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

identity resolution

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

Listen to the full podcast here:

What is Identity Resolution?

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

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

Businesses Can Also Face Identity Loss

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

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

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

Entity Resolution & Wealth Data Analytics

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

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

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

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

Identity Resolution to Match Vendor & Customer Data

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

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

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

Advanced Technology for Higher Match Rates

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

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

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

What Happens When There Is No Match

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

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

Does this work?

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

How You Can Benefit From Identity Resolution

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

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

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

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

Increase Your Match Rate to 100% Starting Today

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Black Friday Marketing Campaigns for Luxury Retail

black friday marketing campaign

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

Do luxury brands do Black Friday?

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

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

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

Your Black Friday Marketing Campaigns

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

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

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

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

Black Friday Marketing Examples for Luxury Retail

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

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

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

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

Black Friday Marketing Ideas: In-Store and Online

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

1. Deep discounts on limited pieces:

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

2. Longer store hours:

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

3. Limited edition Black Friday collectibles:

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

4. Discounted shopping during a short window: 

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

5. Curate and exclusive experience:

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

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

6. Discounts in partner retail stores: 

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

How to Use Data to Implement Your Marketing Campaigns

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

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

Personalize Your Black Friday Marketing Campaigns

Use wealth screening and analytics to personalize your campaigns.

Financial Advisor: Prospecting Ideas Using Data Modeling

financial advisor prospecting ideas

If you are a financial advisor or a wealth manager, then you know that the financial services landscape is highly dynamic. Financial services trends and regulations change frequently.  Marketing in financial services generally has a long conversion process due to the sensitive nature of the information that clients have to share with their wealth managers. Financial advisor prospecting ideas and activities, therefore, have to constantly be refreshed.

Data-Driven Prospecting Ideas for Financial Advisors & Wealth Managers

Think about how you typically market a financial services company. Prospecting ideas for financial advisors generally means cold calling or relying on referrals. These approaches are not without their challenges or issues. Referrals, of course, can be an effective way to find new clients. However, even your referral strategy can become more precise when driven by data.

In fact, it can be even more beneficial to begin with data. You may already have plenty of it. But, it may be fragmented and uninsightful in its present state.

Wealth Profiles

Your data needs to be housed in a centralized database, collected and organized into wealth profiles. Even if you are an individual financial advisor or wealth manager, organizing your data can be the first step in gaining actionable insights.

prospecting ideas for financial advisors

Wealth Indicators

Take wealth indicators for example. They can be a great starting point in understanding where the greatest potential lies in your database. Furthermore, you can combine wealth indicators with demographic, lifestyle, interest, and affinity data. Doing this gives you a holistic picture of who your contacts are.

For instance, you may find two contacts who are both 55 and have a net worth of $8M. When you perform a wealth screening, you might see that prospect A is interested in golf, whereas prospect B is interested in opera. Imagine you now approach them with a richer image of who they are. You will be more likely to have an engaging conversation with them.

Other data-driven,  prospecting activities for financial services involve deeper analysis. Analysis and modeling can further elevate your prospecting ideas. Let’s explore how.

Data & Modeling: Using Deeper Analysis to Drive Prospecting Activities for Financial Advisors

Leverage Your Current Customers

 1. A Look-Alike Model

You can leverage your existing contacts through modeling. A look-alike model can analyze your best customers and look for patterns among them. These patterns can then drive your prospecting activities.

For example, the model may tell you that all your top clients have a net worth between $1-3M. That a large majority of them do not have children and that they prefer adventure travel. Geared with this persona of an ideal customer,  you can tailor your prospecting ideas to really speak to someone like this.

2. Inner Circle

Although this technically is not a model, WealthEngine’s inner circle feature can make a big difference to your referral marketing. Basing your financial services prospecting on data from this feature can give you a sharper focus. Your current customers can again be a great source for you to meet great new customers. A warm introduction from your client to his colleague or HNW friend can automatically generate trust.

Let Your Prospecting Ideas Get Predictive With Modeling

You can use wealth models to predict specific outcomes. Predictive models build a specific formula for your client base. The model then uses this formula to analyze your database. Everyone on it will be scored against the formula and divided into segments. These segments will, therefore, help you prioritize your prospecting activities. A formulaic analysis, like this, can help you with the following:

1.  Customer Acquisition

This model can help you identify a completely new customer group. The group will be a high-potential segment as it will have properties that are similar to your existing customers.

2. Conversion

In this case, you can identify customers who were successfully converted to higher spending. We will build a model that can understand these customers. The model can then pick out other customers who can be upgraded.

3. Upsell

The upsell model builds a formula to predict upgrades or complimentary services. Through this, you can identify customers who can be approached with other offers.

4. Retention

For any financial advisor or wealth manager, customer churn can be a major concern. Using the retention model helps you predict whether a customer will churn or not.

5. Customer Lifetime Value (LTV)

This model can predict the lifetime value of your customers. This way, you can focus your attention on those relationships that have long-term potential. How does this work?

The model uses your customers’ transaction history. Doing this enables it to predict churn. Further, you can also forecast the number of future transactions, the value of future transactions and even the next transaction amount. This type of analysis is possible using the latest machine learning techniques.

Therefore, data-driven, financial advisor prospecting ideas lead to more efficient prospecting activities.

Put Your Prospecting Ideas in Practice Today

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How to Market a Financial Services Company- Strategy for CEOs & CMOs

How to market a financial services company

Marketing a financial services business can often be complex due to the nature of the products and services. Customer decision cycles tend to be longer than other retail products. Moreover, a customer needs a high degree of trust to engage with a brand or organization. With this being the case, personalization becomes key. If you have wondered how to market a financial services company, the answer lies in building long-term relationships.

If you have your own firm or are a high-level executive at your financial services company, keep reading to learn more.

As a leader in financial services, you may not be concerned about marketing on a granular level. You may have a team that implements financial services marketing for you. However, knowing the overarching strategy of how to market a financial services company could prove beneficial in two ways: Firstly, you will weave marketing into your overall business strategy. Second, you will be able to collaborate more closely with your CMO and marketing team.

The next step seems simple- find wealthy clients. To do this, however, you need to start with the right kind of data. Furthermore, you will need the right strategy to build trust and establish long-term relationships with these individuals. You’ll also need to stand out from your competition. Let’s examine what challenges might stand in your way.

Challenges in the Marketing of Financial Services

In a dynamic industry such as yours, trends are constantly shifting. Keeping up with them can pose several issues:

1. Digitization disrupts the industry, threatening customer lifetime value (LTV).

2.  FinTech companies are set to outrun traditional companies in the sector.

3. The volume of data has grown exponentially, posing challenges for analysts.

4. Data is stored on unsecured platforms and their rise is a marked rise of cyberattacks.

5. The growth of AI/ML adds pressure to balance automation and the human touch.

If you’re interested in learning more about these financial services issues, read our article on the subject.

Marketing a Financial Services Business

Before you think about how to market financial products and services, it is important to understand how to market your financial services business as a whole.

This begins with having the right brand strategy.  Let’s examine how you can build an effective brand for your financial services company. Follow these 5 steps:

1. Understand Your Audience:

In the financial services sector, your customers and their needs can be quite varied. When you analyze your database, you can understand who your customers are. For instance, WE Analyze can study your database and identify patterns among your customers. You could find out, for example, that you primarily have two types of customers- baby boomer men and millennial women. With this insight, you can create a brand that speaks strongly to both customers. You might even decide to create different product lines with different identities to serve these two diverse groups.

2. Talk to Your Customers:

Conduct a survey among major groups that you have identified. This survey should tell you more about your customers’ needs and preferences. This primary research, combined with other industry reports, can tell you how to position yourself best.

3. Build Awareness:

You have created a brand identity that best suits your story and your audience. Now, it is time to ensure that the right people become aware of your story. You need to curate imagery, typeface, language, and media channels that all reflect your identity. Use owned and paid media channels to promote your story to your audience. Ensure that your brand’s personality stands out from your competitors. You may, for instance, need to adopt a luxurious and business-like image to appeal to major corporate clients/executives. On the contrary, your tone and imagery may need to be more personal and relatable if you are appealing primarily to millennial women.

4. Refine Your Message:

As your awareness campaigns see results, you will learn more about which aspects worked well and what didn’t. As you analyze, you can continue to refine your messaging until you ensure that it resonates with your audience.

5. Find More Customers Like Your Best Ones: 

When you know what kind of person engages with your brand and your story, it becomes easier for you to find more people like them. In fact, WE Analyze can generate a look-alike model. The model can help you go through your database and find your best customers.

Segmentation of the Financial Services Market

Building your brand is the first step. But it is not a one and done kind of activity.  The process is ongoing. So, the next step in the how to market a financial services company guide is refined segmentation. This is especially important as your audience’s life stages change or your market segments shift. Here are 3 steps for effective segmentation:

1. Identify Your Company’s Strengths:

Your story is always unique to you. This is a strength that your brand can leverage. Ensure that your brand is authentic to your company’s story and its culture. Study the market to see where you best fit in. For example, maybe most advisory services are directed at older customers. Your niche could be offering a tech-savvy, relatable wealth management solution for millennial millionaires. Furthermore, this may be a great fit for you as your company has a lot of younger executives and wealth managers.

2. Segment Customers Based on Interests:

You will segment your audience based on demographics. This is definitely a great foundational step in how to market your financial services company. You can go further by segmenting them based on their interests. You may find needs that are similar across different demographic groups. This type of segmentation can help you expand your business into various financial services sectors such as retail banking, home loans, advisory, risk management, etc.

Wealth screening can help you gain great insights into your customers’ lifestyle and interests. Screening your database regularly helps you stay up to date as customer life stages change.

3. Address Gaps in the Financial Services Market

You cannot be everything to everyone. This is usually true of most businesses. But in the financial services products and services, you may find that you have more leeway. Because trust is a major factor when choosing a financial services company, you may find that customers are willing to stick with you for all their needs.

This may trickle down further into their sphere of influence or as we like to call it, their inner circle. You need to begin with a strong brand identity and an authentic story. With this as a solid foundation, you can then grow your business to offer a variety of financial services products and services. These can cater to generations of customers.

Your expansion strategy can rely on identifying gaps in the market. Find niches of services that are unavailable for certain groups or segments. This may be microloans in large metro areas for example.

How to Market Financial Services Products & Services

Segmentation and identifying gaps can serve as your guide for expanding your business.

When it comes to the marketing of financial services products and services, trust is key. Before you try to expand your business, you need to ensure that your brand has a solid foundation. When you offer a minimal range of products and services, but your customer experience is par excellence, you are working on building long-term relationships with your customers.

These customers who trust you and expect to be served well by you will rely on you for more services with time. By screening and analyzing your audience regularly, you keep up with changes in their needs and preferences. Doing so can help you offer personalized products and services to them.

Furthermore, you can use wealth data ratings and scores to identify the right customers for the right set of products. For instance, WealthEngine’s Propensity to Spend (P2S) score can help you understand a person’s likelihood to spend or save.

how to market financial services products and services

Additionally, you can also run wealth models to answer specific marketing questions. For instance, you could build a model to find out who among your customers is most likely to invest in a holiday home. The model can automatically scan your entire database and identify the top 10% of people who are most likely to do this.

Thus, when you are looking to expand into a new product or service, a model can indicate whether this would be a prudent path to growth.

How to Grow Your Book of Business

Finally, we’ll leave you with 3 tools that can help you grow your financial services company:

1. Use wealth signals to personalize your offerings:

2. Leverage Inner Circle:

Identify connections of your current or most influential clients to build a referral business. The tool identifies prospective clients with a connection already to your firm. Thus, you can increase the conversion rate of new clients. Relying on your referral pipeline with prospective clients already connected to your firm.

3. Integrate Through API:

API integration can not only bring you wealth insights right to your CRM, but also provide you with real-time insights.

Take advantage of all these tools within one convenient platform to market your financial services business.

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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.

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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.

Webinar: AI-Driven Segmentation

Interested in learning how to use AI-Driven customer segmentation to personalize ad campaigns? Register for our webinar this Wednesday at 11 AM!

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.

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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.”

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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.

new donors - acquisition model, major gift donor, existing donors, growth models, sustainers, lifetime value, lapsed donors, winback models

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–>

 

Sample RFP Evaluation Criteria: Find the Best Wealth Data Analytics Solution

Sample RFP

There are many ways to write an RFP.  In fact, it may seem like every organization would need its own type of Request for Proposal.  So, what evaluation criteria can you use to determine that your RFP will help you find the best vendor? Keep reading to find out. We will reveal the top 3 tips for writing an effective RFP.  Such an RFP will help you find a wealth data and analytics solution that will best suit your needs. What’s more, We’ll even provide a detailed sample RFP for you to use. Before we get to the sample, let’s start with the basics.

What is an RFP?

An RFP or Request For Proposal is a document used by organizations that are seeking a vendor or partner. Generally, an organization issues an RFP document outlining the specifics of what they would like to accomplish through the vendor’s services.

An RFP is different from an RFQ. An RFQ or Request For Quote is focused more on the cost estimation of a particular project. It is better to use an RFQ where project requirements and terms are fairly standard. An RFP however, allows nonprofits to describe their needs and goals in detail. If you are unfamiliar with how to get started, you can download our sample RFP.

Our Sample RFP has everything you need to find the best wealth data analytics solution. Simply download the template and edit it to suit your needs.

Why should I write a Request for Proposal?

The alternative of not using an RFP is having an ambiguous discussion with each vendor that may not yield the results you are looking for.  Moreover, there are three clear benefits from using an RFP to find a wealth data vendor:

  1. Well Documented Requirements: Creating an RFP allows you to document all your requirements. This exercise helps you review your needs internally and ensures that you have a consensus on them.
  2. Clear Expectations & Terms: When requirements are clearly documented, it is easy to set vendor expectations. They will know what they will need to fulfill from the get-go.  Clear terms stated in your RFP also enables you to arrive at a mutually satisfactory deal quickly.
  3. Ease of Comparison: When you create a structured RFP for different vendors to fill out, comparing their offering becomes easier. Everyone enters responses to a set of standard questions enabling you to identify key differentiators between them.

Sample RFP Evaluation Criteria: Top 3 Tips for Writing an Effective RFP

When creating a Request for Proposal to find the right vendor, bearing these three sample RFP evaluation criteria in mind will help you streamline your process.

  1. Standardize Your Format: Creating a standard format for RFP allows you to repurpose it for several projects. Over time you can refine your template to ensure that it captures all the right information from you and the vendors you are evaluating.
  2. Include Your Company Vision: Although this is an unconventional tip, it helps your vendors or partners understand your needs beyond the scope of a particular project. When they understand your larger organizational goals, it helps them think more strategically. Additionally, you can evaluate if their vision is in alignment with yours.
  3. Be Specific: When looking for an analytics solution, your RFP should be as specific as possible. There are providers who are able to fulfill various functions such as deliver screening data, insights, and in some cases, even a CRM solution. But, wealth intelligence needs to provide you both breadth and depth of insights. In this regard, not all providers are created equal.

wealth data analytics

We have done all the research and groundwork for you! Use our detailed sample template to ensure that you find the solution that answers all your questions.

Sample RFP

Follow these three steps to find your perfect wealth data analytics provider:

Step 1

Download our sample RFP template.

Step 2

Fill out the template based on your needs.

Step 3

Use the RFP as a filter to find the perfect solutions provider.

Download the Sample RFP 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:

donor texts look up giving capacity links to donation form are tailored to their capacity

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 - comparison

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.

process diagram

  • 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.

process diagram for personalization

  • 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.

salesforce API screen shot

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.

comparison of potential donors

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!

case study GPP

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.

prospecting modeling marketing

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

10 Necessary Steps for Your Grateful Patient Program Checklist

 

 

 

Nonprofit Leadership: Top 10 Skills that CDOs 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 leadership need to update the ways in which they approach their role.

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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 Leadership

  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, nonprofit leadership 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— This platform 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 Officers 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 leadership will need in the near future.

10 Top Skills Needed to Stay Ahead of Nonprofit Leadership 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, this 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. ML can refine these over time so that you have a precise formula for finding new donors just like your best ones.

Learn more about how you can use Artificial Intelligence to test and refine your email marketing strategy.

Download our best practices guide now–>

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 leadership needs 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. Nonprofit leadership needs 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. Nonprofit leaders 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 financial service professionals 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 networks and the increasing dependence on technology, a younger workforce can prove to be a great asset. As a nonprofit 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 nonprofit leader, you need to look beyond your core donor on social channels. 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.

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