct Patient Screenings

It’s important to understand the grateful patients you intend to engage with. A holistic image of your patients includes your understanding of their wealth, demographics, lifestyle and affinities. This is where wealth screening, comes in. Using wealth screenings, WealthEngine can show you each person’s propensity and capacity to donate. We can provide you with insights into the interests and prior giving history of your potential donors. This knowledge will inform your fundraising strategy at large. 

Not only are you identifying which patients are worth pursuing, but you’re also able to narrow your efforts. Finding out which patients have the greatest propensity and capacity to give allows you to focus your outreach, and understand your patients’ specific needs and interests. And, by conducting screenings regularly, you have the opportunity to sift back through unmatched records. This gives you the opportunity to identify any inaccuracies attributed to any donors hidden in your database. 

6. Use Wealth Insights to Segment Patients Selected

Once you have screened your grateful patient donor base, it is important to understand what they have in common. So, you can use automated data analytics to help you identify patients and relatives of patients who can be benefactors. How? Insights create an overview of your donor base by showing you what your grateful patients have in common. When you identify these commonalities, you can look for the same traits in new patients. Therefore, you have a ready-made system for filtering and identifying which new patients will be great additions to your grateful patient program. 

This can also help you determine major gift prospects who can give support the bulk of your efforts, and who may support grateful patient programs established in the future. So, instead of reaching out to every patient, you can hone in on those who may feel the most willing to give.

7. Evaluate Which Departments or Wings Need More Fundraisers

Not only is it important to identify which patients to reach out to, but it’s also necessary to identify which department or wing they’re in. If many of the patients screened, from a specific wing, have a high propensity and capacity to give, but that department doesn’t have enough fundraising officers, it’s important to focus more efforts there. The more you concentrate your fundraising efforts in those specific areas, the more likely you are to convert grateful patients into donors. 

Make sure the patients you’re screening are from departments that are actually included in your health system, on a fundraising level. For example, although you may interact with Medicaid, hospice, or pediatric patients, they may not have the highest propensity or capacity to give.

8. Reach Out in a Way that Evokes a Response

The next step in your grateful patient program checklist is to reach out! Now that you’ve been able to gain your physician’s consent, and have done your own research on each patient, it’s important to communicate with them about their ability to donate. Remember to communicate gratitude, and express how central gratitude has been in the formation of your program. You are not reaching out to former patients and their families to fundraise. You reach out to them because the care they received, with their help, can be felt by someone else in the future.

Screening and actionable insights can help you craft messages that are most likely to resonate with your grateful patients. You can also personalize the medium/method you use to reach out to patients based on their preferences. For instance, some patients might respond well to direct mail, yet others may be more motivated by a call from their practitioner.

9. Create Successful Events Based On The Overlapping Interests of Grateful Patients

Not only is it important to gather insights on patients individually, but it’s also necessary to identify their overlapping interests. By doing this, you’re engaging grateful patients and benefactors in ways that are relevant and valuable to them. What events would they like to attend in the future? Is this an event that would interest them? Have they attended events like this before?

The more relevant subsequent events are, the more likely patients and benefactors are to engage and give. By creating opportunities to meet them in person, you’re able to cultivate and nurture these relationships in ways that are more personal. Additionally, you are able to express your gratitude and assess how they would like to stay involved as time goes on. 

10. Track and Analyze the Success of Your Campaigns

The final step on your grateful patient program checklist is to assess the success of your campaigns. This can be done using analytics. Once you’ve reached out to your grateful patients who have the greatest propensity and capacity to give, it’s important to track the success of your campaign by analyzing online donor activity. Who, out of your grateful patients and benefactors, have signed up for your mailing list? Which grateful patients or benefactors RSVP’d for your events? Which grateful patients ended up attending? And who contributed gifts to your campaign? 

All of this information can help you understand how to approach your future campaigns. You can identify which messages, mediums, and events prospects responded too, and adjust accordingly. All of these modifications will help you to engage prospects in ways that are more applicable, relevant, and subsequently, effective.   

Use Wealth Insights and Screen Patients for Your Grateful Patient Program

Upload a list of your patients to unearth and understand their propensity and capacity to give. WealthEngine9 or WE9, our newest release, is transforming the prospecting landscape. Explore our Engagement Science speeds up the way you screen, analyze, find insights, and predict outcomes through modeling.

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Why You Need a Concierge Marketing Strategy

concierge marketing strategy

What is Concierge Marketing?

As a marketer, you strive to deliver a personal experience to your clients each and every time, right?  Much like a good concierge, you try to get to know your clients– their mindset, interests, and passions. But, what about the moments before they even walk into your store?  Is your marketing using the same personal treatment to get a client to the door?

Think of this process as Concierge Marketing.  A concierge marketing strategy allows you to embrace a way of understanding, engaging, and personalizing your clients’ experience so you can develop a meaningful relationship with them from the very first interaction. Let’s explore some of the ways you can engage consumers by implementing key concierge marketing strategies.

Concierge Marketing Strategy: Meeting Customer Expectations

Customers’ expectations of brands have risen steeply. To be specific, they want personalized, transparent, and respectful relationships. While marketers know this is a critical time to pivot and engage with consumers in a new way, they are facing the challenges posed by the abundance of data and how to capture and glean knowledge from it. As noted in WealthEngine’s Luxury Marketers Guide to Engaging and Winning HNW Customers, here are some basic best practices:

  1. Know your customer
    It’s frightening that 40% of brands don’t target any specific customer or prospect segments. In addition, 28% of marketers don’t know which high-value customers they should focus their efforts on. That’s where data comes in. Use it and garner insights about your customer.
  2. Know your goals
    Once you understand the attributes and relative value of various segments within your customer base, it will be much easier to make decisions on where to allocate resources, and which strategies and tactics to expand. Using analytics can identify the point of diminishing returns for targeted campaigns, giving you more return on investment while safeguarding your budget.
  3. Know your needs
    Once you’ve established your goals and the strategies you will be using to reach them, you can identify the data that you have to support your initiatives. At that point, you can discern the data you need to append in order to truly understand the mind of the consumer and to create compelling, personalized content & messaging.
  4. Know your prospects
    It’s crucial to approach individuals with the wealth,  affinity, and lifestyle to engage with your brand. As a result, these high potential prospects will be your next customers, and more importantly, they can transform into your brand ambassadors.
  5. Know your data 
    Data is not static; it is changing by the minute. Each time a prospect takes an action on your website, engages with a salesperson, or visits your business, the data associated with that consumer flutters and expands. So, you must track and use that data to maintain your relationship and continue to drive authentic experiences.

Concierge Marketing Strategy: Data and Consumer Engagement

Bottomline: Getting an advantage from data in marketing is art and science.

It’s not easy…and more importantly, it’s not over once you start. It’s a continuous effort and must be a commitment to your customers. Once you’ve adopted a concierge marketing strategy where you’re able to tailor your messaging to the unique needs of your donors and prospects, you’re one step closer to creating a loyal consumer base. So, now’s your chance to use unique data to help build authentic experiences that you, as a marketer, need, and customers demand.

Up your game and win over high net worth individuals with our luxury marketer’s guide.

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