Donor Research Profile Template for Smart Prospecting

donor research profile template

A donor research profile template can help you capture the most important giving capacity and propensity indicators of your target audience. Here’s what you should collect during your donor prospect research.

Donor Research Profile Template

A donor research profile template contains details that allow you to create an outreach strategy for your donor prospect. Be sure to add these sections in your template – or better yet, use a wealth prospecting tool that manages all of this information for you.

General Contact Details

General contact details for your donor research profile include your prospect’s name, primary address, age, gender, and phone/email. It is important to know their primary address for your outreach efforts. Don’t confuse it with a vacation home that they visit only a few times a year.

Family Information

Gathering family information as part of your donor prospect research is important because they influence your prospect’s decision. You can also research family members for connections to your organization.

For example, if your donor prospect’s spouse has given to a particular cause, you may be able to influence your prospect by making a meaningful connection to that cause.

Professional and Social Affiliations

In donor research, identifying your prospect’s affiliations, both professional and social, gives you tremendous insight into what they find important. As with family connections, you may find connections with their affiliations, too.

If your prospect is on the board of an organization that shares similar goals to yours, they may be more open to your messaging. Using wealth screening tools, such as WealthEngine, you can find and cultivate meaningful relationships with potential donors and their circles of influence.

Interests

An important part of your donor research profile template is a section on interests. Your prospect may have the capacity to donate to your organization, but not the inclination. If there is no history of related activities or expressions of interest in something related to your cause, it can mean that the donor prospect isn’t the best fit for you to pursue.

Real Estate and Stock Holdings

A very strong indicator of wealth capacity is personal property. One of the most predominant markers is the number and value of their real estate holdings. Wealthy people often have expensive homes and have vacation residences.

If they own a large amount of stock in a public company, they may be required to disclose when they sell. In your donor prospect research, keep tabs on this information so you know when they have a surge in cash.

Luxury Items

While not all wealthy people buy luxury items, many of them do. If they own expensive jewelry, a boat, a jet or even a jet contract, it suggests that they likely have a large amount of disposable income.

Giving History

Past giving is a strong indication of future giving. Your donor research profile template should have a detailed section that outlines your donor prospect’s prior giving history. This includes which organizations they have given to and the amounts.

Giving Capacity

It’s one thing if a donor wants to contribute to your cause. It’s an entirely different thing if they have the capacity to go beyond everyday giving of smaller amounts.

You may be wasting your precious marketing dollars to generate $100 or $1000 from a donor who could contribute $50,000.

Instead, do smart prospecting. When you use wealth screening tools, like WealthEngine, that include numerous data points on your donor prospects, you will know who warrants a more personalized outreach effort.

Donor Prospect Research

Gather all of the information for your donor research profile template can be very time consuming. WealthEngine can provide you with all of this information instantly so your donor prospecting process becomes much more efficient.

Additionally, you can tag the donor prospects you want to monitor. This helps you stay on top of any changes that may affect your nurturing efforts.

Another key factor that many prospect researchers overlook is how to use the data in your donor research profile template to extrapolate a model to find “look alike” donors who are not yet on your radar.

Smart Prospecting

WealthEngine’s modeling tools can create a profile of your best donor and scan it against 250 million records to find your next best major donors.

This saves you time and money and hones in on the exact audience that will enable you to achieve your donation goals.

Schedule a demo of WealthEngine today →

Find Your Next Best Prospect with WealthEngine

New-Prospects@4x.png

Did you know you could be taking advantage of WealthEngine beyond richly layered profile searches, and fast-paced wealth screenings? With WE Prospect, you find your next best prospects who are highly likely to engage with your cause or brand.

WealthEngine is the industry’s most trusted, API-accessible, cloud-secure platform for Wealth Intelligence. Our solutions enable fundraisers and marketers to drive highly private, high precision, campaigns that deliver high impact at lower acquisition costs.

Ready to learn more? Watch the video below for a quick overview.

WE Prospect empowers you to:

IDENTIFY

The marketplace is growing exponentially and yet is becoming more fragmented. In this scenario, both fundraisers and marketers can end up wasting time and resources targeting the entire market. For nonprofits, using our wealth and lifestyle insights helps identify prospects who are not only capable of giving but are also likely to give due to past giving or an affinity for the cause.

Similarly, our actionable insights can help marketers identify prospects who are not only able to afford their products and services but also have an interest in them. WE Prospect has over 250 attributes that can be used for identification of a company’s next best prospect.

TARGET

With personalization becoming the cornerstone of marketing, wealth data can empower marketers and fundraisers to segment and prioritize their prospects. This data, when combined with lifestyle attributes and affinities, boosts the ability of companies to align their messaging with the passions and interests of their prospects.

Prioritization powered by these refined attributes can help create a target segment allowing you to optimize your time and resources. Campaigns that target these segments consequently see higher conversion rates and thereby lower acquisition costs. 

INTEGRATE

WE Prospect presents billions of data points as one easy to use interface. As a marketer or fundraiser, you can access the interface either through the WealthEngine platform or through one of our many integration partners such as Salesforce, Ellucian, and other CRM/DMS systems.

WealthEngine makes it convenient to integrate our wealth and lifestyle insights directly into your campaigns, the 250+ different attributes available in WE Prospect can elevate personalization and deliver messaging that is highly tailored and impactful.

EXPAND

Prospects who have the qualities and characteristics of your top customers and donors could be excellent leads. They can help expand your market reach quickly and efficiently.

As development or marketing teams, you can use WE Prospect to build a list of prospects that mirror the qualities of existing best customer and donors. Important characteristics such as age, gender, marital status, religion, the number or value of the properties they own, charitable causes they support, luxury vehicles they drive, investor type, etc. can all be refined using the platform.

PROTECT

The data that is filtered through WE Prospect is highly private and secure. You can use the platform to build a list that is customized to your fundraising or marketing needs. Lists and results from prospecting are securely stored on our SOC 2, Type II certified WealthCloud in the results section and can only be accessed by your organization or whoever you might have authorized. Results will not be available to other clients or accessible by unauthorized parties.

To learn more about how you can leverage WE Prospect, tune in to our webinar on August 2nd at 2pm ET.

Register Today!

Prospect Research Produces Positive ROI

Prospect-Research-Blog-Post.png

Prospect research creates a foundation for all fundraising programs.  An active prospect research program produces a pipeline of qualified prospects and donors.  These qualified prospects and donors are the most likely to give or increase their current giving. As a prospect researcher taking full advantage of metrics cannot be emphasized enough. Using data can save you both time and money.

Beyond the money

Yes, money provides the measurement of ROI.  Dollar returns are the bottom line, but there is more to the picture that fundraisers need to evaluate.  Consider your donors’ quantity and amount, new donors, gift increases and the percentage of prospects becoming donors.  These numbers give you new insight to where your efforts are leading and how you can better focus your time. 

Is it worth it?

Without a doubt.  Prospect research not only helps you build and target a qualified donor pipeline but it allows you to focus your efforts, time and money on qualified prospects and donors.  Instead of wasting time and resources on people who are not going to give, you can focus on the ones who will.  Driving your costs – research, staff, time – down and bringing your revenues up.  Prospect research will drive a higher rate of return.

Date Acquisition Rate Cost to Raise a Dollar
Fall 2014 (pre-screening) 0.8% $1.18
Spring 2015 (pre-screening) 0.65% $1.51
Fall 2015 (first use of screening) 1.5% $0.80
Spring 2016 0.8% $1.05
Fall 2016 0.9% $0.50

Example: Direct Mail Acquisition Campaign

Prospect research can aid all fundraising operations – regardless of size and type.  If you are trying to raise money, you should have a comprehensive prospect research plan.  Prospect research enables organizations to raise more money, more effectively.

So, I should use Prospect Research to maximize my ROI?

Yes.  Prospect research influences multiple projects.  When managing your qualified leads, your prospect research can be segmented for each project.  The research is done once but allows you to direct it to multiple sources, like annual giving, planned giving and major gifts.  This research will lower your costs, drive your revenue and increase your ROI.

When calculating your ROI, prospect research will be considered an expense.  This will allow your organization to take a meaningful look at the impact the research is having on your pipeline and revenue.  You may worry that the additional expense will reflect negatively on your ROI.  Actually, the opposite is true.  With a substantial prospect research program in place, you will find that prospect research will increase your organizations effectiveness and fundraising efforts, generating positive results.

Want to learn more?

Download Measuring Fundraising Return on Investment and the Impact of Wealth Intelligence for sample worksheets for calculating fundraising ROI and more information on how to maximize your effectiveness and ROI.

Create Your Own Affinity Score

Score-Blog-Images.png

In the fundraising world affinity scores are often discussed. And with good reason. We all know that a wealthy constituent is just that – a constituent. When you have a wealthy constituent who is also engaged with, or has an affinity for, your organization; then you have a prospect.

So what is an affinity, or engagement, score? And how do I get one?

Affinity can be measured.  Assuming you have a donor management system or database, and that you have, over the years and with some degree of consistency, collected data on your constituents and prospects, you can use the data points you’ve been tracking to quantify affinity.

Constituent behavior is the key to quantifying affinity.  Does your constituent attend events at your organization? Volunteer?  Contribute? Contribute with frequency?  If the answers are “yes,” you’ve got yourself a prospect!  But what if you have 10,000 or 100,000 constituents in your database? It’s not as easy to identify those who are true prospects from among all those who aren’t. That’s where a scoring model comes in handy. 

Score your constituents rather than evaluating them individually

Rather than looking at each of your constituents individually for their behaviors that provide clues to their affinity for your charity, wouldn’t it be nice to have a formula against which you could score your entire file?  That’s exactly what a scoring model does. 

There are a number of ways to develop a formula, or model, to score your constituents. One approach combines analytic and qualitative approaches and be done by any person or group within your organization. An Analytic and Collaborative Method for Developing Affinity Ratings provides steps and guidance for developing your affinity ratings.

Another approach is us to develop a unique and statistically rigorous scoring model through predictive modeling. If you have the resources on staff, this can be done in-house, but for many it is more cost-effective and efficient to work with a vendor or consulting partner to develop one.

Regardless of your approach for developing your scoring model you will find it an invaluable aid in prioritizing prospects and developing meaningful segmentations for personalized appeals and communications. Measure the effectiveness of applying different strategies to move prospects along the continuum of affinity for your organization.

Why Do Donors Give? Eight Ways to Communicate the Right Messages to Your Donors

Donor-Giving.png

As the end of the year approaches and the giving season ramps up, donors find themselves giving more to their favorite charities. As Giving USA reports, charitable giving continues to rise, in part because of growth in several key economic factors, including: personal consumption, personal income, disposable personal income, GDP, and corporate pre-tax profits.

This information can help your organization better target your prospects as the year comes to an end. Proactively identifying and understanding the prospects in your organization’s constituent file can help you craft the right message for all of your prospects. Look for those who have given gifts of appreciated stock in the past, those who have donated larger gifts, those with higher salaries, or those with a higher net worth. If you don’t know who in your file meets these criterion, WealthEngine offers tools and services to let you easily sift through and identify your prospects.

Once you’ve identified the donors in your database who may be ready to give, think about what motivates them. Donors are moved to give by more than just extra income and tax incentives. Donors give to:

  1. Causes that align with their philanthropic goals
    Make sure your communications make clear who you are and outlines your mission.

  2. Causes whose stories resonate with them in a personal and emotional way
    Stories of people impacted by your nonprofit or first-hand witnesses to your nonprofit’s impact are winners.

  3. Organizations they respect and trust
    There are several sites that rate charities. If you have their seal of approval, display it. Testimonials from well-known members in your community also inspire trust.

  4. People they respect and trust
    Make sure your board members, and high level staff, are listed prominently on your website and other communications.

  5. Organizations they believe are having a high impact and are effective in addressing their mission
    Make sure you quantify, to the fullest extent possible, the impact you are having in your field of endeavor.

  6. Organizations that ask for gifts to further their mission
    Make sure to ask for gifts for a mission that the donor wants to give to; mission, not overhead!

  7. Charities that make giving easy by providing multiple ways to give and who send messages via multiple channels
    Make giving as easy as possible, with fewer “clicks,” and streamlined response vehicles.

  8. Charities that make donors feel appreciated and glad they contributed
    Stewardship may be the most important factor of all.  Don’t let any of your donors lapse because you didn’t thank them.  Appreciation is essential.

If your nonprofit is looking to maximize year-end giving, it’s not too late to craft messages that resonate with your supporters and prospects. Target those whose incomes have likely risen due to economic growth, and appeal to both their emotional and rational selves.

For more on data-driven campaigns, download our workbook: Data-Driven Major Gift Campaigns Workbook.

Five Ways to Use Data and Analytics to Increase Your Relevancy and Add Value to Your Fundraising

Use_Data_Blog.gif

With the explosion of using data and analytics in nonprofit environments, it’s no surprise that more effective methods of identifying and segmenting donors and prospects are emerging.  With the use of analytics and the appropriate sourcing of relevant and accurate data, nonprofits can know more than ever before about their donors and other constituents, and can more accurately target passionate supporters for acquisition.

Here are five ways your organization can benefit from the explosion of big data and analytics:

  1. Statistical Profiling
    Cluster analysis or statistical profiling, combined with data appends or screening services, allow nonprofits to develop accurate profiles of their best donors, and determine what characteristics they share. Understand detailed information, such as affluence, real estate profiles, age ranges, and more. Knowing these essential characteristics of your best donors allows you to message them in a more personal and targeted way, developing deeper and more meaningful relationships, and enhancing donor loyalty among this important group.
     
  2. Finding Look-Alikes
    Knowing the profile of your best donors does not end with enhancing your relationship with them. It can also help you to identify additional supporters, who look very much like your best supporters, but haven’t yet donated to your cause. These may be mined directly out of the depths of your database. Identify the specific profiles of these individuals and find who else in your database that matches that profile. By identifying this group of under-givers and/or never-givers, you can share specific messages that have resonated solidly with your best donors, and have the confidence that they will respond likewise.
     
  3. Attribute Appends
    Lifestyle attributes can further enhance your understanding of your constituency. If you haven’t yet discovered the power of appending interests in such categories as politics, the environment, pets, the arts or healthcare, you may be missing an excellent opportunity. Data providers are now able to append donor and prospect files with literally thousands of lifestyle attributes to enable you to segment your prospects by their interests, and message them in unique ways to stir their emotions.
     
  4. Prospect List Development
    If your nonprofit, like so many, needs to find new prospects, your data profile and lifestyle attributes can help. It is now possible to develop very targeted and specific prospect lists that match the characteristics of your current donors. Do you need to find prospects in the Los Angeles area who are environmentally aware, have pets and are avid cyclists? Perhaps you need to find those who are politically conservative, live in the Midwest and own multiple properties? Whatever your needs, consider the many and varied sources of data that can help you build a unique prospecting list that will match your needs exactly.
     
  5. Gift Analysis
    Now that you have the data you need to understand the passions and interests of your donors, make sure you are targeting them for an appropriate “ask.” The days of asking each prospect for the same “average” gift amount are over. Analytics allows you to quickly analyze the average gift size for those in each net worth or giving capacity strata, and target your new prospects to give at the rate at which their peers or look-a-likes are contributing. You will see your average gift amount soar.

With the prevalence and availability of data of all kinds, and the accessibility of analytics, whether done in-house or outsourced, there are no more excuses for a one-size fits all solicitation strategy.  Data can help you become more relevant, more authentic, more personal, and more successful.

Are you using data and analytics in your fundraising? Share your experiences in the comments below.

Meet the New WE Search

blog-meet-new-we-search.png

Understanding the power and insights around the data WealthEngine uses to create our WealthGraph, consisting of 250 million individuals throughout the Nation, might be complex; however, it’s valuable to our clients.

Core to the products WealthEngine builds is our WealthGraph, comprised of: multiple data points, wealth analytics and social connections on individuals. This is what makes our platform unique.

WE Prospect, driven by the WealthGraph, enables users to build and construct custom queries of multiple attributes containing geographic, wealth, and interest data. Users are able to drill down and create a specific list based on their own defined parameters allowing greater precision.

Bottom line…It’s the full package.

We realize our customers want this same ability to target specific searches on individuals they know. Similar to finding and targeting a list of new individuals, our users need a more robust way to search within our platform.

This is what inspired us to provide a nationwide search empowering our users to uncover more, ascertain more, and most importantly, improve their experience.

So, that’s just what we did.

We took the power of WE Prospect and added it to Search.

What does this mean?

Users can now query based on:

  • Nationwide search – It’s no longer necessary to enter a city and/or state.
  • Additional geographic filters – Including radius and metropolitan area search.
  • Last name search – Ability to search just based on last name without a first name.

The part that makes our revised Search so powerful is the updates we’ve made to the backend technology enabling a user to conduct a nationwide query by last name in an average of a few seconds. It’s the same technology that powers WE Prospect allowing a user to get a list of California Democrats with a Net Worth of over $1 Million and an interest in skiing.

We’ve gone a step further to improve workflows for our customers, making it easier for them to find the correct profile and access the detailed data more quickly with:

  • Improved search results ordering – To bubble the best results to the top
  • One-click access to Research Details – Directly from search results

We’re excited about these enhancements to Search. Take a spin through our latest improvements to Search, we’d love to hear your feedback.

New to WealthEngine and want to see our new Search in action? Request a Demo.

As Director, Product Management, Elizabeth Schiffmann is responsible for working closely with our product development team while managing a portfolio of WealthEngine’s key products. With Elizabeth’s prior experience as Director of Customer Care at WealthEngine she understands our client’s needs and cares about the success of our clients. She brings experience from multiple roles within fundraising, customer support, marketing and product. This experience combined with her understanding of WE’s products enables her to help guide product and development decisions. And her work with Children’s National Health System and as a board member for Montgomery County Partners for Animal Well-Being (MCPAW) means that Elizabeth has a genuine understanding of the needs of non-profits. She’s a team player, but when she’s not working with the product development team on product improvements and requirements, Elizabeth enjoys challenging opponents on the tennis court with a wicked forehand.