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

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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.

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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.

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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.

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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!

The Final Four with WealthEngine: Uncovering Wealthy Basketball Fans from Your Team’s City

Get ready college ball fans: March Madness is coming to an end, and we’re down to the final four! To celebrate the final few games, and the final few teams, we decided to use our wealth and lifestyle insights to find the wealthiest basketball fans in each team’s city. How did yours stack up? Check out our results in the graphic below, and download it here.

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2019 Millionaire Report: A Look Into What Influences Millennials

The 2019 U.S. Millionaire Report touched on themes highlighting the ways consumer demographics are changing nonprofit and commercial spaces. The biggest demographic shift? The rise of the millennial population. So, with their growing presence, that begs the question: what influences millennials? And how do their values and habits influence the millionaire population?

Millennial Influence on Millionaire Population

As the fastest growing millionaire segment, millennials make up 2% of the millionaire population today. Millennial influence is already growing substantially, influencing how all of us give, save, and spend.

Most millionaires in the United States are now adopting key millennial values (sustainability, conservation, and diversity, among others) to inform their decision making. So, most millionaires, (Boomers and Millennials alike) are not as flashy as you’d think! Let’s take a look at what influences millennials, specifically, and how these values are influencing millionaires.

For example, for millionaires in the United States, their taste in vehicles is changing. Instead of opting for well-known luxury vehicles, millionaires are gravitating towards car models that are more economical (i.e. Honda Accord, Toyota Camry, Ford F-Series Pickup, etc.)

Millionaires are also moving from traditionally wealthy areas to the suburbs. If anything they’re expanding and diversifying the locations they decide to settle in. Millennials, for example, are shifting from urban areas such as New York and Silicon Valley to more suburban areas like Freemont or Atherton in California.

As Millennials continue to influence this population, it’s becoming more apparent that millionaires, and their values, are changing. So, as new personas emerge, the needs of millionaires are becoming more diverse. And, as Boomers enter retirement age, and Millennials continue to accumulate wealth, their influence will only continue to grow and impact the way we live.

To learn more about the way Millennials are shaking up our world, click here to reserve your copy of the 2019 Millennial Report today.

2019 Millionaire Report: Diversity of the Millionaire Population

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The 2019 U.S. Millionaire Report touched on themes highlighting the ways consumer demographics are changing nonprofit and commercial spaces. The biggest indicator?

Diversity in the millionaire population. With a growing population of 30 million individual millionaires in the U.S. alone, wealth continues to spread rapidly across generations. This growing group of millionaires is no longer just concentrated in traditionally wealthy cities on the East and West Coast— they exist everywhere. From Miami Beach in Florida to Portola Valley in California, millionaires hold property in more locations that exist in untapped corners of the U.S.

Now that the millionaire population is expanding at a faster rate, not one millionaire is the same as another. So, as new personas emerge, the needs of millionaires are becoming more diverse and individual. Their interests and needs differ, and they spend, give, and save differently. Whether you’re an Ultra High Net Worth Individual or a Married Millionaire in your mid-40s, you may buy the same luxury good or service, but for completely different reasons. You may donate to the same organization, but contribute gifts of different sizes.

Similarly, with the emergence and increased influence of millennial millionaires, consumer needs are fundamentally changing the way nonprofits and commercial brands operate. Now, we see a push for more sustainable and personalized marketing which prioritizes purpose over everything. So, not only do we see a shift in demographics, but we’re also seeing an abundance of different consumer requirements.

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

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.

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.

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.