Grateful Patient Philanthropy: Best Practices to Set Up Patient Screenings

grateful patient philanthropy

The core of successful grateful patient philanthropy is wealth screening. Before you set up your grateful patient program, it’s important to screen your patients, to see who is worth pursuing. By evaluating who has the greatest propensity and capacity to give, you can better focus your engagement. Let’s explore the best practices you can put in place to set up your grateful patient program screenings.

4 Essential Questions You Should Ask Yourself Before You Begin Screening Patients

Make sure that physicians and departments are receptive to your activities. Before screening patients, it’s important to ask yourself:

1. Have you received input or clarity from your leadership team?

While fundraising, it’s imperative to have a clear sense of your goals and priorities. This trickles down from members of your management team. Open communication on goals and messaging allows you to align the processes and procedures you implement later on.

2. Should you screen everyone for Grateful Patient Philanthropy?

Will you be screening all patients, departments, and hospitals? Or will you be screening specific hospital wings or individuals? Some health systems decide to exclude certain departments as they may not engage with them on a fundraising level. For example, you may not interact with Medicaid, hospice patients, or pediatric patients because they don’t have the highest propensity or capacity to give.

3. Have you been given approval by your General Counsel or legal team?

Along with your leadership team, your legal team should be clear on what all you’ll be capturing and using once you conduct your screenings. It’s important to clearly outline what data you can capture under HIPAA. Aside from HIPAA, your General Counsel may also institute their own measures to protect the privacy of patients. This will inform grateful patient philanthropy as you’ll understand how to engage your patients based on the information you have available to you.

4. Have you involved your IT staff in your patient screening process?

When initiating patient screenings, your IT staff should be involved from the very beginning. You can link your donor management system to your patient database so you can screen your patients easily and efficiently. It’s also important that they know what data you intend to capture and pull, as well as where you plan to store this information. By setting up automation through your database, you don’t have to submit screening files manually.

3 Data Elements to Acquire When You Set Up Your Patient Screening

There are three types of data that your team should acquire before you screen:

Demographic data: Demographic data is at the core of patient screenings, which will inform subsequent grateful patient philanthropy. To begin with, it’s important to compile basic information on your patients. This includes knowing their first name, last name, address, city, DOB, employer info, and employer category.

Activity data: Activity data will also inform grateful patient philanthropy. These data points include all actions taken by the individual patient. What was the date of their last visit? How many times, in total, have they visited this hospital? Where are their engagements happening, and with whom? By identifying people who have visited more, and are familiar with different aspects of your system, you’ll be able to assess who’s most likely to give.

Department data: Department data (as a subset of activity data) is a record of all actions taken within a department. Which department did the patient visit? Which physician did they see? What was the date of their last visit? How long have they been a patient of this physician? By understanding their relationship with the hospital, you’ll be able to engage with patients on a more relatable and applicable level.

On a very basic level, these data points help you identify which patients have the highest propensity and capacity to give. You have the means to identify patients with high P2G scores, across departments and physicians. All of this knowledge helps inform your fundraising strategy.

How Data Elements Inform Grateful Patient Philanthropy

So, if you see a large number of patients in a specific department, which has a limited number of gift officers assigned to it, it’s clear that there is an imbalance there. It’s important to concentrate your efforts in areas where there are patients who have high P2G scores.

For example, a WealthEngine client hadn’t realized that they needed to cultivate a stronger relationship with their urology department. After screening patients with department data, they realized that high capacity patients were in that space. The problem? No relationship had been cultivated there beforehand. Upon learning this, the fundraising team began managing and nurturing relationships with physicians in Urology.

Match Rates Between Hospital’s Database & WealthEngine’s

Generally, data accumulated for patient screenings has a slightly lower match rate than other types of screenings. If you’re screening alumni or donors, for example, there’s a lot more demographic and giving data available to you.  For patients, however, you have limited information you’re allowed to capture.

There’s a 70-80% match for patients in terms of basic demographic data. These match rates are considered high when it comes to Grateful Patient Program screening, which is only available through WealthEngine. Involving your IT system means that all the data syncs automatically. This way you don’t have to change any workflows.

Getting an API in place and coordinating with your team would allow them to operate more efficiently since they wouldn’t have to engage in any manual processes.

What to Do Post Patient Screening

It’s always important to sift back through unmatched records when are able to. There may be patients, hidden in your database, who at first glance, may not have the propensity or capacity to give. But, when you look again, these patients may have become more likely to give.

For example, a WealthEngine client searched back through their database only to find a pro-athlete who was a patient at the hospital. Since they had put down their business address, gift officers were not able to gauge the individual’s giving history.

Screen Patients for Your Grateful Patient Program

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

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WealthEngine Releases Next-Generation Prospect Engagement Platform, WE9

The leader in prospect intelligence solutions goes live with the release of its latest secure-and-compliant cloud solution for over 3500 clients. 

BETHESDA, MD – August 5, 2019 – Today, WealthEngine released their highly anticipated predictive prospecting platform, WealthEngine9 (WE9). This marks WealthEngine’s transition from primarily delivering wealth insights, to providing wealth scores based on affinity, propensity, capacity and intent. The company intends to empower clients to modernize their methods of prospect engagement with their new offerings, powered by machine learning systems that curate highly accurate wealth profiles for 250M US-based individuals and 180M+ households with over 1800+ attributes for each profile curated with first-party and third-party data.

“The art of engaging with your next-best prospect can now be powered by data science”, said PV Boccasam, CEO of WealthEngine. “The art of personalizing your connections with individuals you already know, with the science of who you should know, is powered by what we call Engagement Science™. It’s our industry most advanced wealth signal that can be used in every fundraising or marketing campaign.”

WealthEngine studies have shown that “Wealth Indicators” encompass more than just net income, economic capacity or prior contributions. Wealth is uniquely defined by an individual’s motivations, awareness, and how engaged they are across their circle of influence including business, social and familial networks. Each of these drive their behavior to give, learn, save, spend or serve their communities or causes. Industry now requires an enterprise-class platform that not only serves up data but delivers a holistic view on every potential client while providing actionable insights for engagement.

The WealthEngine9 platform has five core integrated benefits, which include:

Modern User Interface with Mobile Responsive Design: WE9 possesses an updated user experience with a modern, responsive design. This new interface delivers critical, real-time indicators to wealth across multiple dimensions such as the incorporation of tags, filters, badges and the ability to save and favorite individual profiles. Leading fundraisers and marketers can quickly segment, prioritize and target their audience to drive higher conversion rates.

Seamless Platform for Prospecting, Analyzing, Modeling, and Scoring: WE9 can now analyze, score and benchmark millions of records that look like your best donor or prospect. Users can now easily integrate wealth screenings with philanthropic and political giving, along with lifestyle attributes into their donor and customer-centric databases in real-time.

Continuous Data Refresh Delivering Real-Time Wealth Insights: With revamped machine learning algorithms, new recalculated WE9’s scores and ratings are now even more accurate and up-to-date. With over 165 million donor records in the platform and 500,000 new ones added each week, users have access to the latest charitable, political and philanthropic giving information. In addition, details on insider stock trades and updates of millions of email addresses ensure industry’s best identity resolution match rates.

New Scores, Models, API-based Digital Activation: WealthEngine9 also introduces new capabilities to enhance client’s ability to segment their target audience with precision. WE9 introduces a pioneering new Propensity to Spend (P2S) score across 20 different expense categories from cars, homes, travel etc., to selectively allow them to prioritize and target top prospects. With our API, prospect researchers and luxury marketers can directly connect with digital activation platforms and personalize their messaging to their appropriate audience segments.

Secure Integration Into Customer Data Systems: The quest for a Customer360 view, across every dimension of a customer’s personal, professional and philanthropic lifestyle, is never ending. The WE9 platform automates the access, appends and activation of these profiles within any and all of the 30 different CRM/DRM integrations supported by the company. With WE9 all of these connectors are updated and is available across Salesforce (NASDAQ:CRM), Ellucian, NGPVan/EveryAction, SalsaLabs, Tessitura, ROI Systems, Patron Technologies and others. Through the new secure Salesforce Shield Integration, sensitive user/lifestyle data can be directly monitored, encrypted and protected when executing campaigns.

Customer Testimonials:

“We have been a WealthEngine client for close to 20 years. With constant pressure of doing more with less, we find that the new 9.0 release is a huge step forward. The new UI along with the new capabilities provides a more intuitive workflow and an easier way to access relevant information, which will allow my team to quickly nail down prospective high-impact donors. The increased efficiency will allow us to get to the donors faster than ever improving our ability to convert more donors at higher amounts.” – Stephanie Iverson, Director of Research and Prospect Management, University of South Florida

“WealthEngine 9.0 certainly enhances our ability to support our core mission of partnering with nonprofits on strategic fundraising initiatives. With a brand new look and feel, better data, and more accurate scores, the new release allows users to surface high-impact donors with greater precision, quickly and at scale. WealthEngine has been a great partner of ours over the years, and I can’t wait to see what they do next!” – Margaret Gallagher, Vice President, CCS Research.

Industry’s Most Innovative Pricing Models:

One of the most significant advantages that customers and prospects will now benefit from is a simplified subscription model that is donor or record-based pricing that is performance and transaction-based. Smaller and emerging nonprofits can now benefit from the same powerful technologies that larger organizations and institutions do to attract new donors while enabling the existing ones to give more.

Our WE9’s flexible, credit-based model will optimize clients’ ability to access all available platform functions including Analyze, Model, Prospect, APIs and CRM/DMS connectors which are now in one integrated package named Aware. Customers can upload their screening records and our platform will continuously refresh their data, which enables an up to date view of their prospects and customers. For more information on our new pricing contact info@wealthengine.com.

 

About WealthEngine:

WealthEngine, for more than two decades, has been supporting more than ~3500 industry-leading higher education, healthcare systems, advocacy, financial services, and high-end luxury brands and hospitality organizations in capturing tens of billions of dollars. Fueled by our wealth and lifestyle signals, our customers measurably improve their personalization and effectiveness across fundraising, capital campaigns, marketing, and overall engagement with their audience.

Rooted in machine learning, with a cloud-native architecture, WealthEngine 9 platform boasts an entirely new user experience to provide wealth, demographic and lifestyle signals that come together to formulate powerful scores, available in real-time. Underpinned by the company’s Engagement Science™, WE9 models, segments and activates, and targets prospects continually so customers will know what motivates their audience to save, buy or donate.

WealthEngine is hosting its second annual WE Prosper Summit, October 1, 2019, at the famed interactive Newseum in Washington, DC. Please visit our website www.weprospersummit.com  for more information. The company is an active participant in Pledge 1%, regularly giving back to the community it serves through time, product and donations. Based in Bethesda, Maryland, the company has offices throughout the US. Learn more at www.wealthengine.com.

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Wealth Indicators: How to Use Wealth Signals to Spot Wealthy Prospects

wealth indicators

Wealth indicators can help you identify your top prospects fast. Use these wealth signals to determine if you’re talking to someone who has the capacity, and even the propensity, to give or spend.

As wealth continues to grow across generations and geographies, it’s becoming progressively harder to identify High Net Worth and Ultra High Net Worth Individuals. Some can be found easily based on their spending and giving behaviors. But, with the increased accessibility of consumer goods,  tangible items are becoming less useful to indicate wealth. So, to maintain their status, HNWIs and UHNWIs are investing their money in new areas. Which begs the question: are there universal wealth indicators? If so, what are these wealth signals?

Wealth indicators can be broken into two types: traditional and intangible. Let’s explore specific wealth signals to look out for so you can easily identify HNWIs and UNHWIs who may be hidden in your database.

Traditional Wealth Indicators

Traditional wealth indicators are tangible items or easily discoverable characteristics that would indicate that your customer, donor, or prospect is wealthy. For example, an individual may be wealthy depending on these four wealth signals:

1. Profession

Is this person’s profession similar to the average profession of a HNWI? If so, their job can give you a better impression of how much they earn, their net income, and what their potential spending and giving capacities are.

2. Foundation Affiliations

Do they sit on any boards? Have they started any foundations? If so, they are far more likely to give to causes or spend on high-end goods.  

3. Size of their Charitable Gifts

How much have they contributed to causes? Could their donation be considered a major gift? By looking into this further, you’re able to determine if the individual has a history of donating major gifts. Otherwise, based on their income and net worth, they at least have the capacity to make considerable contributions to your cause, or others. 

4. Real-Estate Holdings

Does this HNWI or UHNWI own additional properties? The number of properties or value of the existing property the individual possesses can indicate their net worth.

wealth signals

So, by using WealthEngine’s wealth and lifestyle insights, you can easily search for wealth attributes, do a wealth screening, build a wealth model, score your contacts, segment your audience, and drive outreach and learn more about current and prospective donors and customers on one seamless platform.

WealthEngine Customers: Login to see wealth signals for your contacts.

Intangible Wealth Indicators

Intangible wealth indicators are consumer choices or investments that aren’t blatantly obvious or material in nature. Since 2007, the United State’s top 1% (individuals who earn >$300k each year) are spending significantly less on material goods. Why? Since more goods are readily available, including luxury products, many HNWI/UHNWI and members of the middle class own many of the same things. So, there’s no differentiation between the rich and middle class. To secure their status and maintain their exclusivity, the wealthy are now investing more in cultural capital. This would include investments in services such as:

  • Education
  • Healthcare
  • Retirement

As a result, their wealth signals are becoming less overt. By pouring their liquid assets in services, not only are wealthy individuals able to cement their status in an exclusive way, but they have a greater amount of influence in their communities and beyond.

That being said, what is the best way to understand or appeal to individuals who approach their wealth this way? Well, when you combine wealth data with interest and affinity information, you can gain a 360-view of your donors and customers. This equips you with the essential tools to engage prospect in ways that are personal and relevant.

Check Out Profiles On the New WealthEngine9 Platform

WealthEngine9 or WE9, our newest release, is transforming the prospecting landscape. Explore how our Engagement Sciencespeeds up the way you screen, analyze, find insights, and predict outcomes through modeling. 

 

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14 Nonprofit Fundraising Ideas For The Changing Advancement Landscape

nonprofit fundraising ideas

Nonprofit fundraising is evolving rapidly thanks to the rise of tech, AI, and social networks. So, the tried-and-true fundraising techniques of the past may not serve you as well in today’s changing landscape. Instead of simply holding a raffle or a 5k, you can leverage technology and wealth insights to level up your fundraising game. That being said,  let’s explore the best, modern nonprofit fundraising ideas that have the greatest potential of helping you bring in gifts, today! 

The Changing Landscape of Nonprofit Fundraising

For the past decade, nonprofit fundraising has advanced tremendously. With the abundant technological changes, the rise of social media, and the budding influence of Millennials and Gen Zs, nonprofits are transforming. So, what should you bear in mind as you engage a new generation of donors? 

  • Millennials and Gen Zs cannot be overlooked. Millennials’ median annual giving is twice as much as Boomers and Gen Xers at $13,654. Gen Z will also account for 40% of all consumers by 2020. As you can see, their growing influence is unquestionable. And, since they’ve grown up in the age of social media, it’s important to account for the ways they connect with causes. By adopting a digital fundraising strategy, you’re in a more favorable position to appeal to younger donors. 
  • Hyper-personalized marketing is no longer a benefit. It’s a necessity. Millennials and Gen Zs are constantly sifting through information through social media and other channels. So, since they’re processing large quantities of information all the time, they can only dedicate so much attention to each item. In that sense, it’s incredibly important to generate outreach that appeals to their interests. By doing that, you’re recognizing and acknowledging them in ways that make them feel valued as a donor.
  • Artificial Intelligence is transforming how we work. With the rise of AI and ML, more nonprofits are adopting these technologies to help them gather data to solve societal problems. Both can help you plan, learn, and problem-solve effectively and efficiently. They can also help you understand your donors better, and determine how to appeal to them in the future.

All of these changes are fundamentally changing how you can communicate with and inspire donors to give. Based on these evolving trends, let’s take a look at the best nonprofit fundraising ideas you can implement. 

Nonprofit Fundraising Ideas

1. Start a Matching Gift Drive

This is one of the more traditional nonprofit fundraising ideas. Usually popular in the space of corporate giving, gift matching allows donors to make donations, and then have their company either donate the same amount they have, or more. By doing this, you receive double the funds! To boost this process, you can set up a limited window of time (24 or 48 hours) where donations will be matched. Having that designated window of time creates a sense of urgency, and drives donors to take action. And, if you set up an online drive, you can receive donations from anywhere, without geographical limitations. 

2. Set up a Crowdfunding Page 

Another nonprofit fundraising idea that is gaining popularity is crowdfunding. Although crowdfunding seems like a platform used to support individual endeavors, organizations can benefit from them as well. However, instead of crowdfunding for your organization in general, these spaces create good opportunities to introduce potential and existing donors to specific, topical projects you’re working on. On these platforms, it’s important to outline what your organization is fundraising for, why you are fundraising for it, and to tie it back to your mission. 

3. Hold an Online Auction

Auctions have traditionally been a popular nonprofit fundraising method. Now, instead of holding in-person auctions, organizations are beginning to hold auctions online. This is a more economical way of hosting an event without having to rent a physical space. When you hold an online auction, a prospect can participate as actively as an existing client. Additionally, auctions allow donors to bid on something tangible in exchange for their donation. The process feels mutually beneficial. In that sense, this nonprofit fundraising idea presents donors with extrinsic motivators. 

4. Set up a Peer-to-Peer Fundraiser

Another nonprofit fundraising idea, similar to crowdfunding, is peer-to-peer fundraising. This is a more layered approach, where individuals can personally fundraise on a cause’s behalf. This can be done either online or in-person. For an in-person fundraiser, activities are set up where donors sign up their friends and family to participate and donate. These family members and friends then have the opportunity to pay it forward, by inviting their communities to donate. Many nonprofits have done this by creating things like golf tournaments and fun runs. 

Now, nonprofits are changing this method by enabling individuals to create their own personalized donation pages or posts. By doing this, individuals can involve people, beyond their immediate communities, from anywhere at any time. Additionally, in peer-to-peer fundraising, it’s far easier to establish trust and action among your prospects. By communicating among people they already know, prospects may feel more inclined to give, knowing that the cause means something to them. This way you are also tapping into your prospects’ extended networks.

5.  Engage in Facebook Fundraising

Fundraising via social media channels is a relatively new idea. Since social media is primarily a space in which people connect, different platforms are leveraging this to bring attention to causes. As you may have seen, while scrolling through your own Facebook feed, birthday fundraisers are gaining significantly more attention. Users can create a post explaining what cause they’re supporting, and begin collecting donations from their network. 

Within the first year of creating birthday fundraisers, Facebook users raised more than $300M for causes. As of now, Facebook allows you to choose a cause to donate to from a list of 750,000 nonprofits. So, if your nonprofit is listed, users are taken directly to your nonprofit’s donation page. Similar to peer-to-peer fundraising, donors and prospects learn about the nonprofit from someone they know and trust. They then have the ability to donate if they choose to. 

6. Partner with Amazon Smile

Amazon Smile allows Amazon shoppers to donate 0.5% of the price of their purchase to a cause of their choice. Similar to Facebook fundraising, users have the ability to instantly donate to your organization. Users don’t have to mull over how much to donate and when.  The convenience factor is a great motivator for various types of donors. By doing this, a constant and predictable stream of donations will pour into your organization. Donors and prospects alike can contribute to your cause consistently. If you’re interested in partnering your organization with Amazon Smile, you can learn more here.  

7. Have Your Organization Listed with Round Up & Donate with Lyft

Much like using Amazon Smile for nonprofit fundraising, using Lyft can also deliver a steady stream of donations. Lyft gives riders the option to round their ride fare up to the nearest dollar, then donate the difference to a cause. By doing this, users relinquish the need to consciously decide whether or not to donate every time. By setting up an autopay structure, donors and prospects can contribute little bits at a time. And since people have access to the platform across different areas of the U.S., the collections of those minor gifts can ripple out in big ways. 

8. Create and Sell Merchandise for Your Cause

Merchandising is a time-tested nonprofit fundraising idea. Whether you’re selling Pop sockets, pens, water bottles, or t-shirts, these branded items are great tangible reminders of your cause. Not only do your donors walk away with something for themselves, but they also have a visible item that can spark conversations with potential donors. For example, (RED) partners with the world’s biggest brands, to bring awareness and raise funds to eliminate HIV/AIDS. Their products range from portable phone chargers to iPhones. 100% of the money that is poured into (RED) products funds HIV/AIDS programs all over Africa.

Therefore, more people are becoming aware of your cause and are a step closer to donating. And, with the rise of online fundraising, if the items you’re selling are online, interested donors can purchase the items at any time. All of which goes back into funding your organization’s campaigns and projects.

9. Generate Personalized Email Campaigns

Not only are email campaigns cost-effective, but they are also able to cut through the noise generated on social media. You can segment your audience based on demographics, interests, as well as their propensity, and capacity to give. By doing this, you can tailor your outreach to highlight the values and interests of each donor and prospect. If existing and prospective donors see their values being reflected on an individual level, they’ll feel more inclined to give. By using WE Insights, you have the tools to understand what your audience responds to, and how best you can appeal to them.

Online resources are 20% more useful than direct mail when it comes to influencing donors. Email campaigns also have the highest ROI of any other marketing channel (about $40 for every dollar spent). And, on average, email users give an average of $140 per donation.

10. Create a Model of Your Best Donors

Before you opt for general fundraising tactics, it’s important to ask yourself: who are our best donors? What do they have in common? How do they connect with our mission? And, how can we find more donors just like them? 

Using WealthEngine’s modeling solution, you can create a core donor persona. From there, you can find overlaps in demographic data, preferences, and giving history among your existing donors. This will help you understand potential donors you should be reaching out to. This also gives you a better impression of what this segment of donors will respond to (direct mail, peer-to-peer, etc.) Essentially, you’re creating an impression of your ideal donor and then using those traits to find more people like them. 

By creating a model of your best donors, you can connect with prospects who are the most likely to give. You also have an opportunity to find the most effective fundraising methods to suit the preferences of your segment.

11. Create a Designated Giving Day and Hold An Email Flash Fundraiser

This nonprofit fundraising idea can be adopted by all causes. As has been popularized by colleges and universities, Giving Day is a specific 24-hour window where your nonprofit can accept gifts from anyone. Contributions are made online, so donors and prospects can lend support from anywhere in the world. 

Due to their viral nature and convenience, Giving Day is becoming more and more popular. For higher education institutions, some have enacted #GivingTuesday on their campuses, and others have created their own days. By holding a specific day for people to give, there’s a greater sense of urgency created for existing and prospective donors. For example, Vanderbilt University raised $9.4M from less than 8500 donors on their Giving Day. 

12. Set up a Donation Kiosk for Your Cause

Another nonprofit fundraising idea is to use a donation kiosk. Unlike other fundraising tools that are reliant on cash or cheque donations, these kiosks are more digital-fundraising friendly. A donation kiosk is a digital fundraising solution that can accept credit card donations at events and on-site. Now that people carry less cash, donation kiosks are an innovative way to accommodate those who still want to give, but can only do so by card. And, depending on which platform you use, your donation kiosk can be accessed online. So, existing and potential donors can use your kiosk on the go.

13. Create an Interactive Video Fundraiser

Given how connected we are over social media, we are constantly sharing content with each other. By holding an interactive video fundraiser, you are creating an opportunity for your cause to engage people in an activity or conversation. This puts a face to your cause, gives your donors visibility, helps them amplify their actions, and involve others they think will help. For example, the ALS Ice Bucket Challenge (a challenge designed to raise money for research into amyotrophic lateral sclerosis) was a viral video sensation in 2014. Although some wrote off the challenge as trivial, it raised a great amount of awareness, and supporter ended up raising $115M for the ALS Association.

However, this doesn’t necessarily mean you have to create a viral video challenge for people to participate in. But, you can pass around videos articulating your cause’s mission and what you’re trying to accomplish. Propose the fundraising goal, or challenge, within your video and then rely on a peer-to-peer structure to make sure the content is shared and gifts are being collected. A nonprofit fundraising idea like this has the potential of rippling out and reaching people all over the digital world.

14. Set Up a Text-to-Give Structure

As the title of this nonprofit fundraising idea suggests, text-to-give allows donors to give to your organization via text. Like donations made through channels such as Facebook, Amazon, and Lyft, donors can give whenever and wherever they’d like when they text-to-give. Typically, particular keywords are attributed to specific donation amounts. All your donor has to do is confirm their billing zip code. Once they do this, they’ll be billed directly on their phone carrier’s invoice. Not only is this method economical, but it’s also a convenient and quick option for your donors.

The nonprofit fundraising ideas listed here are only the tip of the iceberg. Using wealth insights to inform your fundraising, there are even more ways you can engage your prospects and donors to bring in major gifts.

Making the Most of Modeling On the New WealthEngine9 Platform

WealthEngine9 or WE9, our newest release, is transforming the nonprofit prospecting landscape. Explore how our Engagement Sciencespeeds up the way you screen, analyze, find insights, and predict outcomes through modeling. 

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Understanding WE Analyze to Learn What Makes Your Prospects Tick

Understanding WE Analyze

WE Analyze allows you to harness the power of WealthEngine’s data and modeling capabilities to transform your decision making. This tool helps you gain insight into your audiences and find prospects just like your best customers and donors. But, how does it work? What does it provide? And how can you use it to create a loyal base? Let’s dig into the details so you can gain a better understanding of WE Analyze.

Understanding WE Analyze: The Ins and Outs

Before using the tool, it’s important to gain an understanding of WE Analyze. The WE Analyze tool allows you to create a ‘look-alike’ model so you can find your best prospects. Essentially, WE Analyze helps you identify elements of your past successes and helps you replicate the process. So, instead of sending generalized email or direct mail campaigns to prospects you can gauge their interest to see what resonates with them. You can use the solution to find people with the same characteristics as your best donors or customers. When you talk to people who are similar to those who have responded before, your conversion rate increases.

Find your next best prospect today. Follow these three steps to make the best of WE Analyze:

1. Upload a list of your best customers or donors

When uploading a list, all you need to do is load a list of names of your best customers and donors, along with their corresponding address or email.

2. Generate a ‘look-alike’ model

Once you’ve logged in the names you’d like compiled in your list, WE Analyze then maps your list utilizing thousands of attributes on nearly every adult in the US. This provides you with a holistic view that includes insights on demographics, lifestyle, wealth, and more.

3. Use the model to personalize your outreach

Now that you have your model, you have a better understanding of how to interact with your top prospects. What does your audience care about? What motivates them to act? This lays the foundation for you to personalize your outreach and appeal to donors and customers in ways that are more aligned with their needs.

Using WE Analyze, not only are you given the insights on which prospects will convert, but it also gives you insights on why they will convert. Let’s take a look at some of the features to keep your eyes on as you navigate the tool.

Understanding WE Analyze Through Helpful Dashboards

Another key step in understanding WE Analyze is grasping the function behind the unique dashboards. In the Analyze tool, there are dashboards to help you learn more about specific groups of individuals from your list. These dashboards help inform your strategy, decision making, and event planning. So, you may be wondering: what are some of the dashboards in the tool? Let’s explore the various dashboards you can use:

Wealth Dashboards

The wealth dashboard contains a collection of charts that break down your lists of customers by net worth, investable assets, types of investors, and more.

Based on the information gathered here, you gain a greater sense of what’s most appealing to different people.  This helps you assess what, in your particular set of offerings, will appeal most to specific groups. So, it’s important to ask yourself: What type of products, investments, and services do we offer that’ll be most appealing to this, specific group? Would they respond well to a mass email campaign or a direct mail campaign?

Giving Dashboards

The giving dashboard is geared toward nonprofit organizations. This dashboard breaks down Propensity to Give (P2G) scores, giving capacity scores, and visual overviews. P2G scores (measured on a scale of 1 to 5 (1 representing the highest ability or propensity to give), allow you to understand the giving behaviors of existing and prospective donors. This will help you develop a strategy to appeal to top donors.

Therefore, the information provided in this dashboard enables you to create realistic fundraising plans for your next campaign.

Demographic Dashboards

The demographic dashboard provides an overview of the genders, age ranges, education levels, and geographic location of your existing database. So, the information compiled in this dashboard informs annual fund appeals. It also informs marketing campaigns because you gain a greater understanding of the groups you’re appealing to.

Modeling Scores: What They Measure and How They’re Used

The last step in understanding WE Analyze? Creating models of your best donors and customers, so you can find prospects just like your top contacts. After you’ve analyzed your list, you can now prioritize identifying the overlapping characteristics and qualities among them. This method of modeling can help you identify what qualities your ideal prospects would have. Those people, who look similar to your loyal consumers, are your best prospects. So, how can you measure which new prospects are a “good” match? In other words: what is a “good” model score?

Model scores exist on a scale of 1 to 100 (1 being the least similar, and 100 being the most similar).  In general, scores at 60 or above are ideal. These scores indicate that the prospects you’re looking have the most similarities to your existing donors or customers. For example, if 10% of people scored 80 or above in your model, this shows that this group of people are just as likely as your existing clients to give or spend.

Furthermore, model scores between 50 and 59 are considered decent, where prospects hold some similarities with individuals you’re modeling after. But, the lower the score, the less likely those prospects are to resemble people you’ve modeled after.

Customers Who Have Benefitted From Understanding WE Analyze

One of WealthEngine’s clients, The Humane Society (the largest animal welfare organization in the US), wanted to identify more supporters for their cause. They wanted to not only bring in more donors but also deepen donor involvement.

Using WE Analyze, The Humane Society was able to create models for the major gifts program and their mid-level program. By doing this, they were able to identify valuable prospects to connect with, as well as segment and optimize their fundraising practices. Additionally, after using the tool, they saw a 20% increase in mid-level appeal programs.

Understand and Make the Most of WE Analyze On the New WealthEngine9 Platform

WealthEngine9 or WE9, our newest release, is transforming the nonprofit and commercial prospecting landscape. Explore how our Engagement Science™ speeds up the way you screen, analyze, find insights, and predict outcomes through modeling.

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3 Things to Keep In Mind While Reading a WealthEngine Profile

reading a wealthengine profile

Even if you’ve gone through hundreds upon thousands of WealthEngine profiles, have you been able to pinpoint each profile’s 3 most important benefits? As you search and screen for customers and prospects, it’s incredibly important to understand the wealth profiles you’re looking at. Although you’re picking up on a consumer’s propensity and capacity to spend, there’s other essential information regarding the profiles that will better inform your understanding of them. Let’s explore the 3 things you should keep in mind when reading a WealthEngine profile.

1. Our ratings and scores are conservative estimations

Since our data is statistically derived, the ratings and scores displayed for individuals appear understated. For example, if you were to lookup an individual’s net worth or investable asset scores, our proprietary algorithms would configure ranges for those numbers. This gives you a fuller picture of each individual.

The ranges we arrive at, based on the data we compile, is correct 95% of the time. It’s important to keep this in mind as you’re reading a WealthEngine profile.

2. Focus on high-quality match data in a profile

Every rating, score, and datapoint displayed on a profile has a high, medium, or low quality of match score. When you’re reading a WealthEngine profile, you want to hone in on the high-quality match data. This data (indicated by an ‘H’ next to it) is data we have high confidence in. It’s representative of information that is as close to being fully and completely correct as possible. This type of quality of match data is especially important if you need to do a quick summary of a lead to glean specific information about them.

If you integrate match data that isn’t high-quality, you may not be communicating with leads who are as likely to convert. But, by identifying the high quality of match data, and using this information to tailor your outreach, you’re far more likely to increase your ROI and conversions.

3. Make sure you look at up-to-date data in our profiles

When it comes to compiling information on your customers and prospects, you want to make sure that you are looking at data that’s most relevant. That means, if you’re looking to forge a connection with a customer now, you’ll want to sift through data that gives you a holistic view of where they stand currently.

It’s imperative to look at current data especially if you’re looking for someone’s business address. We keep historical data to give you a solid overview of an individual’s wealth over time. All the information we gather is date stamped, so it’s important to make sure that you’re looking at the data that’s up-to-date.

Check Out Profiles On the New WealthEngine9 Platform

WealthEngine9 or WE9, our newest release, is transforming the commercial prospecting landscape. Explore how our Engagement Science™ speeds up the way you screen, analyze, find insights, and predict outcomes through modeling.

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5 Summertime Tasks to Prepare for a Successful Fall Donation Drive

fall donation drive

With the new school year just around the corner, it’s important to begin preparing for your fall donation drive. But, you may be wondering where to start. Let’s explore where you can look for donors in your database and how you can use wealth screenings to find your next best prospect.

5 Tasks to Prepare for a Fall Donation Drive

1. Screen Your Giving Day Donors

As designated Giving Days have risen in popularity, many universities have been able to raise millions of dollars. They’ve also seen their number of donors double. Giving Days have other benefits- alumni and other members of your institution’s community are able to lend support from anywhere. Furthermore, they’re also given recognition among their community of gift givers.

So, to gear up for your fall donation drive, it’s important to screen your Giving Day donors. By conducting a wealth screening, you can see which donors have the greatest propensity and capacity to give. Donors who give during events like Giving Days may donate sporadically to your institution over time. But, they are still inclined to give. By reaching out early, and implementing effective engagement techniques, they’ll be more likely to donate during your fall donation drive. This is an even greater opportunity for your institution to cultivate donors who give again and again.

2. Screen Your Alumni

Alumni who had positive experiences at their alma mater are keen on giving back. They want to see incoming and returning students have an experience that was just as positive as theirs was.

So, when reaching out to alumni for your fall donation drive, it’s important to understand more about them. By taking the time to familiarize yourself with their interests and giving history, you can engage them in relevant ways. It’s important to ask yourself: who’s an active member of our institution’s alumni association/ Which alumni have given in the past? What do they do now? And do they have the propensity and capacity to give more? By conducting a wealth screening, you can get those answers and more. You can learn more about the wealth, lifestyle, affinities, and interests of alumni and uncover donors, hidden in your database. This can also help you personalize your outreach, and communicate with alumni about fundraisers that they’ll feel individually connected to.

For example, in 2014, the University of Maryland received a historic gift of $31M from former Computer Science Major and Oculus CEO, Brendan Iribe. Brendan attributed his love of virtual reality to the University of Maryland’s computer science department, which is what inspired him to give back.

3. Screen the Parents of Your Incoming Students

With incoming students arriving in just a few months, it’s important to screen your new students’ parents. Which families, of your incoming class, may have the greatest ability and willingness to give during your fall donation drive?

For most parents, if they have the ability to give, they’ll contribute as much as they can. They want to ensure that their son or daughter has all the resources necessary to be successful. Especially if members of your university’s incoming class are legacy students, their parents may be even more keen to give. They’ll want their child to have the best experience at an institution they feel personally connected to and invested in.

By the time your fall donation drive comes around, you can hold an event for parents. This is an opportunity to walk them through the campaigns you have in progress, and how these will transform their child’s college experience.

4. Screen Your Gala Attendees

During galas for your institution, attendees are keen on seeing what their gifts are being put towards. They want to know how their commitment to your campaign(s) is being transformed into tangible accomplishments. It is important to know which gala attendees have contributed substantially in the past. However, it’s even more important to find former attendees who have the ability to give more.

So, it’s important to understand (through screenings) where their values lie, and which projects they’re likely to invest in further. Then, during your fall donation drive, you can tailor your outreach in ways that keep your attendees motivated to keep giving.

5. Model Your Screening Files to Find More Potential Donors

You’ve screened all the donors hidden in your database who have the greatest propensity and capacity to give. Now what? How do you find new donors to give during your fall donation drive?

Using WealthEngine’s modeling solution, you can create a core donor persona. From there, you can find overlaps in demographic data, preferences, and giving history among your existing donors. This will help you understand potential donors you should be reaching out to. Essentially, you’re creating an impression of your ideal donor and then using those traits to find more people like them.

For example, one of WealthEngine’s clients, a large, private, research university in the midwest had a plan in place for fundraising at all levels. However, their biggest challenge was securing Major Gifts. By using WealthEngine’s modeling solution,  the team generated a model that automatically identified the top 10% of their donors. The gift capacities of these donors were in the $100,000 range, and over 200 members were identified as top prospects. This reduced their major gift donor lead time by 88%.

Learn How to Model and Screen Your Data to Secure Donations

Learn more about how modeling and screening could help you increase conversions.

See how to model your data →

See how to screen your data →

3 Steps to Implement a Direct to Consumer Strategy

direct to consumer

Direct to Consumer (DTC) is transforming the way brands interact with consumers. Retailers are beginning to gain more traction by marketing over social media. By doing this, they’re breaking into channels where they can speak to their customers directly. But, for legacy retailers, it can be a challenge if they haven’t leveraged technology to optimize their outreach. Which begs the question: what are the best ways to remain relevant? And what are the best ways to engage potential and existing customers? Let’s understand the retail landscape and the steps you can take to successfully engage in direct to consumer marketing.

Listen to the full podcast.

How Is Direct to Consumer Changing the Retail Landscape?

More brands are beginning to flock to social platforms to market their products. This is presenting itself as a direct form of competition for legacy retailers. Diffusion’s 2018 Direct-to-Consumer Purchase Intent Index stated that a third of American consumers plan to make 40% of their purchases from direct to consumer businesses. Furthermore, 27% of Americans who will purchase direct to consumer products in the next five years will do so due to greater convenience.

Since the internet has democratized retail, everyone has the chance to start a business. Brands can put together an online presence and immediately begin branding and marketing. For example, before creating the cosmetics company Glossier, founder Emily Weiss created “Into the Gloss”. This beauty blog served as the springboard for the brand. This channel, along with Instagram, was soon leveraged as an online focus group for the company. They could spark conversations with potential and existing customers, asking them what they’d like to see. They’d get instant feedback and would create products accordingly. Since the launch in 2014, Glossier is now valued at $1.2 billion with only two physical stores.

Even now, big retailers are still reliant on brick and mortar stores (or wholesale environments). This means that they don’t have nearly as much visibility as they used to. So, retailers who are slow to embrace direct to consumer strategies are likely to lose more of their market share and profits over time.

Benefits of Implementing a Direct to Consumer Strategy

Leveraging a direct to consumer strategy gives retailers more control. Not only can they manage communication with customers, but they can also adapt their products accordingly.

Since customers are mercurial, they change their preferences often according to trends. As a result, they aren’t typically loyal to a single brand. But, when retailers receive comments from customers, they have the tools to make necessary changes. They can use the feedback they get to alter their messaging, products, and pricing constantly and consistently. They can identify the customer’s need directly and personalize their outreach and offerings. When they’re empowered with such data, they can deliver products and services almost immediately. Moreover, they can also increase their chances of cultivating a loyal consumer base. For example, in a 2017 study, Forbes reported that if a millennial received relevant messages based on their own interests from an institution, their loyalty increased 7% on average.

In that sense, direct to consumer gives retailers significantly more control over their revenue, what consumers are buying, and what they’re likely to buy later on. Direct to consumer marketing also enables retailers to expand their ability to sell. Businesses can increase the volume of items sold by having both online stores and physical stores. Further more, they can ensure that consumers get what they want seamlessly from multiple sources.

3 Steps to Adopting a Direct to Consumer Strategy

Here are other steps you should set in place to create a successful direct to consumer strategy:

1. Create 360 views of your customers.

Once you know your customer’s preferences, based on their feedback, it’s important to compile this information. By using WE Insights, you can view your consumers’ interests, along with pre-compiled demographic information. This will help you understand what products consumers are drawn to now, and will be interested in later on.

2. Personalize your Outreach.

Once you’ve gained a deeper understanding of your consumers’ interests, you can tailor your messaging to meet their needs. This is one aspect of the virtuous cycle of creating personalized outreach. This approach provides you with more feedback that you can then use to tailor more products. Personalization is at the core of direct to consumer.

3. Model to Understand and Appeal to Consumers.

Once you’ve identified who your loyal customers are, you can begin determining who your nest best customers will be. Start by finding the overlaps in preferences and demographic data among your consumers. This will help you determine what groups of people you should appeal to. In other words, it creates an ideal model for your business.

For example, a luxury tour operator wanted to build target prospect lists and run micro-campaigns via direct mail and email. Their customers were mostly retirees, and they wanted to expand their services to younger people who wanted to travel. After using WealthEngine’s modeling solution, the group was able to identify a core customer persona of a younger age. From then on, they were able to iteratively update their model.

Modeling helps you predict what products your customers may like in the future. It also helps you determine who, among them, has the greatest propensity and capacity to spend.

Learn How to Model Your Data to Personalize Outreach

Learn more about how modeling your data could help you personalize your outreach and increase conversions.

See how to model your data →

 

WealthEngine at Salesforce Connections Conference

The key to forging lasting connections with your consumers is at your fingertips. At the upcoming Salesforce Connections Conference, follow WealthEngine and other industry leaders as we discuss how you can build better customer connections using the Salesforce Platform.

During the Customer Success Expo on Monday, June 17th, between 5:00 and 5:20 pm, we’ll be detailing the most powerful ways you can increase your sales and improve LTV. We’ll also be discussing how companies use wealth intelligence to identify a customer’s capacity and propensity to spend money.

With the WealthEngine Connector App with Salesforce, we specialize in helping you identify, understand, and connect with wealthy individuals. Our App gives you instant access to wealth and lifestyle insights from half a trillion data points on over 250 million individuals across the U.S. With this tool, you have the ability to improve your conversion rates, increase your deal sizes, and reduce your acquisition costs.

Visit us at booth #74 at the Customer Success Expo or set up an appointment here.

You’re only steps away from uncovering the hidden gems in your database!

The 2019 Millennial Wealth Report At A Glance

Our WealthEngine research lab has uncovered the evolving living, giving, saving, and spending habits of millennials across the U.S. These behaviors are fundamentally changing the way organizations engage with their consumers and donors. So, let’s explore some of the key ways this generation is approaching their wealth differently. 

After witnessing how the Great Recession influenced their predecessors, the financial and cultural values of millennials have changed. This has influenced the way brands and organizations have marketed to them. Unlike the wealth of baby boomers, millennial wealth places a greater emphasis on stability, transparency, and collaboration. Millennials don’t want to be passive consumers. They want to collaborate with organizations and businesses, to be part of every aspect of the buying and giving process. In addition, with their considerable social media presence, they’re able to provide businesses with feedback at any time, anywhere. 

With the Great Transfer of Wealth upon them, millennials and Gen Xers will inherit about $68 trillion in assets over the next few decades. And, now that millennials have surpassed baby boomers as the largest living generation, they’ll receive a majority of this transfer. Millennials, being more environmentally, politically, and socially conscious, are expected to invest in organizations and businesses that are consciously meeting the needs of communities AND individuals. In that sense, millennial wealth is actively fueling the betterment of humanity. 

To discover more themes, download WealthEngine’s 2019 Millennial Wealth Report, and be on the lookout for your industry-specific report coming soon!