Top 5 Giving Tuesday Ideas to Boost Your Fundraising Efforts

giving tuesday ideas

As Giving Tuesday approaches, it’s important to have a game plan. This will help you procure as many major gifts as possible and connect with donors on a deeper level. So, by identifying what to do on Giving Tuesday, you’ll be able to fundraise with ease. Let’s explore the top 5  Giving Tuesday ideas to make your fundraiser a success. And, be sure to get the ultimate Giving Tuesday checklist at the end of the article to ensure that you’re on track to meet your fundraising goals now, and at the end of the year.

1. Establish a Specific Giving Tuesday Fundraising Need

One Giving Tuesday idea is to focus your fundraising efforts on a specific need. A common mistake that organizations fall into is using Giving Tuesday to fundraise in general, instead of focusing their efforts on a specific goal.

By not articulating what your fundraiser will help create, specifically, donors aren’t able to gauge where and how they’ll be able to create change. Creating a specific project to funnel contributions into, allows donors to visualize the end result and feel more involved in the process.

2. Create an Attainable Fundraising Goal for Giving Tuesday

Of all Giving Tuesday ideas, it is important to create a monetary goal that is feasible and attainable.  Organizations can fall into the trap of setting fundraising goals that are beyond their reach. During Giving Tuesday, it’s important that your organization set up one that is reasonable. If the set goal is too high, donors are unable to contextualize their gift and decide if their actions will actually help create change. This could dissuade potential donors from contributing all they can to your goal.

By creating a goal that you’re bound to reach, or even surpass, that will attract new donors to your cause. They’ll feel like they’re making a difference with their contributions knowing that you’ve been able to achieve a goal collectively. The donor needs to be the hero of your giving story, and the best way to do that is to provide them with gratification– they took steps in the right direction and now their actions have resulted in a win that exists beyond the goal.

3. Make Sure Your Website is Compatible with Mobile Devices

One Giving Tuesday idea that most organizations neglect is creating webpages that are compatible on other devices, especially mobile. The donation space is becoming increasingly digitized as time goes on. In order to accommodate your donors, it’s imperative that your website is compatible with various screens.

Mobile giving is becoming more and more popular. About 25% of donors complete their donations on mobile devices. And about 17% of Giving Tuesday donations in 2018 came through smartphones. Mobile giving enables your existing and prospective donors to give from anywhere at any time. By making sure your website is responsive or compatible, you can procure more and more donations.

4. Screen and Model Your Existing Donor Base

More often than not, organizations request donations from everyone and then determine which donors have the ability to give more. But, what if you were to cut out the guesswork on who would be most likely to give, and you could speak to them directly? This all starts with screening and modeling.

So, it’s a good idea to screen and model your donors for Giving Tuesday. By conducting a wealth screening, you can see which donors have the greatest propensity and capacity to give. Once you’ve compiled this information, you can implement focused and effective engagement techniques. Not only are you reaching donors who are likely to give during Giving Tuesday, but now you’re also communicating with people who are willing to give again and again.

Once you’ve screened all the donors in your database, you can use WealthEngine’s modeling solution to find donors just like your best. By modeling your best donors, you are able to generate a core donor persona. You can identify overlaps in demographic data, preferences, and giving history among donors who are already in your database. This will give you an impression of what your ideal donors look like. That is to say, you’ll get a sense of what their traits are and how they communicate. This impression will help you find people like those.

5. Create and Send Personalized Messages

When it comes to receipts, emails or thank-yous, a good Giving Tuesday idea is to personalize and tailor your outreach. Generating hyper-personalized Giving Tuesday emails and thank you letters allow you to personally name and acknowledge your donors. This shows them, not only are you invested in your goal, but you are also invested in them and the change they’re committed to making. This is the first step in actively cultivating and nurturing relationships with your existing and prospective donors.

Focusing on an individual’s contributions allows you to highlight how their personal interests, values, or actions help incite great change. Each of them, individually, is at the core of the positive impact you want to make. Not only will this help you during Giving Tuesday, but it’ll also help you create a loyal donor base that’s likely to give to your organization in the future.

Download Your Ultimate Giving Tuesday Checklist

These Giving Tuesday ideas are just the tip of the iceberg. In fact, there are many other items to mark off your checklist. Wondering where to start? Download our ultimate Giving Tuesday checklist here. See what to do and how best to strengthen your fundraising ventures as your year comes to a close.

Identity Resolution For Best Match Rates & Unique Pre-Built Profiles

identity resolution

As the proliferation of data continues, identity resolution or entity resolution becomes a topic of greater importance. You may be wondering how such a specific technicality may affect your business. Our in-house expert, Glen Ireland actually answers that question and more on our podcast. Let’s begin with the basics.

Listen to the full podcast here:

What is Identity Resolution?

Identity resolution is the process of matching data from multiple sources with one entity. It can also be referred to more generally as entity
resolution. Basically, when several data points are matched with a person and the association is confirmed, it is identity resolution.

For example, let’s say there’s a contact named Eric Smith in your database. You may find out from another data source that Eric Smith has a net worth of $10M. The problem is that there could be ten different people with the name Eric Smith among your contacts. Identity resolution comes in when you need to find the right one to associate the net worth with.

Businesses Can Also Face Identity Loss

Not only does entity resolution affect people, but it also affects organizations. Even if your organization deals with other businesses, identity resolution could become important for you.

For example, your system may have stored IBM as IBM, International Business Machine, and as IBM Corp. When you add new data, you may add each data point to a different entity. In this case, your data will not be able to paint a holistic picture of the entity for you.

In these instances, computers cannot make judgment calls. Human intervention may be needed. Of course, when you try to achieve entity resolution at scale, you can do this through algorithms.

Entity Resolution & Wealth Data Analytics

When it comes to your wealth data analytics, identity resolution becomes paramount. Let’s consider the case of WealthEngine. Identity resolution enables us to pre-form profiles about every adult in the US. These pre-
formed profiles allow WealthEngine to offer solutions like WE Prospect, and WE Analyze.

Furthermore, with entity resolution, you can perform a nationwide quick search. This means you can look up any individual adult in the US or create segments in the WealthEngine database.

Identity resolution lets WealthEngine procure data from several different data sources. So, each data source has its own unique identifier for each person. WealthEngine can then match all these data sources through entity resolution. This helps us build pre-formed profiles and to update and enrich them over time.

WealthEngine invests millions in acquiring high-quality data from different sources. This means you can learn more and more about Eric Smith on your contacts list with WealthEngine. This includes demographics, lifestyle, behavior, interests, and affinities. Our algorithms and data science help make sure that you have up to date and extensive information to work with.

Identity Resolution to Match Vendor & Customer Data

So, how do you match data from different sources and vendors? Although this is a complex process, two basic techniques can be used. For instance, the main attributes we use to match entities are their name and primary address.

A best practice for identity resolution is standardizing the format for names. To illustrate, turn nicknames into formal names, remove any punctuation from names, etc. You may also want to standardize addresses by reformatting them. The format should match deliverable USPS addresses. Those are two basic things that can be done to enable entity resolution.

There are also other sophisticated techniques to accommodate misspellings. We use some of these advanced practices at WealthEngine. For example, a vendor might send a record with a name that’s missing one character. Similarly, there could be a street name that’s missing two characters. In these instances, we use something called edit distance algorithms. We may also use this and similar techniques to accommodate misspellings in first names, last names, or street names when ingesting vendor data.

Advanced Technology for Higher Match Rates

The above were general best practices, but the process becomes complex at scale. Furthermore, as you ingest data from more sources, you need more sophisticated data science to ensure accuracy. WealthEngine’s industry-leading technology means that our clients can enjoy up to 90% match rates.

In fact, clients have confirmed that other analytics solutions offer about 30-60% while WealthEngine can get them to 90%. This is because WealthEngine has spent 20 years coming up with sophisticated techniques beyond the basics.  For example, we can also use attributes like spouse name or business name to increase that metric.

This is important because both husband and wife can make a decision on something. If you’re targeting a specific individual, you may want to bear in mind that the spouse might actually be the decision-maker. These could be decisions about a donation, about buying a particular product, or using a certain financial services firm. With this being the case, it’s very important to have identity resolution be as accurate as possible.

What Happens When There Is No Match

If a record from a vendor cannot be matched to a profile, WealthEngine has to decide whether or not to create a new profile. If the record coming in from the vendor is complete enough, and it seems like a person that is not already in the database, we create a new profile. For instance, there are something like 10,000 17-year-olds turning 18 every day. They would all be eligible for being loaded into the WealthEngine database.

In other situations, a customer record may match multiple profiles. In this instance of entity resolution, let’s say you add some extra pieces of information to WealthEngine. This may cause one customer record to match multiple WealthEngine profiles. Then, WealthEngine appends information from all matching profiles to the customer record to enrich it as much as possible.

Does this work?

Yes, because  WealthEngine sometimes has more than one profile per person. The reason behind this is that we want to shy away from over-merging. This means, you never want to use identity resolution to combine two different people.  WealthEngine tends to err on the side of what’s called under-merging, where one person is represented by multiple profiles in the WealthEngine database. In fact, competing solutions may have greater inaccuracy because of this.

How You Can Benefit From Identity Resolution

Identity resolution ultimately increases the accuracy of information for customers. This means you can simply search for a person and see all their information compiled into a profile. These profiles are built using data from several different sources. Thus, this presents itself as a convenience for you.

Secondly, having reliable entity resolution in place means you get higher match rates. For instance, WealthEngine match rates are very high, at about 90%. So, when you find out that Eric Smith’s net worth is $10M, you can be sure that it is the right person.

Furthermore, you can keep on enriching your contacts’ profiles with more information. With WealthEngine, the enrichment is automated in most cases. There is a small percentage of data that WealthEngine cannot match. However, with a feature called Find More in WealthEngine9, even this has a solution.

If your customer record does not match a WealthEngine profile, we will still store that record in your My Profiles tab. You can then click into the profile and do a manual identity resolution. First, use Quick Search to find what you believe is a match. Then use Find More to merge it into the uploaded record. Doing this, you can increase the match rate up to 100%. No other wealth intelligence solution can help you do this.

Increase Your Match Rate to 100% Starting Today

Take WealthEngine9 for a spin–>

Black Friday Marketing Campaigns for Luxury Retail

black friday marketing campaign

The holiday season is fast approaching. Now is the optimal time for luxury retailers to gear up for the busiest season of the year. Your Black Friday marketing campaigns need to be data-driven in order to ensure success. Before we analyze the holiday season and provide recommendations, let’s address a question that might be on your mind:

Do luxury brands do Black Friday?

The holiday shopping season, especially Black Friday, can be the biggest time of the year for retail. With this being the case, luxury retail stands to benefit from the general willingness to spend.

Of course, there is the question of whether offering luxury goods on sale dilutes your brand. But, when it comes to your Black Friday marketing campaigns, there are ways for you to participate without affecting your overall brand image. Many high-fashion labels such as Prada and Fendi participate in Black Friday, as Bloomberg reports.

Now, let’s explore the ways brands approach Black Friday internet marketing or digital marketing strategy.

Your Black Friday Marketing Campaigns

There are several ways for luxury retailers to get involved during the holiday shopping season. In general, all retail categories see an uptick during this time of year, including luxury.

Even luxury buyers enjoy scoring a great deal or an exclusive find. Thus, as a luxury retailer, you can create excitement around Black Friday without tarnishing your brand.

Your digital campaigns can be focused on value-adds that are specific to the season. These don’t necessarily mean offering unreasonable discounts on large volumes of products. A well-timed marketing campaign can promote your holiday idea in a way that is reflective of your brand. The promotion can generate both buzz around the season and the exclusivity of a certain deal.

How best can you do this? Let’s consider a few examples from past holiday seasons.

Black Friday Marketing Examples for Luxury Retail

Many luxury retailers have taken advantage of Black Friday in the past. For instance, although Louis Vuitton’s flagship store did not feature any discounts, according to Business of Fashion, they did open their store earlier to encourage Black Friday shoppers to come in.

Another example is Bergdorf Goodman’s holiday marketing strategy. They offered Saint Laurent handbags at 40% off. Even though this is a significant discount, they limited it by offering it on a specific item. Other labels and products were sold at regular prices.

Masstige brands such as Michael Kors or Ralph Lauren have offered deep discounts of up to 75% off during this season. They can bounce back to regular prices after Black Friday without altering the value of their products or their overall brand.

Interested in learning more about luxury marketing campaigns? Download our guide and find out how to win over high net worth customers for your brand.

Black Friday Marketing Ideas: In-Store and Online

Let’s consider some Black Friday marketing campaign ideas that you can implement and promote:

1. Deep discounts on limited pieces:

Whether in-store or online, you can manage the number or types of discounts you have. For instance, you can offer 75% off on fur coats, but limit the number of coats. Let’s say you offer 10 pieces per retail store and 50 online. Similarly, you can offer a discount on very specific items and maintain regular prices for all other products.

2. Longer store hours:

Black Friday excitement can also be created by opening your store early or keeping it open for longer hours. By doing this, you can attract shoppers who are out early or late without needing to offer major discounts.

3. Limited edition Black Friday collectibles:

Your Black Friday offer could be on a new collection or limited edition line of luxury products at full price. You can offer an early and exclusive preview of next season’s goods to Black Friday shoppers. This offers you another alternative to make the most of the season.

4. Discounted shopping during a short window: 

When you do offer a traditional Black Friday sale, you can do so in a short window of time. For instance, if your sale prices are only available 6 am to 9 am, early birds will get in to enjoy the deals.  This also motivates and gives other shoppers incentive to shop earlier. The buzz from your campaign will last the rest of the day even when you roll back to full price.

5. Curate and exclusive experience:

Other alternatives revolve around creating a memorable customer experience for in-store shoppers. For instance, you can offer free personal shopper service on this day. Similarly, you could serve champagne in-store, offer double reward points, or free personalization on products.

This could also be held as an exclusive, invite-only experience for your most loyal customers.

6. Discounts in partner retail stores: 

As a luxury brand, you may not want to reduce prices in your flagship store or your own retail store. However, you can choose to offer discounts through your partner retailers or similar channels. For instance, luxury department stores or even off-retail stores can offer selective discounts on your products.

How to Use Data to Implement Your Marketing Campaigns

As we noted earlier, data-driven Black Friday campaigns tend to see more success. Learn more about wealth data implementation for Black Friday success by reading our article.

Essentially, when you conduct wealth screening on your contacts, you learn more about them. Analyzing your screening data can tell you what makes your audience unique. You can then use these insights to deliver personalized and effective campaigns.

Personalize Your Black Friday Marketing Campaigns

Use wealth screening and analytics to personalize your campaigns.