WealthEngine is Much More Than an iWave Alternative

iWave alternative

If you’re looking for an iWave alternative, look no further than WealthEngine. WealthEngine offers a superior customer experience. Whether through rich data, predictive prospecting, or API integration.  WealthEngine9’s Engagement Science will propel your wealth-aware campaigns to greater heights.

What is WealthEngine?

WealthEngine is an all-inclusive solution that allows clients to search, screen, analyze, model, and target prospects. With 20+ years in the industry, WealthEngine combines data accuracy with convenience. You can gain actionable insights on your contacts. Insights include wealth attributes such as net worth range, estimated giving capacity, as well as propensity to donate, invest, and spend. Further, it also includes insights on demographics, lifestyle, interests, and affinities. What’s more, you can integrate all these instantly in your CRM.

Clients have preferred WealthEngine compared to other leading SaaS companies such as Blackbaud, Donor Search, or iWave as it’s of better value.

In fact,  one client recently spoke to us about their experience. They found that their previous solution’s breadth of data and accuracy were lacking. The “free” version that the solution offered was not enough for what they needed. They realized that they would ultimately have to upgrade to get their needs met. So, they would have ended up paying a very high price for what seemed like a great deal at first.

More than Just an iWave Alternative

WealthEngine is much more than an alternative solution to iWave.  WE9 can offer you unmatched convenience. You can screen and prospect within the same solution. Plus, you can also conduct in-depth analyses, build models, generate insights, and benefit from predictive prospecting.

WealthEngine

The seamlessness of using WealthEngine even extends to your own CRM. At the click of a button, you can add powerful wealth insights on your contacts. This is possible through our API integration.

For instance, an operations team at a national nonprofit used WealthEngine’s API. Their aim was to automatically screen donors and update donor profiles. They were able to achieve this without leaving their Salesforce dashboard.

Furthermore, these API powered insights are delivered in real-time. For instance, let’s say a prospect interacts with your website. The API can immediately tell you more about them so that you can deliver a personalized experience. Personalization is the key to increased engagement and lowered conversion costs.

There are several benefits to adopting WealthEngine’s insights over iWave’s. Let’s explore how these benefits can make a difference to your data-driven campaigns:

More Data Sources Leading to Comprehensive Wealth Intelligence

iWave uses 14 data sources to provide 38 separate databases. Going beyond an iWave alternative, WealthEngine uses over 50 data sources. That is nearly 4x that of iWave. Furthermore, WealthEngine provides a 90% match rate, generating comprehensive profiles.

iWave has 1 billion data points compared to WealthEngine’s half a trillion data points. Further, WealthEngine has 165M+ charitable giving records and adds 500,000+ monthly.

Pre-Built Profiles Saving Your Team Valuable Time

Additionally, WealthEngine has 250 million pre-built profiles for prospecting. Profiles offer breadth and depth of insights as they are built from over 1,800 attributes.

wealthengine iWave

In comparison, iWave does not provide pre-built profiles. Instead, users must “customize” profiles. This means you will need to manually compile donor profiles from each of iWave’s databases.

What does this mean for you?

By choosing WealthEngine, your team does not have to go back and forth between various databases.  The platform curates all data and places it into a profile for you. A profile provides you a 360-degree view of your prospect. Your team can now focus on reaching out to the right people, instead of tedious tasks.

For instance, The Animal Humane Society needed a 360-view on 50,000 donors each year. WealthEngine was able to build profiles with several data points. This integrated view led them to double the number and value of major gifts.

More Predictive Wealth Scores

iWave provides past charitable giving data. This means that each iWave score fails to identify potential donors. Failing to identify those yet to give creates missed opportunities.

As an alternative to iWave, WealthEngine’s set of ratings and scores is a reliable predictor. They can help you forecast major gifts, planned giving, trusts, and annuities.

For example, St. Vincent’s Hospital Foundation was able to use WealthEngine’s P2G score. These scores helped them identify top prospects leading to a 62% increase in $10k gifts.

Superior Relationship Mapping via Inner Circle

WealthEngine’s Inner Circle makes it a strong iWave alternative. There are 2 billion connections linked to constituents. So, you can discover relationships within your existing contacts. To compare, iWave offers 7 million “influential” profiles for you to prospect from.

inner circle

For example, Center Theater Group used Inner Circle to find links between donors and board members. As a result, they were able to build out a stronger donor pipeline. They gained a 36% YoY increase in overall donations. These dollars specifically came from new gifts.

Benefit of API for Real-Time Screening

iWave does not have API enabled for real-time screening of donors. They offer an FTP where you will need to add your lists and wait for an email confirmation.  iWave’s FTP does not serve as an alternative for API integration.

WealthEngine has a self-service API that allows real-time access to wealth data. This means that you can get a wealth of insights as soon as someone interacts with a touchpoint. These could be instances like somebody visiting your website or registering for an event.

API integration

In fact, The Humane Society used WealthEngine’s API to gain great benefits. Their average donation amount grew by 100%! Similarly,  mid-level donations grew 20%, and their “Planned Giving Program” by 49%.

WealthEngine Offers More CRM & DMS Integrations than iWave

iWave offers 5 integrations: NXT, Salesforce, Neon, Tessitura, and Gravyty. In comparison, WealthEngine gives you the power to choose from over 35 integrations. Any of these can help integrate our solutions directly into your CRM and DMS platforms.

WealthEngine also has complete integration into Salesforce. You can find the connector app in Salesforce’s app store.

For instance, Loyola Health integrated WealthEngine into their DMS, BSR Advance. The integration allowed them to perform daily patient reviews and validations. This allowed their prospect managers to receive actionable, timely reports on key prospects. Tony Englert, their VP of Development & External Affairs has said,

“Everyone knows that gratitude decreases with time; we have instituted a proactive strategy for moving on the data in a timely and integrated manner.”

Data Security Makes WealthEngine a More Secure iWave Alternative

WealthEngine takes data security very seriously. The platform regularly undergoes rigorous security audits by independent third-parties. Plus, WealthEngine has SOC 2 Type II certification. This is above and beyond industry standard requirements.

Choose WealthEngine to Personalize Your Wealth-Aware Campaigns

This iWave alternative can deliver greater value and convenience. Power up your campaigns with the best-in-class wealth intelligence and analytics solution.

iWave Alternative

 

Marketing Strategy For Luxury Real Estate: Find Your Next HNWI Buyer

marketing strategy for luxury real estate

Luxury real estate is a growing niche in an uncertain market according to Coldwell Banker and WealthEngine’s State of Luxury report. Marketing strategy for luxury real estate needs to be as diversified as your clientele.  Understand market trends and leverage data to refine your strategy. In doing so, you can increase your conversion rate while lowering costs.

Who is Your Next Millionaire Buyer?

Your next millionaire buyer could already be in your database. Understand UHNWIs and HNWIs who are interested in their next luxury real estate investment. Look for these signs in order to deliver results:

  1. Luxury today is defined by hyper-personalizaton. HNWIs are investing in properties that now feature everything from personal recording studios to in-house art galleries.
  2. Interest rates and price stabilization make luxury real estate less appealing to investors.
  3. Finally, UHNWIs decide based on value, not price. So even when the market indicates a downturn, offerings that are unique and personalized can be seen as highly valuable.

How Your Marketing Strategy For Luxury Real Estate Can Mold Itself to These UNHWIs

The trends described above mean that you need to offer a unique property to each prospect. Further, it also means that you need a clear understanding of what they value. Here is how you can shape your marketing accordingly.

Find Specific Buyers for Unique Homes

Now that you have understood the importance of personalization, you need to do a deep-dive into your database. This should show you what features and specifications each prospect values.

In other words, no two luxury home buyers are the same. You can reduce your time prospecting for your next sale by segmenting your audience. Customer segmentation needs to go beyond demographics. WealthEngine can segment your lead list based on lifestyle, interests, and affinities.

For instance, you can target yacht owners to lead them to their next waterfront beach home. Similarly, your marketing strategy could focus on investors who are looking to expand their portfolio. You can then reach them via a direct mail or email campaign based on their preferences.

Match Buyers With the Right Locations

Location is critical in luxury real estate selling. Therefore, you can use the geographic characteristics of your listing to identify new qualified prospects. These prospects should be the top segment to target in your marketing efforts.

To illustrate, WealthEngine can help you identify key million-dollar neighborhoods.

US richest zipcodes

You can go a step further to learn where your specific top segments live. Then, you can use this data to create brand recognition through marketing efforts in these areas.

Take Out the Guesswork- Use Data to Drive Your Marketing Strategy

Your lead list is long, and your time is short. Imagine, for instance, if you didn’t have to guess someone’s net worth based on their zipcode or car?

Understanding real estate buyers beyond their zip code is important. A holistic prospect list should show you exactly who to focus on through key wealth indicators. You would then be able to use this data to find the right potential buyers for your next luxury property.

WealthEngine data includes 250+ attributes that paint a descriptive picture of your prospects.  These indicators include estimated net worth, total assets, investments, and cash on hand. Moreover, wealth indicators are combined with lifestyle, interest, and affinity data to create a 360-degree view of prospects.

Wealth Insights for Luxury Real Estate Marketing

Use wealth and lifestyle insights to discover more about your potential buyers. You can then leverage these insights to personalize your marketing and sales efforts. Highly personalized campaigns drive engagement and increase customer lifetime value (LTV).

How WealthEngine Empowers Marketing Strategies for Luxury Real Estate.

1. Screen customers and prospects- Learn more about your existing customers and your leads. WE profiles can provide a rich canvas of information to help you fill the gaps. Get access to data on net worth, income, assets, real estate, stock holding. Further, data includes charitable contributions and actual business and personal contact information.

2. Analyze your database- WE Analyze can create a descriptive, look-alike model. This means that you have the means to understand what makes your customers unique. You may find that luxury homebuyers in Miami differ from those in LA. This will help you understand what makes them tick. You can then create campaigns that resonate in each market.

3. Model your data for actionable insights- Go beyond a descriptive image of your customers with data modeling. WealthEngine’s models can segment your leads through Big Data analytics. This means the model can segment your pipeline to show you the top 10% of leads. The model helps you answer a specific sales or marketing question. For example, you could identify the top 10% of leads for vacation home purchases. It could be the top 10% of leads for something specific such as water-front property in Long Island City, etc.

4. Find new prospects– Your customers are a treasure trove of insights. WealthEngine’s analysis can help you understand what makes them unique in each market. You can use these insights to find new leads who look just like them. The greater the similarity, the more likely they are to exhibit the same behavior.

Plan Your Personalized Luxury Campaign

WealthEngine houses 250M WE Profiles and 125M households. This helps you create ultra- segmented audiences. When you look for new prospects, you can add various filters to refine your segmentation. Niche segmentation then enables personalized communications. Personalization is what will lead to long-term engagement and increased LTV.

Get Started Today–>

Donor Segmentation: How Models Can Drive Personalized Campaigns

customer segmentation models

Fundraising success comes down to well-timed and optimized asks. Donor segmentation can help you find the best prospects for your campaigns. Yet, segmentation is not an end in itself. Its impact grows when combined with donor segmentation models. These models can also increase personalization and engagement.

What is Donor Segmentation and How to Segment Donors

Donor Segmentation is the process of breaking donors into categories. For example, you can categorize them by their ability to give. Donor segmentation fundraising is different for every organization. To illustrate, a nonprofit could segment donors based on past giving. Yet another could choose to segment by wealth brackets.

Donor Segmentation Analysis

Segmentation analysis helps you find macro patterns in your database. This can help you understand what makes your donor base unique.  At this level, you can form macro segments based on geography, age-range, wealth score, and P2G.

For instance, your donor segmentation analysis could reveal that 60% of your donor base is over the age of 50. Your donors may have worked at large corporations. Over 45% may have an interest in local sports.

These details are crucial for you to see what makes your donor base unique. When you zoom in further, you may see that over 70% of people with these traits are regular donors. This then becomes an important segment for your advancement team to focus on.

WE Analyze can create such a model from your data. This donor look-alike model allows you to apply these patterns to your database. Doing this allows you to find more prospects who look like your chosen segment. Thus, donor segmentation analysis can also help to drive predictive prospecting. This includes finding look-alike prospects that match the profile of your best donors.

___

Success from Look-Alike Model

For instance, Multiple Myeloma Research Foundation (MMRF) wanted to identify potential high-impact donors among a large prospect list and prioritize outreach to those constituents. WealthEngine created a donor look-alike model based on their best donors and then scored their existing prospect list using the model.

As a result, MMRF was able to connect with more high-impact donors in just two months.  In this period, they were able to gain 3x ROI on their campaign efforts.

Pleased with the results, Michael Hund, Director of Development has said:

“This is a revolutionary product that every single nonprofit should be using.”

___

How You Can Increase Campaign Precision Through Models

You can categorize your macro segments further to refine your strategy. Custom models increase precision and enable you to predict giving.

Modeling goes beyond finding look-alikes. It can actually help you predict giving. For instance, WealthEngine’s custom models can forecast major gifts.

Donor Segmentation Models are not restricted to current members of your nonprofit. In fact, models can enhance fundraising at every stage in the donor lifecycle.

Segmenting your donor base based on lifecycle stage offers many advantages. You can identify current donors with major potential. Plus, you can win back former donors and prevent churn.

You can also use donor segmentation models to optimize your ask. This is especially important when it comes to donors who have high P2G scores. Optimizing your ask means that money hasn’t been left on the table that could have gone towards your cause.

Refined Donor Segmentation Also Enables Personalization

Furthermore, refined donor segmentation enabled through modeling helps you fine-tune your messaging. A personalized message that reflects customer interests is more likely to resonate.

Take your ideal donor segment for instance. You can divide them into smaller groups based on the type of sport that they follow. This enables you to not only tailor messages you send them but also create valuable experiences that match their interests.

Personalization (leads to)–> Message Resonance (which increases)–> Donor Engagement (Which results in)–>Better Lifetime Value.

This means that your donor remains connected to your organization and cause.  Moreover, LTV is a great metric for you to prioritize your prospects on. Prioritization means your budget and message focus on the most responsive segments. Thus, your efforts will see increased conversion at reduced costs.

Machine Learning Enhances Donor Segmentation Models

The more you use donor segmentation models, the better it is for conversion. WealthEngine’s machine learning capabilities ensure that our solution’s predictive algorithm is always improving. When you refresh your model every 15-18 months, you will have the most up to date prospect list for any campaign.

Increased precision leads to increased engagement. Moreover, increased engagement results in higher conversions and lower costs.

customer segmentation analysis

Super Charge Your Fundraising Campaigns

Learn more about how WealthEngine’s data science team can help. Gain deep insights to increase conversion rates through donor segmentation models.

Get Insights Now–>

 

API Integration: Make Your CRM go the Extra Mile with Wealth Intelligence

API integration

Would you ignore a potential convenience if you had the option? Probably not, right? If you’re someone who lives on your CRM during most of your workday, then reading this will make your life easier. API integration is a convenient and secure way to add wealth intelligence to your database.

Doing this allows you to gain insights instantly within your CRM. Additionally, APIs can provide real-time insights on your contacts as soon as they come into contact with one of your channels.

Let’s begin with the basics before we continue exploring benefits and use cases.

What is API Integration?

API stands for Application Programming Interface. Think of a mobile or web application like Gmail, Twitter, or Facebook. These applications are powered by data, so you need a way to get data to and from the app. There needs to be an automated way to communicate with a database.

Simply put, API is a mechanism for one computer to consume the services
provided by another computer in a structured format. Further, an Integration is some functionality built using APIs between your wealth analytics provider’s platform and the CRM platform you use.

Top 3 Benefits of API Integration

1. Omnichannel Integration: APIs can integrate wealth data and analytics into any website, app, or system. This means that you can gain wealth insights on any digital channel, not just your website. For example, your e-commerce app can deliver a personalized experience to each customer based on their wealth and lifestyle data.

As a result, engagement would increase, thereby improving customer lifetime value.

Similarly, if you’re a nonprofit, you can imagine how seamless this would be:

2. Real-time Updates: A wealth intelligence API integration can instantly screen prospects so you can take immediate action. This means when a new customer or donor engages with your website, you can find out more about them instantly. Your insights engine can provide wealth and financial capacity insights into transactions in real-time. Therefore, knowing more about them allows you to begin nurturing them right away.

For instance, a WealthEngine client acquired about 6,000 new donors through a campaign and screened them using their WealthEngine integration. They found that about 10% of those individuals had a net worth over $1 million, which they have since passed to their major gift team to cultivate major relationships.

3. Enhance Your CRM: Import wealth data directly into your CRM or sales platform. This will allow your marketing or advancement team to spend more time focused on reaching the right prospects instead of switching back and forth between several platforms. It reduces the need for tasks like exporting files and uploading them into your platform of choice. This way you can make your CRM go the extra mile.

What WealthEngine’s API can do For You

WealthEngine offers sophisticated and secure API integrations that enhance your CRM with actionable wealth insights. Further, they can provide instant insights into your contacts on a variety of platforms.

Here are three ways in which you can use the API to integrate wealth intelligence:

1. Web Connect: This feature allows you to open a window on the WealthEngine platform so that you can review details on a desired profile.

reading a wealthengine profile
2. Prospect Link:  This feature allows you to request wealth profiles to review names and addresses.
3. Batch Import:  Request wealth profiles to review a list of names within large batch files.

Integrations We Offer:

Key API Integrations

How API Integration can Enhance Your Day-to-Day

You can benefit from the API’s ability to provide holistic, real-time intelligence in many ways, such as:

  • Websites, event registrations, digital campaigns, and online transactions: API integration can provide rich insights on anyone who engages with your digital channels. This way you can refine your personalization strategy over time. WealthEngine can provide further insights through reports that show views and click-through-rates weekly.

  • Email and newsletter registrations: Screen your list of subscribers to better understand their interests. This allows you to serve more personalized content. Furthermore, WealthEngine’s integration can offer you open and click rates thereby giving you quantified insights on your newsletter’s performance.

  • Automate screening processes: Your CRM can become more efficient through API integration. Gain wealth intelligence at the click of a button within your CRM platform. An informative wealth dashboard helps you see macro patterns in your database to ensure that you always stay updated.

Other use cases for API Integration

In addition to integration to measure digital activities, consider gaining actionable insights on other activities such as call center routing and direct mail.

Propel Your Prospecting Through API Today

Find out how WealthEngine’s API integration can boost your prospecting by offering unparalleled personalization.

Start Now–> 

Hospital Fundraising: Diversify Your Strategy for Donors & Prospects

Hospital Fundraising

Screening your patients does not make a Grateful Patient Program (GPP) successful. So, you may be wondering: if that doesn’t, what does? The truth is that your hospital fundraising can benefit from looking beyond wealth screening. Custom models are tailored to maximize fundraising revenue across every stage of the donor lifecycle.

Need a refresher on the basics of Grateful Patient Programs?
Read More–>

Want to know how models can maximize results from your screening data? Read More–>

I’m using modeling, what more can I do?

Firstly, you need to diversify your strategy between prospects and donors. In order to do that, you need to understand what makes each group different.

Similarities between the two groups allow you to convert prospects to donors. Thus, your hospital fundraising pipeline can feature qualified leads. For example, let’s say all your donors are over 50, they all live within a 100-mile radius and have a high P2G score. This means that prospects who share these traits are likely to donate to your cause.

The differences between your donors can educate you about what pieces of the puzzle are missing. For instance, you may find that your donors have attended at least 3 events while prospects have not.

What’s The Best Next Step for My Hospital?

You may have used models to rank and qualify your donor base into deciles based on propensity and capacity. This step is foundational. You can propel your hospital fundraising to new heights when you use custom models created for prospects, existing donors, and former donors.

This way, you can maximize the potential in every segment. Furthermore, you can ensure that you are engaging donors in every stage of the lifecycle.

hospital fundraising

What Healthcare Organizations Have to Say

WealthEngine’s client is a major South Eastern health system. Their hospital fundraising team created a tailor-made model for their annual gala. This model helped them not only understand their list of invitees but also benefit from their inclination to give.

With the model pointing them in the right direction, the annual event went from raising $400,000 to $7.4M in a short time.

Similarly, healthcare organization MMRF saw a three-fold increase in ROI in just two months!

The WealthEngine Difference

With WealthEngine, you are only steps away from creating the perfect fundraiser. When you screen with us, you can add 50+ data points on your donor base that will show you attributes that go beyond wealth.

After which you can build a custom model using WealthEngine’s screening data. By doing this, you can make sure that you’ve started with high precision input and insights. Our modeling process will create a custom algorithm to boost your hospital fundraising.

This means results from the model are not pre-built. They are not just indicative of healthcare donors or the behavior of your donors towards nonprofits in general. They are specific to your donors’ attitudes towards your hospital.

How can I boost my hospital fundraising today?

Follow these three steps to get started today:

Step 1: Screen Regularly

Regular screenings can serve as the foundation for fundraising. Nightly wealth screenings help ensure that you don’t miss any opportunities. They enable you to see a complete picture of a patient’s wealth, lifestyle, and affinities.

Step 2: Segment Your Donor Base

As we’ve determined earlier, a single strategy cannot work on prospects, existing donors, and former donors. Your donor base is a dynamic landscape of individuals within different stages of the lifecycle.

Identify and segment your core donors from sporadic ones. Further, create a segment for all prospects who have not yet given. Lastly, watch out for donors in your system who are at risk for churn or have stopped donating altogether.

Step 3: Build Your Custom Hospital Fundraising Model

You can build a model for each stage in the lifecycle. Prospects can be ranked based on their likelihood to give to a particular campaign. Similarly, donors can be prioritized based on capacity and intent. Lastly, you can identify those former donors who are most likely to come back.

When you understand what these segments have in common, you can tailor your communication in ways that resonate with them. Therefore, diversifying your strategy for each segment allows you to maximize your hospital fundraising.

Build Your Custom Model Today–>

More Useful Articles

Healthcare Fundraising: Boost Grateful Patient Programs with the P2G Score

Grateful Patient Program Checklist

 

 

 

10 Top Skills That The Chief Development Officer of Tomorrow Will Need

chief development officer

The nonprofit landscape is ever-changing, yes. But, with major shifts coming in the next few years, Chief Development Officers (CDOs) or nonprofit leaders need to update the ways in which they approach their role.

What are these shifts? They relate to regulation, technology, and attitudes that come with new demographics that will be part of the workforce.

First, let’s look at 6 major trends that will affect the nonprofit sector over the next few years.

Nonprofit Leaders

6  Major Trends That Affect Nonprofit Leaders

  1. Artificial Intelligence and Machine Learning— Automation will be a major technological theme. Data will need to be refreshed, stored safely, and interpreted for insights. These will be enabled by AI ML.
  2. Privacy— Changing regulation across the world will make data harder to access. The public will have greater control over their own data. For this reason, organizations that rely on data will need a strategy to gain consent.
  3. Cybersecurity– With data privacy regulation on the rise globally, Personally Identifiable Information (PII) info will need greater protection. Thus, Chief Development Officers will need to budget for higher investments in cybersecurity.
  4. Changing Demographics at the Workplace— As Millennials & Gen Z dominate the workplace, work culture will undergo a massive shift. Further, these generations care about authenticity and solving problems on a global scale. They have non-linear career paths but want to work at organizations that stand for something meaningful.
  5. Social Media— Social media is here to stay. Channels may become more niche to serve the diverse interests of its users. They will also have a bearing on fundraising. Nonprofit leaders may see that giving is more fragmented, but there is a higher volume of smaller donations.

    “With the click of a ‘like button’, users will be able to make microdonations, a cent or even less.” says, Felix Hartmann, CEO of FundThis  

  6. Tax Laws— Changing tax laws may reduce gift size and frequency especially among sporadic donors.  Conversely, there will be an increase in the likelihood of Donor Advised Funds.

These trends affect the role of the Chief Development Officer in many impactful ways.  CDOs need to understand these trends so that they can get ahead of them. Thus, here are 10 top skills that nonprofit leaders will need in the near future.

10 Top Skills Needed to Stay Ahead of These Trends

1. AI-Powered Data Modeling

Understanding the importance of data is only the first step. Nonprofit leaders should familiarize themselves with AI. Artificial Intelligence in data modeling, for instance, finds patterns among donors and prospects. Using wealth data analytics powered by AI gives you the ability to know the right “ask” amount for each potential donor.

2. Refine Precision Through Machine Learning

The old way of using your network, while still useful, is actually going to slow you down. Fortunately, Machine Learning technology can speed things up. When you use analytics to generate insights regularly, machine learning can constantly improve your results.

For instance, AI allows you to find important patterns among your top donors. Machine learning can refine these over time so that you have a precise formula for finding new donors just like your best ones.

3. Evolve from CRM to CDP

CRM is yesterday’s news, CDP is going to be the next big thing. CDP or a Customer Data Platform gives CDOs the ability to unify paid and owned data, according to McKinsey.

Thus, nonprofit leaders need to empower their team by integrating wealth, demographic, lifestyle, and affinities within a centralized CDP. This way, your team spends more time talking to the right people than spending time on administrative tasks.

4. Keep Up with Privacy Laws

The implementation of GDPR was a game-changer in Europe. This is a sign of things to come. Chief Development Officers need to keep up with changing privacy laws. When user consent becomes necessary for data, you will need a strategy to ensure that your donors remain connected to your organization.

5. Speak the Language of Cybersecurity

With PII data requiring more security, it is increasingly important to understand data collection, storage, and sharing. CDOs will need to hire an in-house data security expert or work with qualified consultants. Further, you will need to be equipped to speak their language. This will help you ensure that your infrastructure meets industry requirements.

6. Build Relationships with Wealth Managers

With the new tax laws, donor attitudes may change over time. CDOs who move quickly to leverage wealth data analytics and technology will gain a larger share of wallet from competing causes. Similarly, building relationships with Wealth Managers can help familiarize prospects with your cause. With the support of financial service professionals, you can gain traction on Donor Advised Funds.

7. Embrace Diversity

Millennials in the US are the most diverse generation to date. Therefore, nonprofit leaders must understand and embrace diversity. This means that cultural sensitivity has to be built into your leadership skills. Moreover, individuals have different intrinsic and extrinsic motivations, understanding what makes each one tick will create a harmonious workplace.

8. Lead with Authenticity

Leading with authenticity and passion are big draws for teams consisting of younger generations. For instance, motivating younger employees to give their all to your cause will be easier when they can see how much you believe in it.

9. Be Open to Learning

When it comes to the proliferation of social media and the increasing dependence on technology, a younger workforce can prove to be a great asset. As a leader, it is important that you are open to reverse mentoring from younger employees with respect to these areas.

10. Leverage Social Media

The benefit of fragmented donations over social media is the volume of donations. As a Chief Development Officer, you need to look beyond your core donor on social media. Further, activating potential donors online helps you create awareness that leads up to an actual conversation.

Using engagement metrics, you can understand how often to connect with members of your community. For example, some people don’t mind regular communications and outreach efforts. Others may be happy to donate but prefer infrequent contact.

How We Can Help

WealthEngine9 or WE9 is built to prepare you and your organization for the future. We leverage AI/ML to deliver automation. In fact, WE Screen enables you to add 50+ data points on each donor- data on wealth, lifestyle, demographics, interests, and affinities. These can be added to your database at the click of a button.

What’s more? With WE9, our industry-specific CDP will enable you to unify your data and make operation seamless for your team. When younger employees come in with convoluted career paths, you can rest easy that the learning curve on the platform is negligible.

Our modeling solutions help you answer specific fundraising questions.

What does this mean for your team?

With our holistic and seamless solutions, your team will not need to spend their hours on administrative tasks or learning how to use several different platforms. As a result, they can spend more time gaining deeper insights into your donors and building long-term relationships.

Get Started Today

Contact us today to get started. Fill the form on this page and a WealthEngine rep will contact you soon.

Related Reading

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

Ethical By Design – Marketing in the Age of Personalization and Privacy

 

 

How a Donor Pyramid Can Make or Break Your Capital Campaign

donor pyramid

Are you starting a capital campaign? Then, missing this step could send your campaign down a rocky road. This important step is building a donor pyramid.  These structures also referred to as fundraising pyramids, are an accurate way to prioritize development efforts.

Yet, not all pyramids are created equal. Read on to see how to build one that will boost your campaign and help you exceed your goals.

What is a donor pyramid?

A fundraising pyramid is a visual that categorizes prospects by their engagement level. Further, it provides nonprofits a path to move donors from lower levels of giving to greater commitment.

fundraising pyramid

While some donors will move from one -time donations to planned giving, not everyone has the same journey.  For instance, mid-level donors are generally a reliable segment. They need a strategy that is tailored to them and they shouldn’t always be pushed up the giving ladder. However, there are still hidden gems in your donor base who can be nurtured all the way to the top of the pyramid.

Why Donor Pyramids can Make or Break Your Capital Campaign

A fundraising pyramid helps you focus your campaign dollars to the right set of prospects. When you build a data-driven pyramid, your data will automatically reveal patterns that you can use to build your campaign.

Starting a campaign that is aimed at a random sampling (or the entirety) of your database will dilute your ROI. When your entire base receives a generic message from your nonprofit, the number of people who will engage will naturally be low.

Even if you’re in the middle of a capital campaign and you realize that you’re not seeing results, a donor pyramid can help revive it. All you have to do is segment your base and prioritize those prospects who have the propensity, capacity, and intent to give.

How to Create a Data-Driven Fundraising Pyramid

Wealth screening is the first step. Screening data gives you a holistic picture of who your prospects are. In other words, you can understand your prospects’ wealth, lifestyle, interests, and affinities.  This means you now know their potential not only in terms of capacity to give but also interest and intent.

By learning more about who they are, you can really speak their language. For example, United Way of Greater Saint Louis says,

“We really like the level of granularity we can get in the data, understanding details, such as propensity to give and giving capacities helps to fill in gaps in the profiles….Finally, learning about a prospect’s interests can help us better shape the conversation to customize our asks. We are a lot more cautious about the ask now that we have more intelligence…”

Therefore, screening helps you segment your prospects into different rungs of your donor pyramid. Those with the highest capacity and engagement (for instance, those with high P2G scores) are candidates for major gifts or planned giving. Similarly, those with lower capacities but high engagement are well suited for mid-level or recurring donations.

Using Modeling to Enhance Your Donor Pyramid

Wealth Screening is the first step, which means that a wealth model can drive your capital campaign much further.

Screening can give you a broader view of your donor base. Modeling can actually help you predict the outcome of your campaign. For example, WealthEngine’s Gift Pyramid Model can automatically build a pyramid and predict campaign success.

In that sense, modeling is predictive based on custom insights that are deep and actionable. The model builds a specific formula for your organization’s donor base. The model generates a score against which you can compare your prospects. By doing this, the model automatically splits your list into 10 equal deciles. The top decile will represent the top 10% of prospects for your capital campaign. The top two represent the top 20% and so on.

Going from Fundraising Pyramid to Campaign: Practical Implementation

Predictability allows you to improve your goal-setting. With your targeted campaign, you can not only set ambitious goals but also exceed them. Follow these steps after creating your data-driven donor pyramid:

1. Segment and target those donors who are apt for your campaign. Annual fund campaigns, for instance, can focus on prospects who have the highest inclination and capacity for this type of gift.

2. Evaluate your deciles to see which ones will be most effective for your campaign.

3. Set your budget based on the number of deciles you would like to include, or include deciles based on your campaign budget.

4. You can go down the list of deciles until you meet and exceed your campaign goals.

Breathe New Life into Your Capital Campaign

WealthEngine’s modeling removes the guesswork and puts you in control of your campaign, budget, and ROI. Book a demo today to learn more!

Request Demo

Related Reading

Capital Campaigns: Fundraising Strategy for Nonprofits

What to Do When You Inherit a Fundraising Campaign

Identify & Combat Donor Fatigue to Build Long-Term Donor Relationships

donor fatigue

Ever wondered if Donor Fatigue is real? Spoiler alert: the answer is yes! In fact,  it can majorly obstruct the development of long-term relationships. Every nonprofit advancement team aims to create long-term engagement among donors. Engagement that sets donors on the path to major gifts, recurring donations, or even planned giving. In any long-term strategy, nonprofits have to be able to identify this phenomenon.

To that end, let’s analyze what it is and how you can combat it.

What is Donor Fatigue?

Donor fatigue is a phenomenon where your donors may gradually stop giving to your organization. They may also stop giving altogether. This may be due to a feeling of indifference or desensitization caused by too many asks.

Although the loss of connection may be temporary, if you don’t take the right steps, you may end up losing a valued donor forever.

The first step is to identify the causes of this phenomenon.

Top 6 Causes of Donor Fatigue

Donor fatigue results in desensitization or a feeling of being tapped out among your donor base. One or more of the following 6 factors can cause this:

1. Too Many Requests

One of the primary causes of donor loss through fatigue is receiving too many fundraising requests. Nonprofits believe in donor retention. Past behavior is usually a great indicator, so the instinct is to ask again.

When donors have already donated to your cause, and they continue to receive requests, they may begin to feel tapped out.

2. Poor Understanding of Propensity and Interests

Understanding donor propensity and interests should be one of the primary steps in your prospect research plan. For instance, a donor may have contributed to a disaster relief fund. This is an indicator that they are interested in humanitarian aid. However, it is best to proceed while being better informed.

They may have been inclined to give to that disaster because of the affected area. If they have lived in the affected area before and still know people that live there, that may have served as a motivator.

3. Generic Asks

Like poor understanding, sending generic asks can cause irreparable damage to the donor relationship. Asks can be generic in many ways. The actual cause may not be the right fit. Further, the ask can be a mismatch with donor capacity.

Even your chosen medium or message appear generic when you do not personalize communications.

4. Ill-Timed Asks

Your request’s timing can be a mismatch just as the medium or nature of the ask can be.

Recency is an issue: when you send requests soon after a donor gives, fatigue can set in. Furthermore, life stages are constantly changing. If your donors are paying college tuition or medical bills for family members, they might be less inclined to make a contribution.

5.  A False Sense of Urgency

When natural disasters occur, nonprofits send messages with a sense of urgency. This is expected.  However, over time, receiving such messages dilute the impact of your ask on donors.

Donors will feel less inclined to give if the actions required by them seem cumbersome.

6. Lack of Transparency in Communication

Another cause of donor fatigue is ambiguity. Sometimes messages do not clearly communicate the purpose and the impact of donations. In these instances, the lack of transparency hinders long-term relationship building.

Solutions to Combat Donor Fatigue

Fortunately, there are ways to avoid this phenomenon. Understanding your donor base and personalizing your outreach is paramount.

1. Regular Screenings

To understand your donors well, you need a holistic view of them. This means you have to look beyond their wealth. Wealth screening can show you your donor demographics, lifestyle, interests, and affinities.

Further, when you screen regularly, you can ensure that you are keeping up with important changes in donor wealth and life stages. This means that your asks are based not only gift capacity but also interest and inclination.

Brian Bishop, Director of Development at TurningPoint Ministries has said,

“(Screening)… allowed us to shift from relying solely on capacity-driven prospecting to become much more inclination-driven. Unless you’re paying attention and using a tool like WealthEngine, you’re going to miss people”

Therefore, regular screenings mean that you don’t overlook donors who are ready to give. Moreover, you don’t induce disinterest through ill-timed or generic asks.

You can automate your screening process through API integration. This way, every time a donor comes into contact with a touchpoint, screening data on them can be refreshed.

2. Donor Segmentation

Segmentation can also help you combat donor fatigue. Use a wealth score such as the P2G Score. This score can help you measure not only propensity but also capacity.

An understanding of propensity and capacity can help you segment donors into lists for your annual fund, major gift program and other types of fundraising.

When you approach the right donors for the right programs, results can be vastly different. For instance, a WealthEngine client found that asking for an extra $50 to their top 1% would generate $200,000 more in a year. That’s $1M in 5 yrs!

3. Actionable Insights

Your screening data can provide valuable insights. Analyze this data to find macro patterns in your donor base. For example, you may find that all your major gift donors share 4 common traits. They all live within 50 miles of your organization, they are all over 50, they all own luxury cars, and are all interested in reading.

These patterns can help you in two ways. First, they can give you a deeper understanding of what makes your donors respond. When you communicate in a way that resonates, there is less room for donor fatigue to set in. Second, when you know what kind of donors are likely to give major gifts, you can find more like them and retain them in the long run.

4. Modeling

You can take your insights a step further through modeling. Modeling uses machine learning technology. You can create a custom model that answers a specific question at your nonprofit.

In this instance, you can create a model for early detection of donor fatigue signs. This can help you adjust your strategy with donors who are at risk. For example, your model can assign a high score to anyone who has recently donated to your cause.

This score will indicate that they should not receive any more requests in the near future. By doing this, you avoid frequency and recency issues that result in non-responsiveness.

4. Personalization

When you have segmented your donors and identified those at risk, your engagement strategy can become much more personalized. Personalization can extend to your message, the medium, and frequency.

Using results from your analysis and modeling, you can identify exactly what makes a donor respond. A response means they are interested and engaged. For instance, you can find that some donors don’t mind up to 3 emails a month, but they won’t open emails about organizational news.

These learnings help you tailor your outreach in a way that donors are not put at risk.

5. Authenticity

Personalization drives a connection with your donors. However, it goes beyond addressing them by name in emails. Authenticity is a major factor when it comes to communications. When donors understand where their dollars have made an impact and where they have made a genuine difference, engagement levels are much higher.

When personalizing communication, it is important that the tailoring goes beyond cosmetic aspects. This means using urgency only when appropriate. It also means using a tone of voice that is reflective of your organization’s culture.

6. Donor Involvement

Another key method to maintain interest is to actually involve donors in the activity at your organization. You can seek their advice on projects or fundraising programs.

Furthermore, you can also tap into their inner circle to find their close connections. Donors can help make introductions to their contacts. These contacts, in turn, could become board members or donors themselves. When donors are involved and their counsel is sought, they feel a deeper connection with your organization. This connection is strengthened so they maintain a long-term association with you.

inner circle

How WealthEngine9 Supercharges Your Long-Term Strategy

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

Request Demo

Learn More

Recurring Donors: Why you need them and how to get them

Capital Campaigns: Fundraising Strategy for Nonprofits

 

Engaging Alumni: 7 Steps to Convert New Graduates into Future Donors

engaging alumni

Your students just graduated. What can you do to ensure long-term engagement among this group of graduates? If an alumnus doesn’t donate within 10 years of graduating, there’s a good chance you’ve lost them forever. Even though alumni fundraising is a long game, your advancement team should think about engaging alumni as soon as they graduate.

Follow these 7 steps to create a bond that results in a lifetime of giving.

Step 1: Don’t Lose Touch

When your current student body is graduating,  make sure that they stay in touch with your institution. Have them join your Facebook or LinkedIn groups. Prompt them to follow you on Instagram or Snapchat. You may have an overall account for your institution and others for different departments. Encourage them to join both.

It is not enough for these alumni to simply follow you on social networks. You will also need to keep them engaged on these channels. This means you will also need to create engaging content on these channels constantly. Moreover, you will need to stay active on all platforms. For instance, you can post news about the achievements of other alumni and ask them to share what’s going on in their lives.

Similarly, sending an engaging alumni newsletter should be part of your strategy. Your newsletter is another good way to remain in touch. You can use it to highlight institutional achievements, news about your institution, and career opportunities within the network.

Step 2: Connect Alumni to The Next Batch of Students

When it comes to engaging alumni, it’s important to make them feel like they are still part of the community. Most higher education institutions hesitate to connect current students to alumni. This stems from a fear of tapping the alumni network out.

Your alumni engagement strategy should give your alumni control over communication between themselves and current students. Invite them to become mentors. This gives them the power to say yes or no. Further, it allows them to feel connected to your university and feel like they are giving back.

In fact, your current students will have a lot to gain from connecting with relevant alumni. By doing this, you are already grooming current students for long-term engagement with your institution.

Step 3: Connect Alumni to Each Other

You’ve found ways to keep in touch with your alumni base. Now it’s time to create connections among them. For example, you can encourage former students to join alumni network chapters in their cities.

So, how will these steps lead to enhanced fundraising?

The fact is that you have to establish a strong connection with recent graduates. Engaging alumni is the foundation of fundraising. They have to feel a sense of community within your institution. When recent graduates are dealing with student loans and the beginnings of their careers, it can be the wrong time to ask for gifts. At this stage, it’s important to establish a connection more than anything else.

By doing this, you are setting the stage for your long-term alumni engagement strategy.

Step 4: Engage Alumni by Appealing to their Interests

Your alumni engagement strategy has to have a long-term view. The next step is to understand alumni interests. Doing this provides you two benefits:

First, it tells you more about your alumni body in general. Second, it makes alumni engagement more effective. For instance, when you know that a subgroup of alumni is interested in the arts, you can create events that appeal to their interests. When events are catered to alumni interests, they are more likely to attend them and thereby stay connected to your institution.

Moreover, you can strengthen alumni-student relationships by connecting the right people with each other. When these relationships prove effective, it increases your credibility in the long-term.

Step 5: Screen Your Network Regularly

You may already have an understanding of an alumnus’ background and interests from the time of admission to graduation. Wealth screening can enhance your view of them. Screening can help you understand how they live, give, and save.

Alumni status and life stages are constantly changing. As a matter of fact, recent graduates tend to move often until they establish themselves. This move may be geographical or professional.

Northwestern University is a prime example. Their Development Research and Prospect Management team found it challenging to match addresses in their alumni base. Using WE Screen allowed them to match 31,000 alumni with new addresses.

Regular screenings help you ensure that you are always working with updated information. Additionally, screening can add valuable information on alumni wealth, lifestyle, interests, and affinities. Engaging alumni becomes easier when you are working with a fuller picture.

Moreover, if you have API integration enabled, you can automatically receive updated data in your DMS.

Step 6: Personalize your ask

Understanding prospects beyond their wealth is the first step towards personalized alumni engagement. When you understand what makes an alumnus tick, you can speak their language.

You should personalize not only your message but also the medium of communication. For instance, some alumni may be interested in attending a wine-tasting event in their city. Similarly, some may be more likely to respond to an invite sent via direct mail. Others may be more responsive to a phone call. Personalization boosts your alumni engagement strategy by making your message resonate.

When it comes to asking for a donation, personalization plays a major role. Using screening data and insights gives you an idea of a person’s gift capacity, propensity, and intent. You can rank prospects based on propensity and intent. This way you’re only appealing to those alumni who are most likely to donate. Your ask can also be customized to each donor based on their capacity.

Step 7: Show the impact of their donations

Once you have converted prospects into donors, it’s important to keep them engaged. Engaging alumni in the long-term results in recurring donations, a path to major gifts or even planned giving.

The most effective way to keep them engaged is to show them what their dollars have helped you achieve. For instance, you can show a microbiology alumnus that their donation helped you restore a lab. This helps them understand the direct impact of their gift. Further, it resonates with their interest in the subject. They have helped you provide top-notch facilities for future students of microbiology. When they understand how they are helping uplift future contributors to their field, it makes them more interested in giving again.

Transform Alumni Engagement Strategy with WealthEngine 9

These steps should help you have a long-term view on engaging alumni. Learn more about how WealthEngine9 (WE9)  is changing the fundraising landscape.

Explore WE9 Now →

Related Reading

How to Spot Major Gift Opportunities In Your Day of Giving Donor List

University Fundraising: Use Modeling to Identify Overlooked Prospects

 

 

 

Why Blackbaud Clients Switch Back to WealthEngine

WealthEngine

WealthEngine is an all-inclusive platform that allows clients to search, screen, analyze, model, and look for new prospects. With 20+ years in the industry, WealthEngine combines data accuracy with convenience. Blackbaud may seem cost-effective. However, it hasn’t proven to be beneficial for clients in the long run.

In fact, a client who switched back to WealthEngine recently talked to us about their experience. They found that Blackbaud’s breadth of data and accuracy were lacking. Blackbaud’s “free” version was not sufficient for their needs. They observed that most university advancement teams, like themselves, would ultimately need to upgrade to use Blackbaud’s services.

This university switched back because WealthEngine simply offered better quality for better value.

The WealthEngine Advantage

We provide clients with the following advantages over Blackbaud.

Superior Search Capabilities

WealthEngine’s nationwide search means that you always have a holistic picture of your donors and prospects. For instance, by simply searching a donor’s last name into the search tool, you can see all addresses linked to them. With Blackbaud, you need to search by first name, last name, and location. The results will be limited to the location you use in your search.

Best Suite of Scores

Our Propensity to Give or P2G score allows you to easily rank and segment prospects. Blackbaud generates its scores from hard assets. This means that if a high-quality prospect does not own property or the property is not under their name, you will end up overlooking them.

With WealthEngine’s ratings and scores, you can understand not only gift capacity but also propensity and intent. Our scores are built from Net Worth, Cash on Hand, Estimated Gift Capacity, Inclination/Affiliation, etc. Therefore, these scores provide a more cohesive picture of your prospects.

Moreover, WealthEngine9 or We9 will give you the ability to take screening and prospecting to the next level. Your visual dashboard can keep you updated on the overall gift-capacity changes of your entire donor base. Explore We9.

Robust and Accurate Data Profiles

WealthEngine uses 45+ data sources, covering 240M U.S. individuals. Blackbaud, on the other hand, gets data from 10-12 sources. We provide you with greater coverage and more accurate data and pro­files. Our match and link rates are also notably higher.

The Director of Prospect Research at an American university noted the difference in head-to-head comparisons. WealthEngine had a 50% higher match rate in comparison to Blackbaud. Moreover, WealthEngine had 4x as many data sources.

APIs to Identify Major Donor Prospects that Give Online

Do you ever wonder if an online donor has capacity or propensity to give at a higher level?  Wealth Engine can link your donation page to an automatic Wealth Engine screening service. This way a major gift officer is automatically notified if a low-level donor has major giving potential.  You can then identify a first time, $50 online donor as a major gift prospect rather than assume that they belong in the annual fund pool.

Modeling and Analytics

With WE Analyze, WealthEngine provides clients with the ability to learn key insights within seconds. Our modeling capabilities take analytics a step further. Insights go from descriptive to predictive with custom models. On the contrary, Blackbaud lacks a self-service modeling and analytics solution.

Find Prospects that Look Like your Top Donors

With WE Prospect, you can find prospects that aren’t in your database. These new prospects either look like your top donors or embody attributes that are important to you. Attributes such as high capacity and propensity to give, geographic location, lifestyle and interests that are common among your top donors can serve as benchmarks.  With over 1,500 attributes to query on and over 240M profiles to choose from, it’s a great way to find new prospects.

Focused on Wealth Intelligence Not CRM Software

At WealthEngine our focus is providing you with the best data possible to fuel your fundraising. We are a data and analytics company, that is what we know. Blackbaud is a software company that prioritizes its CRM.

Seamless Interface

WealthEngine is a cohesive platform that can guide advancement professionals through the donor journey. You can search, screen, and prospect all within the same interface. Additionally, you can access your results from all stages of the journey within the platform.

Further, you can use insights found in one stage to fuel the next.

WealthEngine

WealthEngine vs. Blackbaud- Comparative Analysis

The chart below shows you areas where WealthEngine can provide an advantage over Blackbaud.

What Clients Who Switched Back Have to Say

Nonprofit Association

Our client, a national armed forces association, has explained their reasons for switching back. Their research team needed to manually validate data. While they used ResearchPoint and Raiser’s Edge, they found that ratings were not up to par.

From a team workflow standpoint, their team lost efficiency as lists were not shareable using Blackbaud services. When creating a list, team members weren’t able to see the same list, so this meant a duplication of effort.

Higher Education Institution

Another client, a well-known, southern university found Blackbaud products to be “finicky”.

Overall, they felt that the system was not user-friendly. This was mainly because there was no seamless integration of products. Further, when problems arose due to incompatibility, customer service was unable to help.

Additionally, they were dissatisfied with ratings and found that their team had to validate scores from other sources.

WealthEngine + Blackbaud CRM

If you are already operating in Blackbaud CRM, you can enhance your experience by integrating WealthEngine data.

WealthEngine can enrich your profiles with hundreds of additional data points. These data points can generate actionable insights. Further, you could increase match rates and the accuracy of your ratings by appending reliable data from WealthEngine.

Learn more about integrating WealthEngine into Raiser’s Edge.

Learn More About What You Can Gain from Switching Back

Interested in understanding how switching back can save you time and effort? Fill the form on the right and a WealthEngine rep will contact you soon.

Transform Your Fundraising: Get a Demo of WealthEngine9

When you switch back, you will gain more than just WealthEngine’s superior quality data and ratings. We9 is transforming the landscape of wealth screening, modeling, and predictive prospecting.

 

The solution can help you get in front of the right people faster. With greater efficiency, you will save time and money.

Explore We9 now and click on Request Demo to see how you can personalize engagement with your audience like never before!

Related Articles

Salesforce Connector: Data Appends & Profile Enrichment with One Click

Fundraising through Modeling: Animal Rights Group Closes 7-Figure Donation