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.

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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.

giving capacity, asset, wealth, income search

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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Share of Wallet, Wealth, and the Multi-Modality of Individuals

share of wallet

Companies spend a lot of time and money trying to manage customer satisfaction. However, increased satisfaction doesn’t necessarily mean that customers are less inclined to spend on other brands. Although customers may be satisfied with your brand, if they like your competitors just as much, you’re losing sales. The question is: how will customers divide their money among your brand and others? And how do you hold their attention? Let’s explore the concept of share of wallet and how you can leverage wealth insights to engage your consumers.

What is Share of Wallet?

Nonprofits and for-profits alike benefit from a core concept in consumer marketing: share of wallet.  In its simplest form, this is how much of an individual’s (or household’s) spend goes to one particular firm, company, or brand versus to others. Does the individual spend more with Company A or Company B? And if I am the head of marketing at Company A, how do I continue to garner more and more spend with my company? However, customer satisfaction or loyalty does not necessarily mean an increase in share of wallet.

Because share of wallet is anchored to the individual [or household], it is essential to think through the various modes that the one individual is operating within their daily life.  Think about your own week or month. In one moment, you may focus on saving for a down payment on a house; your 401k; working with your financial advisor; or, like me as a father of a high schooler, your child’s college fund; and so on.

In another part of your life, you may be buying a new car;  a costly but dream vacation; a high-end luxury watch as an anniversary gift; and so on.  And in another moment,  you may focus on giving by donating to a  cause that is near & dear to you; giving to your college alma mater; deciding where to grant funds from the family foundation your grandparents set up (as is often the case for families with cross-generational transfer of wealth); and so on.

This dynamic of saving-buying-giving is ever-present. This dynamic is apparent with different degrees of spend across the three arenas, depending on complex financial, lifestyle & personality attributes. All of it then drives your wallet and how and where you’ll distribute your dollars.

Engaging Customers Based on Their Spending Habits

The job of a wealth advisor is to tap and grow the wallet in saving mode.  This can then cross into giving and spending mode depending on your goals. The job of a CMO at a luxury retailer or automotive company is to tap your wallet in buying mode. The job of the VP of Advancement at your alma mater or the VP of Development at ‘yourcause.org’, is to tap your wallet for more and continued giving of charitable donations.

So, whether you’re a luxury or nonprofit marketer, it’s important to engage your prospects or consumers effectively to tap into their share of wallet. Ask yourself: based on what you know about their purchasing or giving history, how best are you engaging them? Remember: marketing visibility is key. Each person’s attention will gravitate toward what has caught their attention.To bring in new prospects, it’s necessary to understand your existing consumers or donors as much as you possibly can. This all starts with using consumer data to deepen your understanding of your base.

3 Ways to Leverage Wealth Insights when Competing for Share of Wallet

Given the multi-modality of individuals, wealth intelligence can sharpen the prospecting and outreach of those nonprofits seeking the individual in giving mode, of those wealth advisory firms seeking the individual in saving mode, and of those luxury retailers, luxury service providers, and luxury real estate brokers of those individuals in buying mode. You can capture your consumer’s share of wallet using wealth insights such as:

1. Screening

By conducting a wealth screening, you can see which consumers have the greatest propensity and capacity to spend. Not only can you segment your audience based on basic demographic information such as age, but you can also append your database with wealth attributes. So, you can easily understand an individual’s giving or spending history (what/how much they’ve spent in the past) and estimated giving capacity (what/how much they’re likely to spend in the future). This will help you understand which consumers specifically, spend on your brand’s products. So, in terms of share of wallet, a screening will help provide you with insights on how to appeal to your consumers best and reach individuals just like them.

2. Modeling

Once you’ve gained a clearer impression of the commonalities among your consumers, you have a clearer impression of who to target.  For example, you may find that consumers who spend substantially on your brand’s products are men over the age of 40 who have cats. These are what your best customers look like. So, what if you want to reach prospective customers who will be just as likely as your existing customers to spend? Using predictive modeling, WealthEngine data scientists can use WealthEngine data, along with yours, to create a custom algorithm. With this algorithm, we can predict who’s most likely to purchase your products. More specifically, you can find potential customers who look most like your existing ones that spend exclusively or significantly on your brand’s products.

3. Segmenting

Customer segmentation will help you divide and evaluate your customers into categories based on their interests. Essentially, this type of analysis will help you find macro patterns in your database. So, you’ll be able to more easily understand what makes your customer base unique. These macro segments can be made based on geography, age-range, wealth scores, and other attributes. Demographic details about your base, in that sense, allow you to understand what makes your consumers unique. So, customer segmentation allows your business to reach a consumer based on their specific wants and needs, making it easier for you to compete for your customer’s share of wallet.

With money and life always on the move, modern technology platforms enable this data-driven outreach in powerful and efficient ways. These rich data sets and insights feed across platforms via standard API integrations. Custom predictive models can be built & enabled to feed the CRM & marketing platforms for CMOs & VPs of Advancement/Development. This allows CMOs and VPs to quickly activate and reach individuals in streamlined, targeted, and measurable ways.

A Closer Look at Millennial Wealth

Download WealthEngine and Coldwell Banker’s A Look at Wealth 2019 to understand the motivations, behaviors, and trends of millennial millionaires.

Ultimately all roads lead to the individual. In this case to his or her wallet and your firm’s ability to tap a disproportionate share of it, continuously.

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

Chief Development Officer

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.