WealthEngine is Much More Than an iWave Alternative

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

What is WealthEngine?

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

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

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

More than Just an iWave Alternative

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

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

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

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

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

More Data Sources Leading to Comprehensive Wealth Intelligence

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

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

Pre-Built Profiles Saving Your Team Valuable Time

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

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

What does this mean for you?

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

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

More Predictive Wealth Scores

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

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

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

Superior Relationship Mapping via Inner Circle

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

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

Benefit of API for Real-Time Screening

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

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

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

WealthEngine Offers More CRM & DMS Integrations than iWave

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

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

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

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

Data Security Makes WealthEngine a More Secure iWave Alternative

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

Choose WealthEngine to Personalize Your Wealth-Aware Campaigns

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

iWave Alternative

 

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.

Redefining “Luxury Brand” for Your Luxury Marketing Strategy

Why do consumers consider one brand to be a “luxury” brand and another brand not? Exclusivity? Performance? Quality? Innovation? Heritage? For the most part, those all have been defining characteristics of a luxury brand, and they still are. However, there’s been a shakeup underway. The traits that carry the most weight with consumers in today’s luxury market have changed.

“The definition of ‘luxury’ is undergoing a paradigm shift in the consumer market,” said marketing expert Pamela Danziger. Unity Marketing and Luxury Daily recently surveyed over 600 luxury retailers and marketers. They found that the definition of luxury is the “number one disrupter of the luxury business.”

What does this mean for a luxury marketing strategy? If you know how consumers think of luxury and what drives their purchases, it can help you determine the best strategy to attract wealthy clients. You can also reduce the cost of acquisition.

Quality Is Now the Top Characteristic That Defines a Luxury Brand

Ask any Apple buyer how well they like their Mac or iPhone. They’ll undoubtedly tell you they believe Apple products are far superior to any competitor. It doesn’t even matter if competitive products offer better features. Apple may got its start by launching a unique computer product to compete against Microsoft. But Apple’s following has grown far beyond disgruntled PC users. There may be a certain “status” to owning an Apple product. However, the company built its brand on a reputation of quality and performance.

Now consumers are defining luxury differently. Just a few years ago, quality took over as the leading characteristic of luxury. Data from a recent major report confirms that quality, not exclusivity, is now the key definer of luxury for consumers globally. According to Albatross Global Solutions and Numberly’s fourth annual “The Journey of a Luxury Consumer” report, 85% of luxury consumers say quality is the most important characteristic.

“What separates true luxury from the idea of luxury is quality,” says Javier Calvar, chief operating officer at market research firm Albatross Global Solutions.

Younger Consumers Are Playing a Bigger Role in the Luxury Market

A change in the demographics of today’s luxury consumer is behind the shift in what defines luxury. Traditionally, the luxury market has been made up of older consumers, many with inherited wealth. Baby boomers and those older still make up 60% of the total global luxury market. But the other 40% is made up of Generation X and millennials. So younger consumers are representing an increasingly significant portion of the luxury business.

Younger people, with newfound wealth, are not only moving into the luxury market, they’re redefining it.

“When money goes into the hands of people that didn’t have much of it before, the relationship those individuals have with luxury brands is very different from those who have been exposed to luxury brands for a long time,” said Calvar. “A really large percentage of our top-end product customers are between the age of 30 and 50. It’s no longer a retirement plan to buy yourself a yacht to enjoy in your golden years. ”

Millennials in particular are a luxury marketing segment growing in importance and wealth. They see exclusivity as less important. Instead, they prefer to “belong,” and have little interest in something that separates them from their peers.

Connecting with the New Luxury Market Consumer

How can you connect with this new luxury market customer? Identify the specifics of your target customer’s profile. Once you know about their likes, dislikes, and best methods of contact, you can build a more effective luxury marketing strategy.

So it’s more than demographic data, it’s about understanding your customer’s mindset, whether your luxury customer is 35 or 65. Appealing to a baby boomer is different than connecting with a millennial, though both may have interest in the same product. Knowing the buying motivations of each allows you to tailor your message to that niche segment.

“Quality always will be essential to luxury, said Lyle Maltz, a director with Kantar Vermeer, WPP’s global marketing consultancy. “But now emotional value and a strong, personalized relationship with consumers are of great importance in luxury marketing.”

Today’s luxury marketing is “highly personalized marketing. It has a very specific and defined message that resonates with an individual’s affinities, interest, and wealth capacity,” agrees WealthEngine’s Patrick Bischoff, president of the Commercial Markets Group at WealthEngine. You need to build that one-on-one relationship with your customer to make them feel they are being treated as an individual.

Following a Customer-Driven Luxury Marketing Strategy

The new luxury market consumer will define what makes a brand a luxury brand, not the other way around. Today it’s less about marketers and more about consumers. That can make it more challenging for luxury marketing strategy, as the definition of “luxury brand” continues to shift. Still, to truly prosper in the luxury arena, luxury marketers will need to follow the lead of their target luxury consumer.

“The change in how consumers define luxury and the new path to purchase is dramatically redefining the marketing strategy,” said an unnamed marketing industry insider in a Forbes article. “Luxury brands must be very agile and innovative in order to gain the favors of the new luxury consumer.”

Giorgio Armani is a brand known globally for its high-end designer men’s clothing. It began by targeting the ultra high-end professionals who desired a high quality product. Since then, Armani has gradually expanded its brand scope with products aimed at broader customer segments. Armani launched a line of jeans in the U.S. market for fashion seeking, price-sensitive youths in urban metro areas. It’s an example of a luxury brand creating sub-brands to capitalize on and cater to a different customer segment.

As stated in a WARC article, “The traditional luxury model has been challenged further with the rise of digital platforms, social mobility, the emergence of ‘affordable luxury,’ and the particular preferences of millennial shoppers.”

With more younger luxury buyers who grew up in a digital world, you must also change your luxury marketing strategy. Part of building a luxury brand involves communicating with customers in the way they prefer. Years ago, that may have been print ads, direct mail, or TV commercials. Today it’s more likely to include special videos, social media, apps, and other digital means that provide a “total customer experience.”

A Tale of Two Marketing Timelines – Infographic

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To set yourself apart from your competitors, it’s important to personalize your marketing through both online and offline channels. WealthEngine provides you with powerful wealth data in real-time, giving you the ability to customize the buying experience for your customers when they are actively engaging with your company and build the most effective omni-channel marketing program possible.

Take a look at the infographic below to see a timeline of what your marketing process might look like using WealthEngine vs. what the process looks like when you’re left marketing in the dark.

Contact us today to add this essential component to your real-time marketing toolkit to avoid missing opportunities.

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Conversations with Leaders in Luxury

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WealthEngine’s President and CEO, Mark Logan, recently participated in Conversations with Leaders in Luxury Led by Chris Olshan, CEO of The Luxury Marketing Council. Mark discussed everything from how he got his start in business, to WealthEngine’s presence in the luxury space, and even what he enjoys doing outside of work (did you know he’s an avid hockey player and fan?)

Take a look for yourself to learn more about:

  • SaaS products
  • WealthEngine’s presence in the luxury space and how we help organizations
  • Big data
  • What differentiates WealthEngine from others
  • Our work with nonprofits
  • Trends in luxury
  • And more

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.

The Ultimate Guide to B2C Lead Scoring Programs

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Is lead scoring part of your marketing strategy? If not, you are missing out on revenue opportunities. Sixty-eight percent of successful marketers state that lead scoring is most responsible for improving revenue contribution.

If you’re a B2C company you may think lead scoring is only for B2B,  but this is a misconception. While there are some differences, lead scoring works for B2C as well.

Our new eBook The Ultimate Guide to B2C Lead Scoring Programs discusses the three main objectives we hear from B2C companies and dives deeper into steps you can take to set up a successful B2C lead scoring program.

This eBook covers:

  • Creating the need for a lead scoring program
  • Driving the right approach to prioritizing your prospects
  • Using the right data as the foundation of your model
  • Implementing your model to set yourself up for success
  • Driving adoption amongst key stakeholders

Download The Ultimate Guide to B2C Lead Scoring Programs to learn how to better prioritize your customers and prospects, and become more data-driven in your marketing and sales efforts.

Marketing Analytics Conference Recap

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This week, we attended the Marketing Analytics Conference, hosted by the DMA. The event was 2 days packed with great thought leadership and real-life examples how organizations are using analytics as the base for successful strategies. It also provided a setting for executives across many industries to learn from each other and share best practices.

We were very excited to not only participate but also to lead some of the discussion. Our SVP of Product Management, John Funge, led an outstanding a panel on “The Promise of Personalization – Two Approaches in Conversation”. John was joined on stage by Abby Lee, VP, Marketing & Media Strategies, at Re/Max and Justin Boggs, Senior Director, Marketing Analytics at Sephora. They discussed a wide variety of topics about how they address personalization, from the basics such as how they define it to more specific methods they are using to customize their conversations to customers and prospects. It was a fascinating look at two different industries and their challenges of using data to enable better 1-to-1 marketing.

Personalization was just one of the many great themes at the event. The agenda was jam-packed with topics such as data-driven processes and technology, how to reach buyers, developing a data-driven culture, AI, attribution, automation, and more. Like most of the participants at the event, we came away from the session with a ton of ideas to implement in our own businesses when we get back to the office.

After plenty of discussions about marketing analytics and how it is integral for success in the industry, it’s more clear that in order to succeed, you need a good foundation of the right data. That’s where we come in. We can help your organization enhance your own internal 1st party data with more information about the people you already know and supplement that with additional prospects who you don’t. Without the right data, it’s impossible to implement any analytics to drive success. You wouldn’t jump straight to building your house without first pouring the foundation. Likewise, one shouldn’t start trying to implement a sophisticated data-driven program without ensuring you have the right data in place.

If you want to learn about all the ways we can help you with personalization and segmentation, take a look at our products and services here. When you’re ready, contact us for a free demo anytime.

Marketing Analytics in Action: Join WE at the Marketing Analytics Conference

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Marketing has become increasingly sophisticated over the years. From real-time personalization to dynamic messaging, marketers can do some powerful things to segment their audience and engage with them on a 1-to-1 basis with relevant content. While there are many routes to marketing success, all of these tactics have one thing in common – data. Comprehensive and informative data is a prerequisite to everything marketing today. It’s the foundation that needs to be laid down before you can build the house. After all, you need to know something about an individual before you can customize your engagement strategies.

As a data and analytics company, we’re fully bought into this mindset. We know the powerful things that our data can do to help drive successful sales and marketing strategies. And we love talking about it with colleagues, customers, prospects, and anyone else who is interested! Which is why we’re excited to attend this year’s Marketing Analytics Conference by the DMA on June 5-6 in Austin, TX. Here’s a brief synopsis of the event straight from the company’s website: 

The Marketing Analytics Conference brings together the most brilliant minds at the front lines of marketing and data science to share strategies for building out, managing and drawing the most value from your marketing analytics practice. Navigating today’s multitude of channels, touch points, and data sources requires that marketing executives and data scientists collaborate to turn insights into intuitive customer interactions.  Attendees will leave MAC 2017 with specific tactics for enhancing their marketing analytics strategy and the connections needed to continue building out their practice in the years to come.

We’re excited to be participating with industry leaders to discuss the ways we can drive more revenue and better engagement using our data. We’re also excited to contribute to the discussion by presenting. Our SVP of Product Management, John Funge, is leading a panel on Personalization. John will be joined on stage by Abby Lee, VP, Marketing & Media Strategies, at Re/Max and Justin Boggs, Senior Director, Marketing Analytics at Sephora as they discuss how they address personalization from different perspectives and what they have learned along the way. It’s going to be a great session.

If you’re planning to be in Austin at the DMA MAC next Monday, make sure you keep an eye out for us. John speaks at 1:20 pm and is gearing up for a successful session. We’ll also be ready to demonstrate WealthEngine with anyone who stops by our table. If you can’t make it, don’t worry. You can follow us on social as we’ll be frequently updating the event.

Check back on the blog next week for a recap of the event. In the meantime, if you want to learn about all the ways we can help you with personalization and segmentation, take a look at our products and services here.