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


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.

Top 3 Missed Opportunities to Utilize Wealth Screening for Advancement


When preparing for a campaign, colleges and university advancement teams have a large number of prospects available to them including alumni, the parents of incoming students, etc. Conducting a wealth screening provides you with data and insights on these prospects that can, and should, be used in your campaign planning. All of this data, however, can become overwhelming and underutilized, resulting in missed opportunities.

Join WealthEngine and Heller Consulting on Tuesday, July 18th at 2:00PM ET for our webinar Top 3 Missed Opportunities to Utilize Wealth Screening for Advancement. We’ll discuss strategies you may not have thought of that can only benefit you and your campaign including:

  • Using your wealth screening to its fullest potential
  • Proper campaign planning so you get started on the right track
  • Ensuring your screening information is integrated into your CRM/DMS
  • How you can quickly take action to maximize opportunities
  • And more!

Register now for Top 3 Missed Opportunities to Utilize Wealth Screening for Advancement.

A Nonprofit’s Guide to Running a Successful Data Engagement: Work Backwards


Part three of this 6-part series is written by Mark Daigle and Eric White, members of the WealthEngine Professional Services Consulting team.

We previously discussed the importance of having a successful data engagement and the value of having the right people in the room. Now we’ll discuss how you can work backward in order to develop a timeline.

Developing a realistic timeline is one aspect for having a successful data engagement. Know the end from the beginning. Work backwards from the close date of your campaign to determine key deadlines. Why are you conducting this analysis using data? Is the launch of a capital campaign approaching? Do you need greater efficiency in your mailing efforts? Or do you simply want insight into your donor’s capacity? Being clear on goals and objectives of your project is critical to realistic project timelines.

Once you know your campaign end date and begin creating your timeline consider any seasonality in your organization’s giving patterns. Include major holidays or scheduled leave for critical staff (ie. parental leave, etc.). These foreseeable interruptions must be accounted for.

Begin identifying key project milestones and where they fall in the project timeline. Milestones include a project kickoff meeting, pulling and preparing the data to send to your vendor, a quality control check by your vendor on data submitted, the completion of data screening and analysis by your vendor, holding a final project presentation meeting, and finally, ingesting the new data back into your CRM. Decide on fixed, but conservative, deadlines for all of the deliverables and milestones identified. 

Below is an example of a sample project timeline detailing key milestones:

1. Contract Signed September 1st
2. Introductory Contact Completed (3 business days) September 7th
3. Data Recieved from Client (4 weeks from contract signing) September 30th
4.  Screening Completed (3 weeks from data recieved) October 21st
5. Modeling Completed November 11th – 30th
6.  Onsight Completed December 14th
7.  Follow Up Call &Strategy Report January 15th
8.  Launch of Campaign February

Establishing an agreed upon timeline built backwards from a fixed campaign start date will help ensure the project is not derailed when (please note we did not say if) bumps in the road emerge. As we discussed last time, it’s important for all of the key stakeholders to agree to the timeline and the key deadlines. In our next blog, we will discuss the project hiccups that will inevitably occur, and how to handle them so they do not cause you to veer too far from your set timeline. 

A Nonprofit’s Guide to Running a Successful Data Engagement: Get the Right People on the Bus


Part two of this 6-part series is written by Mark Daigle and Eric White, members of the WealthEngine Professional Services Consulting team.

In our previous post we discussed how using evidence-based metrics can improve your fundraising efforts. The first part in our blog series about setting up a successful data engagement covers getting the right people involved.

Who are the people that need to be on board from the very beginning? Make sure to include executive leadership, development leadership, and the IT or database administrators. Everyone plays key roles at various points in the engagement. Having buy-in from everyone from the beginning is key. It will also help managing expectations. Key stakeholders should fully understand the scope, milestones, and expectations of the project. This will pay dividends later.

Executive leadership needs to take a 30,000-foot view about what is necessary to make this process a success. They will be responsible for strategic oversight. It is important that the key decision maker supports the project and they understand the scope in terms of timeline and expectations.  Cross-departmental cooperation is critical, and executives who understand the need for continued communication will help keep the entire team on task.

Development leadership will help frame the purpose of a data engagement. They provide tactical decision making. Typically, the development or advancement team will be the end-user of the data to move fundraising efforts forward. Clarifying the specific goals of the project ensures that the right data and variables are included in the data file. For instance, a university might be trying to increase donations from their alumni. It would be beneficial to know things like when did they graduate, what majors did they study, and what (if any) extracurricular activities did they participate in? These elements may provide meaningful insight.

Involve your IT department in your data project, since they may be responsible for pulling files. Pulling a file from your CRM can often be a longer process than people expect. For example, you may have to merge information that comes from separate databases. The specific variables involved in your project may necessitate a special custom data pull. Your IT professional may have to perform some database cleanup prior to pulling data. The data managers often are the source for a data dictionary that will explain custom client attributes in the file. 

Every engagement is unique. The roles described above are performed by the same person or by many individuals. It is important to have all three roles on the bus as you kick off your data engagement project.

Join us for our next post which focuses on working backward to establish key deadlines.

A Nonprofit’s Guide to Running a Successful Data Engagement


Part one of this 6-part series is written by Mark Daigle and Eric White, members of the WealthEngine Professional Services Consulting team.

You know that using evidence-based metrics is the key to improving all aspects of your fundraising efforts. You recognize data is useful and can be used in decision making. But do you know what to do with the data you have? Or do you know exactly what data you have and if it’s useful?

If the answer to these questions are “no”, don’t worry. You’re not alone, and you’re not helpless. Engaging with a strategic third-party vendor can give the additional lift you need to help your fundraising take off.

Once you’ve vetted and selected the data provider of your choice and are preparing to begin your engagement with them, there are some key pieces to consider to maximize the effectiveness your project. We have compiled five areas that we suggest you and your team start thinking about as you prepare to embark on your project. For your data partner to properly execute and meet key deadlines, you should be prepared to discuss the following areas with them.

Over the upcoming weeks, we’ll dive into more detail on the topics below and lay out the process of setting up a successful data engagement step-by-step. In the meantime, here’s an outline of what’s to come:

Get the Right People on the Bus
Who are the people that need to be on board from the very beginning? Make sure to include executive leadership, development leadership, and the IT or database administrators. Everyone plays key roles at various points in the engagement. Having buy in from everyone from the beginning is key and it will also help with managing expectations. Key stakeholders should fully understand the scope, milestones, and expectations of the project. It will pay dividends later.

Work Backwards
Work backwards from the close date of your campaign to determine key deadlines. When are you going to conduct the A/B testing of your mailing campaign? When is the silent phase of the capital campaign scheduled to close? What is the deadline for submitting finalized collateral to the mail house?

The preparation, screening, and analysis of data sets takes time. Even the most straightforward data project sometimes lasts weeks or months so working backwards from fixed deadlines will ensure a successful outcome and help alleviate undue stress towards the end. 

Expect Hiccups
It is inevitable that you will experience a few bumps along the way. Suppose you have diligently entered birth dates onto your CRM or DMS records. You’ve exported them into an Excel file to share with your vendor, but your vendor calls to say that some dates appear as 1/1/1900! Your colleague that manages the database is on leave. What are you going to do? How are you going to fix this without having to push back your deadlines? Things like this happen sometimes, so be prepared. Ask your vendor. They can help.

Get Your Hands Dirty
Commit to being comfortable with the unknown. We learn more effectively by doing. Your data vendor is not asking you to be a statistician, but you may be asked some questions and be tasked with some responsibilities that will require you to be willing to stretch your mind. Do yourself a favor and don’t shy away from rolling your sleeves up and getting your hands dirty. You will become a better fundraiser for it.    

Enjoy the Ride
Fundraising brings with it a whole host of anxieties. Some of the old ways of operating are going to feel the safest, but they may not work. Embracing an analytical approach to fundraising can be scary, but it’s also a lot of fun. Data-driven fundraising empowers organizations to make more effective decisions that will drive their mission forward. There is nothing like the thrill of finding your OWN real life “millionaire next door.” They’re out there and you can find them by taking the right approach.

Working with a data vendor does not have to be daunting. Focusing on these five areas can help you have a successful data engagement and build a relationship with your vendor that will be beneficial for years to come.

In our next post we will dive deeper into who the right people are and the value of getting them in the room.

Collecting Social Data


Social data comes from various outlets.  It’s not just your online presence; it is in-person meetings, networking events, phone calls and even gossip. You capture all of these points in your database, building detailed profiles. With all of these social data points in your database, it can be hard to know what to do with them.  However, nonprofits have a major opportunity to use social data to asses a prospect’s life and passions. 

Your development team should use this information with the aim of connecting your organization’s work to what a donor cares about – if you reach out with a pertinent campaign, a prospect is much more likely to give when they are personally and passionately aligned with your mission.

Timing is everything

Without social data, knowing when the right time to reach out is can be a challenge. Social data provides cues, allowing you to make a more informed decision on when it’s the right time to reach out.

Through your social connections, you can have an inside track on a donor or prospect’s life: job changes, births, graduations and more. These are great times to reach out and make a personal connection with your donors. On the other hand, social data can let you know when it’s not the right time to reach out, helping you avoid any uncomfortable situations that could dissuade a prospect. Overall, social data delivers excellent background information to build a connection into a relationship.

Be social with your social data

Your development team won’t be the only ones to benefit from social data. The web team, social media team, management, human resources, etc. can all use social data to be more successful. Aside from identifying donors passionate about your mission, your whole organization can use this data to not only improve their work, but to foster a culture of philanthropy. If your nonprofit is hosting a large gala event, wouldn’t it be nice to arm your executives with pertinent data about the key attendees? This ensures they effectively use their time for cultivating these relationships. Once the event wraps, be sure to debrief with the executives. It’s an opportunity to gather more social data to add to your database. When your whole team works together on your social data, it’s a win for your organization!

Social data can be key in targeting specific segments of your database. Register for our webinar Leveraging Social Media & Events to Engage Millennials to learn how to better engage millennials through social media and events. 

The Final Four of Wealthy Individuals


Depending on who you ask, it’s quite possibly one of the best times of the year – the NCAA basketball tournament. In the spirit of the competition we decided to take a look at the wealthy individuals in the city each university in the Final Four is located. Specifically, we looked at the number of men and women with a net worth greater than $1MM. How did the cities stack up? Take a look at the infographic below.

Try our free trial of WE Prospect to see how your team’s city compares to the Final Four.

The Data-Driven Annual Fund Part 1: The Building Blocks


Annual funds are as different and varied as the organizations that run them. From the large-scale direct marketing solicitation of tens of thousands of prospects to the targeted email blast to a few hundred regular donors, annual giving remains the backbone of a comprehensive fundraising strategy and, in many cases, forms the solid base of the fundraising donor pyramid.

Because of the many differences and variations we developed The Data-Driven Annual Fund, a workbook that focuses on data understanding and use; strategies for segmentation, solicitation and stewardship of donors and prospects; and measuring and analyzing fundraising ROI and other key metrics.

Part 1: The Building Blocks focuses on building a strong base for the annual fund and setting the protocols that will drive the entire process. Specific topics include conducting a data audit, data hygiene and segmentation, and developing an annual fund plan.

Download The Data-Driven Annual Fund Part 1: The Building Blocks for information and resources on building a strong base for your organization’s annual fund.

The Evolution of Persona-Based Marketing


At the risk of dating myself, we’re going to take a trip down memory lane today. Let’s jump in the way-back machine and look at the business application journey since the 1990s. It’s interesting to see the evolution of business applications that companies have used over the years to run their business. When looking at accounting, bookkeeping, marketing, contact management, customer service, or any other functional software, there was one thing in common: everything was siloed.

Eventually this practice was looked at and the realization was made that we can conduct business more effectively if these systems talked to each other. Low and behold, along came the concept of integrating everything. Companies started looking at how they can manage their CRM platforms and integrating it into their ERP/Accounting systems to have a better view of leads through purchase. Great idea, but it was a tedious and costly process.

The cloud revolution started in the CRM and ERP/Accounting spaces in the early 2000s. Salesforce and NetSuite were innovators in this space and started putting CRM and Accounting data online, giving you access to this data anywhere. Of course, there were many nay-sayers that didn’t like that “crazy idea” of putting all financial transactions out there for all to see and to grab.

In my view, NetSuite was truly the mother ship of business transactions in the cloud, as they took on the hardest task and functionality to build – accounting. Like they always said, accounting is sticky, and if I own the core transaction with an invoice, everything else around the core ERP is just an additional add-on. While many people thought that NetSuite was just a Cloud ERP system, most don’t realize that it actually started by capturing a lead from a web form and tracking that lead/contact all the way through to the transaction. Offering an end-to-end solution was a revolutionary concept at the time. My friend Rob Israch, CMO at Tipalti and former NetSuite CMO, helped take the concept of tracking marketing impact to another level. In many ways, this was the birth of marketing technology (MarTech) and marketing automation.

So, the background information above is important to note because many MarTech apps and platforms came to life through this evolution. Great marketing automation organizations, such as Marketo, took the concept of tracking and managing a lead at the front end and following it through the entire buyer journey, to the next level.

Yet, have you ever wondered what the common denominator is between all these systems? You guessed it…DATA!!

If business applications are the engines that power companies, data is the fuel that runs these engines. The hot trend now in the MarTech space is Account Based Marketing (ABM). This concept simply focuses on the best accounts to target and market to. However, we always get the same questions – within those accounts, who are the people that I am actually marketing to? What do I know about them? What messages will resonate with them and help continue them along their buyer’s journey?

This is where the next evolution is, and something I like to call Persona Based Marketing, or PBM. Wouldn’t it be nice to know a little more about the person I am about to engage with in a multimillion dollar transaction?

Well, I’m here to tell you that you can, and we have the same common denominator again – data. At WealthEngine, we are here to help you learn more about individuals to help you better find, engage, and understand your prospects. Personalize your marketing and enhance your ABM journey through some Persona Based Marketing today.

Until next time!

Today’s thought is a guest post from our very own Omar Sary. Omar is our Vice President of Business Development. He’s also our resident evangelist on all things marketing automation. To reach out to Omar, contact him at

America’s Wealthiest Singles 2017


In honor of Valentine’s Day we analyzed the wealthiest bachelors and bachelorettes in the country. Take a look at the infographic below to see where these singles live, what they’re interested in, how charitable they are, how many properties they own, and more.

Curious how we found and analyzed this list? We started by creating a list in WE Prospect of single men and women in the US with a net worth greater than $5MM. Then we used WE Analyze, our predictive lead scoring and analysis platform, to visually see the composition of the singles. The best part? We got all of this information within minutes.

Want to see it yourself? Contact us for a demo.