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!

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

 

 

 

Luxury Car Company Earns $1M from Single Event Through Modeling

WealthEngine’s client is a top global, luxury car maker. The company realized that they had to move away from one-to-many communications to a one-to-one approach. Their research had shown that 59% of luxury consumers agreed that personalization is key to gaining their business. The automaker decided that data was going to drive their personalization efforts

The company exclusively used WealthEngine while creating their RADE program. RADE is its regional driving experience campaign. It started as an invite-only event targeted to High Networth Individuals (HNWIs). A select list of HNWIs was invited to an exclusive event where they could drive top-end models around a race track.

Before the event, there were 300-400 members on the company’s RADE wait-list. 100 people attended the event which saw an unprecedented 5% conversion rate. 5 of the 100 people purchased a top-end model worth $200,000+ after the event.

Encouraged by the success of the event, the automaker was interested in creating more RADE events. They leveraged demographic, lifestyle, and interest data from WealthEngine to build personas. These personas were meant to match the type of buyer who was highly likely to convert at the RADE event. Their personas combined with (Engage)WE helped them accomplish the following:

By finding a persona and building a look-alike model around it, the company was able to refine its target list for RADE invites. Further, they leveraged WE Prospect to find other look-alikes who were highly likely to exhibit the same behavior as past buyers. These efforts guaranteed them not only higher conversions at RADE events but also lowered acquisition costs. Their every first event resulted in $1 M in sales, giving them the confidence to predict future earnings. Data, therefore, gave them the ability to forecast sales with precision.

WealthEngine Customers: Get a Free Modeling Sample of Your Data. Get it now.

Customer Segmentation Data Mining to get Customer Insights

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No two customers are the same. Even though customer segmentation is not a new concept, the need for it has reached new heights. This is because the market place is becoming more diverse. Customer segmentation data mining helps you address customers in a way that resonates with them.

Segmentation is the first step towards personalization. Additionally, creating segments based on the likelihood of engagement helps you prioritize your marketing.  Personalization is important but can prove expensive and difficult to scale.

Customer segmentation data mining can help you personalize your marketing in a cost-effective way. Effective data mining needs a powerful platform.

Here’s our three-step guide to customer segmentation data mining

Step 1: Start with Big Data

Having a great platform is not enough.  You need to start with high-quality data as it can generate great insights.

Data is everywhere. In fact, Big Data management is still considered a challenge.  All data is not equal. It is important to gather high-quality data to feed your analysis. To this end, screening your database can add great value. Screening can take basic information about your customers (such as names and email addresses) and helps you fill in the gaps. The process can append other relevant information about them.

For instance, WE Screen takes our proprietary wealth scores and ratings and merges them with your contact data. Further, you can know more about your contacts’ interests, political affiliations, net worth, and their capacity to spend. Combining these data points with wealth ratings can be powerful. Wealth ratings ultimately help you rank customers in order of priority.

For example, let’s say you are a luxury travel company that curates bespoke experiences. You can screen your database to understand your customers beyond their age, name, and email. Screening gives you a holistic picture including ownership of vacation homes, boats, private jets, etc. All this information can help you refine their experience.

However, it is important to note that data is not an end in itself. It is a means to get actionable insights. This brings us to the next step of Customer segmentation data mining.

Step 2: Conduct Data Mining for Customer Segmentation

The high-quality data you acquired from screening should go into the right analytics platform. A powerful platform can deliver actionable insights by mining your data.

Data mining for customer segmentation helps you see what makes your customers unique. Further, you can understand the composition of your audiences in detail. These insights can also help you determine your messaging.

As an example, WE Analyze is a powerful analytical platform. The solution lets you enter hundreds of attributes that the engine uses for data mining.  Further, WE Analyze can identify what traits your customers have in common.

For your luxury travel company, the analysis could reveal usable insights. You could find out that all customers with a Lifetime Value (LTV) of over $250,000 have five traits in common. They are all between the ages of 40 and 55 and have either two or three children. They have leased from the same brand of car over the past eight years or more and they have vacation homes in Florida.

Knowing all this means that your marketing can be highly personalized.

Step 3: Automate Customer Segmentation through Data Modeling

Modeling can further refine data mining for customer segmentation. If you have a specific marketing question, a model finds you an answer that is backed by data.

Let’s say you are trying to find more luxury travelers to market your services to. This prospecting exercise can become highly precise when you use data models.

You could take the important traits identified by your analytics platform and enter them into a model. The model will examine your database and segment it for you. Let’s say are trying to find top luxury travel customers out of a database of 100,000. The model will automatically segment them into 10 equal groups. The first group will contain your top 10% of customers.

How does this work? In the data mining or analysis stage, you found the most important common traits found among your customers. The model uses these traits to find more prospects that are just like your best customers.

WealthEngine’s modeling suite goes beyond pre-set models for luxury industries. Each model is custom built for your business. This means you don’t stop at what works well in your industry. You actually find out what works best for you.

Thus, the third step of customer segmentation data mining creates refined segments for you. Refined segmentation acts as a foundation for personalization. Data mining also removes manual effort in segmentation, making it cost-effective and scalable.

Learn More

Learn more about how you can use power up your customer segmentation through powerful data mining and modeling solutions. Model your data now.

Further Reading

Why You Need a Concierge Marketing Strategy

Using Big Data and Fundraising Data Analytics for Marketing

 

 

 

 

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

Over the past few years, marketing has experienced a shift. As businesses moved into digital channels, and with the emergence of social media platforms, they were given the opportunity to communicate with customers on an individual level. Although personalized marketing has allowed businesses to understand their customers individually, how ethical is it for businesses to use affinity data to learn more about their consumers?

Momentum always follows money and motivation. In 2017, over $15B had been invested in AI-focused startups. As of this year, that amount has been surpassed and is forecasted to be over $58B by 2021. Industry analysts believe AI-enabled businesses will create over $2.1T worth of business value and generate over 2.3M new jobs while eliminating 1.8M existing jobs. Technology has always been the core of our economic growth, where disruption and business value are constantly created and recreated in a virtuous cycle.

Creating business value is defined by new revenue, new markets, new customer experiences, and cost reductions. Although the needs of the consumer are the main focus, their personal values seem to fade into the back as companies digitally transform. How do we unlock business value that also serves the beliefs of the greater good? Creating this balance can be challenging.

AI-enabled experience economies, for example, face this challenge. However, these technologies come with self-learning techniques, so they are able to seamlessly gather and sift through information on individuals and their interests. Although this data provides businesses with the ability to understand and persuade consumers on a personal level, without human judgment and intervention things can go awry. We will need a moral and ethical playbook for the practice of personalization.

Data is our frenemy. It’s our fuel. It’s also the basis of the Information Age.

Consider Facebook, Google, and WhatsApp’s business models. We don’t value them simply because they’re free. We value them because they adapt to our needs and values. These platforms allow us to connect with our external environment by adapting to our behaviors, and subsequently suggesting where we should go, who we should meet, and what we should do all day, every day.. It is free because businesses realize, in the long run, that having and subsequently monetizing your data is much more valuable than having you pay for their services.

Although these platforms make daily life easier, we are collectively subsidizing our personal data for access to free browsers, searches, ratings, and reviews. Digital social platforms, in some cases, have been able to manipulate this data to influence our way of thinking and being instead of serving us what we have consented to. This helps businesses understand your values and provide you with items that may be of high value to you. Data, in that sense, helps businesses and users cut through the digital noise, and provides us with an experience that feels more gratifying and focused. Instead of having to enter our information constantly, or searching for related items, we are given recommendations that are just a click away.

Well, Data is still your frenemy. But, so is Personalization.

So that begs a few questions: Where are our ethical boundaries in our data usage? What are the gray areas? Who gets to store, share, secure, and govern our data? Who decides? It is our responsibility to be vigilant and to remain aware of how and where our data is being used.

Ethics isn’t a pile of red tape that we have to maneuver around in order to forge connections. Ethics is the system upon which our businesses and technological systems should be designed-in.

In the conquest for privacy, personalization takes a hit.

In the quest for personalization, individual freedoms take a hit.

So what does ethical marketing look like? That will be the focus of our series on ethical marketing and personalization. Why? Because it’s personal.

After Giving Tuesday Has Come and Gone

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Giving Tuesday (or your Local Giving Day) has come and gone. While your “heavy lifting” is done and you’ve raised some money, what can you do to leverage these efforts? 

WealthEngine can help. WE have put together a great resource to help you in the wake of Giving Tuesday.

Download our free tip sheet, After Giving Tuesday Checklist, and get started on maximizing your year end fundraising efforts. 

Who are the Forbes 400 Billionaires?

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Of course they’re all wealthy but what else separates these billionaires from everyone else? 

We took a look at the top billionaires in the country to see what their interests are, how many properties they have, who they donate to, and what their demographics look like. We also analyzed how these billionaires differ by age. How do the youngest stack up against the oldest? What makes each age group tick?

Continue reading “Who are the Forbes 400 Billionaires?”

Who are the NFL Fans? We’ll tell you.

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Football season is in full swing, and teams are in competition yet again on the road to Minneapolis on February 4th. There’s volumes of data on the players, but what about the fans?

We’ve analyzed the 32 towns to see who drives what car, who owns a business and where the millionaires are. Do wealthy towns have winning teams? Check our stats below to see how your team and town stack up.

How does WealthEngine do this? With great data and cutting edge analytics. We can find football fans, car enthusiasts, millionaires and spenders. We do it every day for our over 3,000 customers. To learn how WealthEngine can help your company, request to be contacted here.

Predictive Lead Scoring and Analytics – It’s Easier Than You Think.

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The statement ‘predictive lead scoring and analytics made easy’ seems counterintuitive. How can lead scoring and analytics be easy? If it was easy wouldn’t everyone be doing it?

According to a marketing effectiveness study by The Lenskold and Pedowitz Groups, 68% of successful marketers cite lead scoring as most responsible for improving revenue contribution. Additionally, the Pareto Principle says that about 80% of your sales comes from the top 20% of your customers. These statistics should give you pause.

Think about it. What if you could find new prospects that look like your best customers and discover new opportunities among people you already know? Simply put, wouldn’t you want to find prospects that have the same characteristics as those in the top 20% of your customers? Having these actionable insights can dramatically impact your sales and marketing strategies, resulting in increased revenue. This is empowering and valuable information.

Let’s take it a step further with an example:

A luxury retail organization is developing a strategy for their holiday marketing campaign. Specifically, they are planning to host an instore event and want to ensure they are inviting the right people so that they get the most out of the dollars spent. They also want the event to be enticing so both customers and prospects attend.

The organization analyzed their top customers residing within a 30 mile radius of the store location to develop a customer profile. Surprise! These customers have an affinity for equestrian and tend to drive a Lexus. Just those two data points alone influence their marketing plan. What about partnering on the event with Lexus or an equestrian-focused organization? Additionally, the retailer can now identify prospects who fit this customer profile and have the same interests, increasing the likelihood that they will be interested in attending the event.

Going forward, the organization can now score new prospects and customers to determine how to market to them going forward.

Bonus – this information was identified in minutes and doesn’t require a data scientist. How’s that for actionable?

Insights at your fingertips. Increased efficiency and productivity. Find out more now in our on demand webinar Predictive Lead Scoring & Analytics Made Easy.

What to Do Now to Maximize Holiday Spending This Year

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The current retail landscape presents many challenges that can be difficult to manage including decreased customer growth, little transaction growth, growing competition, shifts in spending, and unfavorable demographics. With a rapidly approaching holiday season and only 114 days until Black Friday it can be daunting trying to develop a successful strategy to overcome these challenges.

It’s no surprise that using data and analytics can dramatically impact your revenue, but analytics can only go so far if your data is vague or incomplete. Having complete, rich customer profiles will provide a stronger foundation for your analytics, and thus a stronger foundation for your marketing and sales strategy.

How can you enrich your customer data? Conduct a wealth screening to gain transformational insight into customers and prospects. A screening appends data to your customer database so you can better segment your database and determine who to prioritize in your marketing and sales efforts. This insight is helpful to not only identify your best customers, but to uncover those individuals who may show potential for additional business. You may be missing out on potential opportunities because you don’t know who has the capacity to spend more.

A wealth screening supplies you with wealth, income, lifestyle, and affinity information on individuals. This includes net worth, income, assets, real estate, stock holding, charitable contributions and other financial related data as well as business and personal contact information. Having this information allows you to prioritize who you focus on to maximize revenue.

A screening also lets you determine what marketing messages should be sent to each customer and prospect segment. In regards to gearing up your campaigns for the holiday shopping season, certain segments of your consumer database will have the ability to spend more than others. These individuals should receive offerings for higher cost items, while those who don’t have the capacity to spend as much should be shown lower cost items or a promo code to use to be able to purchase a more expensive item.  

The insights you can gain from a wealth screening are undeniable. By better understanding your customers and prospects the analytics and data you use to inform your decision-making will be more valuable and more impactful.

Contact us to learn more about how you can use these insights to not only identify your wealthiest customers, but to uncover those with the capacity to spend more.

Maximize Revenue with a Complete Picture of your Customers’ Capacity to Spend

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Luxury brands face tough competition to capture and retain high net worth customers. They are now facing competition from non-luxury brands, who have been gaining traction, and wallet share, among HNW individuals. In 2016, Nike was ranked the most valuable apparel brand in the world, overtaking Louis Vuitton, and Kia, a non-luxury vehicle, came out on top in J.D. Power’s quality car survey.

Luxury brand or not, the competition is fierce to both attract and keep the attention of HNW customers. Their business can make a huge impact on your business. A Bain & Company study found that a 5% increase in customer retention can increase a company’s profitability by 7% and that the average amount spent by a repeat customer was two-thirds more than a new customer.

Because of the current landscape, it is imperative for brands, both luxury and non-luxury, to prioritize and segment their customer base and identify who they should focus their time and budget on in their marketing campaigns. One approach is to use transactional history, however, spend history does not equate to spend ability, so you need to be more granular.

Previous spending is a key component, but it should not be the only data point you’re using. Instead, focus your efforts on identifying the low spend, high net worth customers among your current database. Think about it – a customer may have purchased something for $100 when they actually have the capacity to buy something that’s $1,000. Use this information to personalize your sales and marketing outreach and present higher cost items.

Remember, not all existing customers have the capacity or ability to spend more with you. Identifying those that do are critical to enhancing revenue and driving a higher customer lifetime value.

Contact us for more information on analyzing your customer base and identifying those with the capacity and net worth to spend more.