How to Increase Your Assets Under Management in a COVID-19 World

Tune in for an executive briefing and live Q&A with Chady AlAhmar, CEO of Wealth at Old National Bank, and Raj Khera, EVP at WealthEngine, as they share best practices to help you grow your portfolio in the midst of economic uncertainty.

View the Executive Briefing On Demand

This Executive Briefing will show you:

  • How to uncover insights like estimated net worth, investable assets, business ownership, accredited investor status, likelihood to buy a specific financial product, and more
  • Ways to find and connect with wealthy and soon-to-be-wealthy prospects
  • Techniques to identify clients in your portfolio who are ripe for expansion
Chady AlAhmar
CEO of Wealth

Old National Bank

Raj Khera
EVP and Chief Marketing Officer
WealthEngine
Raj is a past CEO and co-founder of several software businesses, two of which were acquired by public companies. At WealthEngine, he helps to create more value for customers through thought leadership and game-changing product enhancements. He is passionate about supporting higher education and cancer research and volunteers his time at the University of Maryland and local schools.

Short Term Fundraising Action Plans: The Next 90 Days

WealthEngine caught up with Ian Swedish from CCS Fundraising to reflect on the current landscape after 60 days and prepare for the next 90 days. Tune in for an engaging session about creating strategic short term action plans that will help you define opportunities and devise solutions amidst today’s challenges and uncertainties.

View the Executive Briefing On Demand

Areas of focus will include:

  • Maintaining and sustaining key relationships
  • Leveraging leadership
  • Communicating meaningfully with lapsed donors
  • Evolving your case for philanthropy to meet the moment
Ian Swedish
Corporate Vice President

CCS Fundraising

Raj Khera
EVP and Chief Marketing Officer
WealthEngine
Raj is a past CEO and co-founder of several software businesses, two of which were acquired by public companies. At WealthEngine, he helps to create more value for customers through thought leadership and game-changing product enhancements. He is passionate about supporting higher education and cancer research and volunteers his time at the University of Maryland and local schools.

 

How Healthcare Organizations are Pivoting to See Fundraising Success in a COVID-19 World

WealthEngine caught up with ChristianaCare’s Vice President of Development Gordon Brownlee and Spectrum Health’s Director of Finance and Operations Greg Workman to talk about how healthcare organizations are successfully navigating today’s challenging environment due to COVID-19.

View the Executive Briefing On Demand

Tune in to learn:
  • Guidance on developing a Caregiver Relief Fund for those on the front lines
  • How ChristianaCare is coordinating hundreds of PPE donations, including face masks, shields and gloves
  • A strategy to look for new donors within your community and ways to optimize your messaging for fundraising as a result of COVID-19
Gordon Brownlee
Vice President of Development

ChristianaCare

Greg Workman
Director of Finance and Operations

Spectrum Health

Raj Khera
EVP and Chief Marketing Officer
WealthEngine
Raj is a past CEO and co-founder of several software businesses, two of which were acquired by public companies. At WealthEngine, he helps to create more value for customers through thought leadership and game-changing product enhancements. He is passionate about supporting higher education and cancer research and volunteers his time at the University of Maryland and local schools.

 

How This Nonprofit Grew from 1000 Donors/Year to 1000 Donors/Week

WealthEngine caught up with Leslie VanSant and Michelle Husko of Rainforest Trust to talk about how they have transformed Rainforest Trust into a world-renowned fundraising organization.

View the Executive Briefing On Demand

Tune in to learn:
  • The strategy that grew their donor base by 50x in the last decade
  • How they use data to convert small donations into major gifts
  • The messaging and tactics they found to have the most impact
Leslie VanSant
Chief Philanthropy Officer
Rainforest Trust

 

Michelle Husko
Director of Donor Services
Rainforest Trust

 

Raj Khera
EVP and Chief Marketing Officer
WealthEngine
Raj is a past CEO and co-founder of several software businesses, two of which were acquired by public companies. At WealthEngine, he helps to create more value for customers through thought leadership and game-changing product enhancements. He is passionate about supporting higher education and cancer research and volunteers his time at the University of Maryland and local schools.

 

How to Reach DAF Donors Who Are Funding Millions in Response to COVID-19

WealthEngine caught up with Amy Pirozzolo, Head of Marketing at Fidelity Charitable, to find out how healthcare organizations and educational institutions can get in front of donor-advised fund donors during this critical period.

View the Executive Briefing On Demand

Tune in to learn:
  • How DAFs work
  • Examples of how other organizations are reaching DAF donors
  • What your organization can do right now to get donations from DAF donors
Amy Pirozzolo
Head of Marketing
Fidelity Charitable

 

Raj Khera
EVP and Chief Marketing Officer
WealthEngine
Raj is a past CEO and co-founder of several software businesses, two of which were acquired by public companies. At WealthEngine, he helps to create more value for customers through thought leadership and game-changing product enhancements. He is passionate about supporting higher education and cancer research and volunteers his time at the University of Maryland and local schools.

 

High-Conversion Fundraising Tactics & Messages During Coronavirus Times

WealthEngine caught up with Rick Dunham, Chair of the Board of the Giving USA Foundation, to talk about what organizations can do to boost fundraising amidst the coronavirus outbreak.

View the Executive Briefing On Demand

Tune in to learn:
  • How organizations are pivoting to raise funds right now
  • What kind of messaging is working to increase conversions
  • Specific actions your organization can take in this tight market for dollars
Rick Dunham
Chair of the Board, Giving USA Foundation
CEO, Dunham+Company

Rick is a 40-year veteran in marketing, fundraising and organizational development for nonprofit organizations. After serving for 11 years in nonprofit management and fundraising leadership roles, Rick began his consulting career in 1989. In 2002 he founded Dunham+Company, which has become a global leader in providing fully integrated marketing and fundraising strategies for nonprofit organizations.

Raj Khera
EVP and Chief Marketing Officer, WealthEngine
Raj is a past CEO and co-founder of several software businesses, two of which were acquired by public companies. At WealthEngine, he helps to create more value for customers through thought leadership and game-changing product enhancements. He is passionate about supporting higher education and cancer research and volunteers his time at the University of Maryland and local schools.

 

4 Ways to Prospect That Will Enhance Your Outreach

ways to prospect

Using wealth and lifestyle insights along with predictive analytics, you can gain a deeper understanding of your current and prospective donors and customers. Our rich data can help you personalize your outreach and improve your sales, marketing, and fundraising efficiency. Here are 4 ways to prospect that will benefit your everyday processes:

1. Use Look-Alike Models to Help Your Staff Understand Your Existing Customers or Donors Better.

Wouldn’t it be nice to better to gain a holistic understanding of your audience with a 360-degree view of their wealth, lifestyle, demographics, and contact information? That’s where wealth models come in.

A model is a custom algorithm designed to uncover what makes your top donors or customers unique. Using a wealth model, you can pick up on the commonalities and characteristics that make your donors unique. There are two ways to prospect with custom algorithms: through descriptive models or predictive models. In the case of wanting to gain a clearer impression of the characteristics of your top donors or customers, descriptive models allow us to take data you already possess and show you commonalities and unique qualities of your donors or customers.

But let’s take this a step further. Using a look-alike model (which would be considered descriptive), you can pinpoint individuals who display similar characteristics to your best donors or customers. This could be based on factors like giving capacity and demographic and lifestyle data. This can help you identify prospects, both within and outside your existing base, who resemble the donors from your chosen segment of ideal existing donors.

2. Screen Your Database to Maximize the Effectiveness of Your Outreach Efforts

Our solutions help you segment our those who have the greatest capacity and propensity to spend or give at your company or organization. This leads us to our second effective way to prospect: wealth screenings.

A wealth screening is the process of attributing wealth-related information to a list of your contacts. In doing so, you gain a greater understanding of their propensity and capacity to give or spend. So, when you append your list of customers or donors with traits related to wealth, you’ll be able to gain a greater sense of who to reach out to.

You can also do this by leveraging WE Analyze. Using Analyze, you can evaluate screening data on your existing customers and donors. This gives you a clearer picture of their distinct characteristics and traits. This will help you easily visualize who your loyal constituents are; help you learn more about them; and create a buyer or donor persona. This will help you identify prospects who would be likely to give to your organization.

In short: wealth screenings provide you with additional information about an individual’s wealth. So, besides gaining a greater understanding of a person’s income, you can also gain insights into their interests, real estate holdings, estimated giving capacity, and giving history. All of these traits give you a better impression of which prospects to pursue. This will further enable you to target the right people with the right ask at the right time.

3. Leverage Predictive Models to Gain Deeper Insights into what makes your audience tick.

Another incredibly beneficial way to prospect is by leveraging predictive models. These models can help you uncover top donors or customers just like your best. This will allow you to personalize your messaging ensuring your communications are resonating with your audience and increasing the effectiveness of your outreach.

Unlike descriptive models (models created using your existing data), predictive models are custom algorithms created by the WealthEngine data science team. With these unique, tailored algorithms, we can predict who is most likely to give or spend to your organization specifically.

So, let’s say (once you’ve used a descriptive model) that you find that your top donors or customers are men over the age of 50 who own two pets. That’s what your best constituents look like. After gaining these insights, you can use a predictive model to find constituents who best match this persona. This can come from within your database or within our prospecting database. So, you can gain greater insights about the interests of your audience and determine which net new prospects would be most likely to give or spend with you.

4. Segment Your Database to Improve your Sales and Marketing Efforts.

Our rich data provides what you need to confidently and effectively segment prospects and personalize outreach. So, once you’ve conducted a screening, you can divide your audience based on different attributes. This can be based on demographic traits or their propensity or capacity to give or spend.  So, by bucketing your donors based on their commonalities, you can figure out effective ways to engage them. In short, this will increase the efficiency of the department and streamline your processes. Additionally, it will help you build pipeline and close deals or gifts quicker.

The Best Way to Boost Your Prospecting Efforts?

Test drive WealthEngine to find your next best prospect! Discover their Propensity to Give (P2G), Estimated Giving Capacity, Connections, and more.

Take advantage of these simple solutions to drive sales or donations. Why continue doing the same things over and over expecting a different result? Instead, take this opportunity for a fresh start and a renewed approach to fundraising, sales, and marketing success.

Nonprofit Events: 5 Ways To Transform Event Participants into Donors

nonprofit events

Hosting fundraising events can be a great way to build support for your cause, identify new prospects, build a relationship with new donors, and build your base of support. Whether you work for a charity, hospital, university, theater or advocacy organization, now is the time for you to create a plan for how to transform your nonprofit event participants into donors.

Here are 5 steps to consider when planning your nonprofit event to find new event participants; identify fresh prospects; and maximize your relationship with existing event participants:

1. Promote your nonprofit event via social media to find new participants.

Don’t put on the same event for the same participants who are donating year after year. It’s important to find new constituents to invite to your events. So, by casting a wide net you will find prospects who are interested in your cause or activity and, with the proper follow through, they can be turned into donors.

Publicize your nonprofit event on Facebook, Twitter, LinkedIn, etc. Be sure to include a call to action with every post, either a way to request more information or to register directly on your website.

Have your loyal supporters and advocates publicize your event for you to ensure it is being viewed by as many eyes as possible. By asking existing event supporters and past participants to share the event via their own social networks, they are giving your nonprofit’s event a credible voice by publicly showing their support and also finding you new participants (and new potential donors!).

2. Build out your invitation list and find new high potential prospects to participate.

As you build out your event invitation list, consider ways to expand your universe to include more high potential prospects. Be sure to leverage board relationships, and consider tools that will inform you of who in your board’s circle of friends might participate, as you work to strategically develop this list.  Consider new avenues to pursue as you market the nonprofit event broadly, such as local interest groups and clubs.

Questions to ask yourself might include:

  • How do I find new constituents with high giving potential that might be interested in my event?
  • Which are the most capable prospects to invite to our nonprofit event?
  • Who do our board and other VIPs know that may respond to a personal invitation to our event and who should ask for their participation?

3. Screen event participants before and after your nonprofit event.

It is important to review your event participant list both before and after your event. This ensures that you know the financial capacity of participants and that no wealthy prospects slip through the cracks.

As you get to know your list inside and out and identify the participants with the highest giving potential, develop a plan for your high potential prospects. Consider inviting them to pre- or post- event VIP activities, such as breakfasts or post-event celebrations. If the idea of planning an event around your event is too much for you, consider sending invitations for meetings or “grabbing coffee” a week or two after the event itself. Personal follow through with each high–potential prospect is a must to create ongoing engagement and to understand the individuals’ motivations and interests.

4. Use metrics as you wrap up your nonprofit event for the year.

Applying analytics to your event list for both segmentation and tracking is crucial as you wrap up the event and before you move on to your next big challenge – the ask. Metrics to consider include:

  • Event Return on Investment (ROI)
  • Cost to Raise a Dollar (CRD)
  • Cost per person for event
  • # of gifts received from event
  • % of giving from event
  • Dollars contributed from event
  • Average event gift size
  • Event cost

Be sure to segment your nonprofit event list to determine who needs immediate follow-up, based on their wealth profile. The more active you are in your efforts to stay in touch, the easier it becomes to begin building a relationship with your donor.

5. Once you know enough, make the ask!

Before asking your prospect for a substantial gift, there are a few questions you want to be sure are already answered:

    • What is this donor’s interest or passion and where does it align with our mission?
    • Which project will they be most interested in funding?
    • What is the correct ask amount for this donor? This should be in harmony with the project or need you are seeking funding for. This should also be aligned with your donor’s capacity to give.
    • Who should be involved in the solicitation? The president or CEO? A board member? A friend or colleague?
    • Is this the right time to ask?
    • Who else may be involved in their decision to give? A spouse? Other family members? Financial or tax advisors?
    • How does s/he want to be recognized for a gift? Knowing their stewardship desires before asking for the gift ensures you handle any gift negotiations appropriately, and also that you accomplish post-giving appreciation and recognition in the most meaningful way for the donor(s).

Transform Your Development Program By Growing Individual Gifts

Uncover the most effective tools you can use to expand, strengthen, and track your organization’s individual giving program.

When you know the answers to these questions in advance, you will be making a solicitation that is hard to say no to.

Luxury Consumer Demographics: Mining Your Database to Lower Customer Acquisition Cost

luxury consumer demographics

Everyone is looking for new customers for luxury marketing. What you may not realize is that a great source of new business is your existing customer database. By understanding the demographics of your luxury consumers, you can identify effective ways to strengthen your existing customer base. Here’s how you can mine it to lower your customer acquisition cost.

Reduce Your Customer Acquisition Cost

The key to reducing your customer acquisition cost lies in how closely your past customers match your current target luxury marketing customer profile. The better the match, the more likely you’ll attract wealthy clients and have repeat customers. By evaluating luxury consumer demographics, you can gain a deeper understanding of your existing customers. Correctly mining your current customer list can provide an abundance of prospects for your latest products or services.

Certainly, it’s important to grow your business and increasing your number of net new customers. Yet, the first step in proper luxury marketing is to go back to your existing database, to cultivate and nurture your customer relationships.

Getting Past Customers to Buy

Not only is it less expensive for a business to retain past customers, it’s also more profitable. A Bain & Company study found that just a 5% increase in customer retention can increase a company’s profitability by 7%. Also, the average amount spent by a repeat customer was two-thirds more than a new customer.

According to a MarketingProfs.com article, getting your past customers to buy from you again can also result in more ongoing revenue. If you can convince your customer to make a second purchase, that customer is more than twice as likely to buy a third time. And that customer is more likely to buy even a fourth time! If you’re able to make even a small increase in your conversion rate for second-time purchases, you’ll see serious revenue growth.

So honing in with the right targeted marketing for your one-time buyers will increase the amount of second-time purchases. And once you’ve gotten them to make that second buy, it’s often only a matter of time before they make their next purchase. You’ll also reduce the customer acquisition cost.

Mining Your Luxury Marketing Database

Customers who happily made a purchase from you are more likely to buy again. The question is: what do these consumers look like? Do they have common traits that lead them to make a purchase? Of course, you can start with purchase data to help determine what else they may buy from you. But purchase history alone may not be a good indicator of future luxury purchases.

Say you bought something at a fashion retail store. You’ll be in that retailer’s customer database. They may have your email address. They may have your name. But they have no idea what your potential is to buy more in the future. These are just some examples of luxury consumer demographic information you can leverage to understand how best to reach your customers.

Previous spending is also a key component of luxury marketing, but it should not be the only data point you’re using. Not all existing high net worth customers will have the abilty or capacity to spend more with you. So, identifying those who do is essential to enhancing your revenue and driving a higher customer lifetime value.

Finding Repeat Luxury Marketing Customers

Luxury consumer demographic data beyond income or net worth will be valuable in determining your luxury marketing focus. Besides wealth, there are plenty of other data points to consider.

“We advise our customers to take their database and append it with our Wealth Engine information,” explains Bischoff. ”Appending means we match their records with ours. We have a database of 240 million individuals in the U.S., covering about 85% to 95% of the adult population. We match these individuals with our data and our system. Then we can add to the information that our clients have.”

One person may have a net worth of $5 million. Another person’s net worth is over $500 million. Plus there are up to 1,200 different data points on likes, affinities, donations, causes they support, etc. All this WealthEngine information is reported back to our clients. That allows them to start pinpointing their luxury marketing efforts toward people they already know. They already know to contact these people because a lot of them gave contact information in a prior buying session. That is the starting point.

Locate Your Best Luxury Marketing Prospects

Once you understand all of these things about your existing database, you can then start to make use of other resources. Those include AI, machine learning, and any kind of predictive modeling to score that database. By scoring, you can determine the best of the best luxury marketing prospects.

Should your database be segmented or categorized? Should you not market to the entire database, only two segments of it for certain products or services? The real trick is that score, which is a very unique feature of WealthEngine.

Getting specific about who you’ll be marketing to can make your work much more efficient. It is imperative for brands, both luxury and non-luxury, to prioritize and segment their customer base. Then they can identify who they should focus their time and budget on in their marketing campaigns.

Going Beyond Your Current Luxury Customer List

In addition to pulling your best repeat prospects from your own list, you can apply that modeling score to new prospects. The WealthEngine database is full of individuals with whom you have not had any previous interaction. Combining your data with WealthEngine data will model those potential luxury market buyers so that you can reduce your customer acquisition cost. Luxury marketing is not just about previous buying habits, but identifying others who are most like you past buyers. They are prospects who have the tendency to make purchases and have wealth to do so.

In that case, WealthEngine will give you the most “lookalikes” to your best customers. Those are people you know as your best customers based on how well they fit your target profile. Then, you will actually be marketing to the people who look most like those who already have some relationship with you. That will definitely reduce your customer acquisition cost.

Uncover the Best Ways to Appeal to Millennial Millionaires

Looking to target high net worth customers for your brand? Download our report partnered with Coldwell Banker, A Look at Millennial Wealth, to discover the best ways to engage wealthy millennials.

Comprehensive and informative data is a prerequisite to everything marketing today. It’s the foundation. You need to know demographic information on luxury consumers before you can customize your engagement strategies.

Software Industry Leader Edward Hughes Joins WealthEngine as President

The company prepares for rapid growth in 2020 and releases the next version of its flagship machine learning-based prospect intelligence platform – WE9.2.  

January 21, 2020 – Bethesda, MD – WealthEngine, the leading machine learning-based prospect intelligence platform, has appointed Edward Hughes as the company’s new President and member of its board of directors. Hughes will work with WealthEngine’s leadership team to expand deeper into existing markets and enter new ones. 

“We are excited to have an instrumental leader like Edward take on the role of our President as we enter our next phase of growth,” said PV Boccasam, CEO of WealthEngine. “Edward brings an amazing track record of successfully scaling multiple Software as a Service (SaaS) companies from the early stages of evolution to going public. His thoughtful and disciplined approach will play a critical role in growing WealthEngine while executing on our customer’s mission.” 

Prior to joining WealthEngine, Hughes spent 9 years as the Senior Vice President of Global Sales and Operations at Appian Corp. In this leadership capacity, he integrated strategic processes which enabled the company to boast well over $250M in sales and a $3B+ valuation. In his new role as President, Hughes intends to build and support WealthEngine in similar ways. 

“WealthEngine provides organizations with deep insights into their customers and donors, allowing them to know clients in highly-personalized, actionable ways”, said Hughes, WealthEngine’s newly appointed President.  “I am excited to work with the WealthEngine team and to drive growth as we deliver exceptional wealth intelligence to the for-profit and non-profit market.”   

About WealthEngine

WealthEngine empowers more than 3000 higher education, healthcare, advocacy, financial services, and high-end luxury brands to capture tens of billions of dollars of money-in-motion™. Fueled by our proprietary WealthSignal™, derived from a trillion data points, our customers measurably improve their campaign lift across fundraising, marketing, and digital engagement with their target audience.

Rooted in machine learning, our WealthEngine 9 cloud-based platform boasts an entirely new user experience to provide wealth, demographic and lifestyle indicators that come together to formulate powerful scores available via API in real-time. The company’s Engagement Science™ platform embeds predictive models, identifies and prioritizes segments, and activates digital audiences so customers know what motivates individuals to save, invest, spend, donate, or bequeath.

WealthEngine is an active participant in Pledge 1%, regularly giving back to the community it serves through time, product and donations. Based in Bethesda, Maryland, the company has offices throughout the US. Learn more at www.wealthengine.com.

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