Wealth Insights Archives

October 16, 2019October 16, 2019

Sample RFP to Find the Best Wealth Data Analytics Solution for Your Organization

There are many ways to write an RFP. In fact, it may seem like every organization would need its own type of Request for Proposal. However, when looking for a wealth data analytics provider, the most important factors remain common for most nonprofits, healthcare organizations, or higher education institutions.

With that in mind, we will reveal the top 3 tips for writing an effective RFP. One that will help you find a wealth data analytics solution that will best suit your needs. What’s more, We’ll even provide a detailed sample RFP for you to use. So before we get to the sample, let’s start with the basics.

What is an RFP?

An RFP or Request For Proposal is a document used by organizations that are seeking a vendor or partner. Generally, an organization issues an RFP document outlining the specifics of what they would like to accomplish through the vendor’s services.

An RFP is different from an RFQ. An RFQ or Request For Quote is focused more on the cost estimation of a particular project. It is better to use an RFQ where project requirements and terms are fairly standard. An RFP however, allows nonprofits to describe their needs and goals in detail.

Why should I write a Request for Proposal?

The alternative of not using an RFP is having an ambiguous discussion with each vendor that may not yield the results you are looking for. Moreover, there are three clear benefits from using an RFP to find a wealth data vendor:

Well Documented Requirements: Creating an RFP allows you to document all your requirements. This exercise helps you review your needs internally and ensures that you have a consensus on them.
Clear Expectations & Terms: When requirements are clearly documented, it is easy to set vendor expectations. They will know what they will need to fulfill from the get-go. Clear terms also enable you to arrive at a mutually satisfactory deal quickly.
Ease of Comparison: When you create a structured RFP for different vendors to fill out, comparing their offering becomes easier. Everyone enters responses to a set of standard questions enabling you to identify key differentiators between them.

Top 3 Tips for Writing an Effective RFP

When creating a Request for Proposal to find a wealth data analytics vendor, bearing these three things in mind will help you streamline your process.

Standardize Your Format: Creating a standard format for RFP allows you to repurpose it for several projects. Over time you can refine your template to ensure that it captures all the right information from you and the vendors you are evaluating.
Include Your Company Vision: Although this is an unconventional tip, it helps your vendors or partners understand your needs beyond the scope of a particular project. When they understand your larger organizational goals, it helps them think more strategically. Additionally, you can evaluate if their vision is in alignment with yours.
Be Specific: When looking for a wealth data analytics solution, your RFP should be as specific as possible. There are providers who are able to fulfill various functions such as deliver screening data, insights, and in some cases, even a CRM solution. But, wealth intelligence needs to provide you both breadth and depth of insights. In this regard, not all providers are created equal.

Bonus tip: We have done all the research and groundwork for you! Use our detailed sample template to ensure that you find the solution that answers all your questions.

Sample RFP

Follow these three steps to find your perfect wealth data analytics provider:

Step 1

Download our sample RFP template.

Step 2

Fill out the template based on your needs.

Step 3

Use the RFP as a filter to find the perfect solutions provider.

Download the Sample RFP Now–>

July 16, 2019July 16, 2019

3 Things to Keep In Mind While Reading a WealthEngine Profile

Even if you’ve gone through hundreds upon thousands of WealthEngine profiles, have you been able to pinpoint each profile’s 3 most important benefits? As you search and screen for customers and prospects, it’s incredibly important to understand the wealth profiles you’re looking at. Although you’re picking up on a consumer’s propensity and capacity to spend, there’s other essential information regarding the profiles that will better inform your understanding of them. Let’s explore the 3 things you should keep in mind when reading a WealthEngine profile.

1. Our ratings and scores are conservative estimations

Since our data is statistically derived, the ratings and scores displayed for individuals appear understated. For example, if you were to lookup an individual’s net worth or investable asset scores, our proprietary algorithms would configure ranges for those numbers. This gives you a fuller picture of each individual.

The ranges we arrive at, based on the data we compile, is correct 95% of the time. It’s important to keep this in mind as you’re reading a WealthEngine profile.

2. Focus on high-quality match data in a profile

Every rating, score, and datapoint displayed on a profile has a high, medium, or low quality of match score. When you’re reading a WealthEngine profile, you want to hone in on the high-quality match data. This data (indicated by an ‘H’ next to it) is data we have high confidence in. It’s representative of information that is as close to being fully and completely correct as possible. This type of quality of match data is especially important if you need to do a quick summary of a lead to glean specific information about them.

If you integrate match data that isn’t high-quality, you may not be communicating with leads who are as likely to convert. But, by identifying the high quality of match data, and using this information to tailor your outreach, you’re far more likely to increase your ROI and conversions.

3. Make sure you look at up-to-date data in our profiles

When it comes to compiling information on your customers and prospects, you want to make sure that you are looking at data that’s most relevant. That means, if you’re looking to forge a connection with a customer now, you’ll want to sift through data that gives you a holistic view of where they stand currently.

It’s imperative to look at current data especially if you’re looking for someone’s business address. We keep historical data to give you a solid overview of an individual’s wealth over time. All the information we gather is date stamped, so it’s important to make sure that you’re looking at the data that’s up-to-date.

Check Out Profiles On the New WealthEngine9 Platform

WealthEngine9 or WE9, our newest release, is transforming the commercial prospecting landscape. Explore how our Engagement Science™ speeds up the way you screen, analyze, find insights, and predict outcomes through modeling.

January 29, 2019February 15, 2019

The 2019 U.S. Millionaire Report at a Glance

WealthEngine, as the leader in wealth intelligence in the United States, specializes in helping you identify, understand, and connect with wealthy individuals. Our WealthEngine Research Lab has updated our now highly anticipated 2019 U.S. Millionaire Report to give you the most up-to-date insights on millionaires throughout the country.

Currently, 12.7% of the United States’ adult population is made up of millionaires. As wealth continues to grow and the number of millionaires climbs across generations worldwide, the population is being divided into segments of High Net Worth Individuals (HNWI) and Ultra High Net Worth Individuals (UHNWI). The rise of these subpopulations presents marketers and fundraisers with both an opportunity and a challenge to understand and engage with these promising prospects.

With the growth and diversification of the millionaire population, changes in the millionaires’ behavior mean that marketers & fundraisers must tailor their marketing, sales, and development efforts to the wants, needs, and values of their target audience. The personalization of communication and products allows marketers and fundraisers to connect and forge long-lasting relationships with their existing and prospective donors.

Artificial Intelligence and Machine Learning are also revolutionizing the way each industry appeals to their consumers, individually. AI can help you identify patterns and actionable insights among customers, donors, and prospects. These insights can be used to build predictive models that not only identify your next best prospect, but also predict or even influence behavior. With this evolving technology that is constantly being refined, you have the ability to reach consumers in a for more personalized, and focused way. You are able to understand their ways of being and provide them with what they need, exactly.

The data presented in the 2019 U.S. Millionaire Report highlights the tremendous value and opportunities that can be gained from uncovering the millionaires you are already engaged with and discovering the millionaires you want to be engaged with.

Download your copy today to gain more insights.

January 23, 2019April 16, 2019

How to Calculate Donor Lifetime Value to Predict Future Donations

Knowing donor lifetime value for each of your contacts can make your nonprofit fundraising efforts go much faster. You can use it to forecast the future giving of your constituents. Here’s how to calculate donor lifetime value, which can help you determine which donors to nurture more closely.

What is Donor Lifetime Value?

Donor Lifetime Value is an estimate of how much you can expect a particular donor to contribute to your organization over their lifetime.

There are many factors that go into calculating what this number should be. Not only should you take into account a donor’s wealth indicators but you should also look at their propensity to give to related causes.

One WealthEngine client found that by simply asking a specific 1% segment of their donors to contribute just $100 more in a year, they would generate over $200,000 in additional funds. In five years, this would generate more than $1 million in new funding from “underperforming” donors.

The beauty of creating such a model is that it can pinpoint exactly who to target and what your ask amount should be.

Creating a Donor Lifetime Value Model

The donor lifetime value wealth model takes into account the giving history to your organization, donation frequency, contributions to similar organizations, and other factors.

WealthEngine’s deep insights into donation habits start with financial data about a donor to determine their giving capacity. The model then uses philanthropic, demographic and lifestyle data as part of the data set to predict how much a donor is likely to give.

Aside from these factors, our data science team uses our proprietary database, which has profiles on over 250 million Americans, to calculate the donor lifetime value.

These insights can help you estimate the churn risk and future giving behavior of your existing donor base. Armed with this information, you can maximize fundraising ROI across the donor’s lifetime instead of focusing only on your next campaign.

How WealthEngine Predicts Future Donations

WealthEngine’s methodology uses machine learning techniques to determine donor lifetime value.

We start with randomized partitions of known giving history. Some segments of this data are used for calibrating the model and others are used to validate it. We also evaluate various types of predictors using the data sets our clients provide.
Then, we apply machine learning algorithms that iterate and learn from each round of data analysis.
Once the model is created, we cross-validate it to view the model performance. This gives an overall confidence level in the donor lifetime value model.

Using a Donor Lifetime Value Model

Using these machine learning techniques, WealthEngine helps nonprofits determine very useful insights like:

Churn likelihood: probability that the customer will not donate anymore after their last donation
Next gift amount: expected amount of the donor’s next donation
Future gift count: expected number of donations within a 20-year period
Future gift total: expected dollar value of donations within a 20-year period
Total Donor Lifetime Value: Past plus expected future donation amounts

Equally important, the donor lifetime value model can help you identify the high-value donors at risk, including those with:

Moderate-to-high churn likelihood
High expected next gift amount or future gift total

When you know these valuable insights, you can identify approaches to increase the number and amount of gifts from your donors. You will know the potential for donor fatigue that occurs due to frequent contribution requests. This can generate higher conversions while saving your marketing investments.

Calculating Donor Lifetime Value for Your Nonprofit

WealthEngine offers multiple donor lifetime value modeling options. In addition to custom models, our popular 4-pack of pre-built models can shine a light on specific major gifts, planned giving and other opportunities within your existing base of donors.

Learn more about how to calculate and apply donor lifetime value to accelerate fundraising for your nonprofit. Take a minute to fill the form on the right and a WealthEngine rep will contact you very soon.

January 22, 2018

Elegant and Simple: 5 Benefits of Integrating Wealth Data into Your Processes

WealthEngine solutions provide rich wealth and lifestyle insights to help you understand your current donors or customers and prospects better. Our rich data can help you personalize your outreach and improve your sales, marketing, and fundraising efficiency.

Here are 5 benefits of integrating our wealth and lifestyle insights into your everyday processes.

Help your entire department understand your existing customers or donors better. Wouldn’t it be nice to better understand your audience at a glance with a 360 degree view of their wealth, lifestyle, demographics, and contact information?
Maximize the effectiveness of your outreach efforts by targeting the right people with the right products or asks. Our solutions help you segment our those who have the greatest capacity and propensity to spend or give at your company or organization.
See deeper insights into what makes your audience tick. This will allow you to personalize your messaging ensuring your communications are resonating with the audience and increasing the effectiveness of your outreach.
Leverage reporting and tracking metrics for a more accurate and complete review of your efforts. This will satisfy leadership and help identify a significant increase in ROI.
Create wide spread buy-in into the effectiveness of using wealth intelligence to improve your sales, marketing, or fundraising efforts. Our rich data provides what you need to confidently and effectively segment prospects and personalize outreach. This will increase the efficiency of the department and streamline your processes to help you build pipeline and close deals or gifts quicker.

Take advantage of these simple solutions to drive sales or donations in 2018. Why continue doing the same things over and over expecting a different result? Instead, take this opportunity for a fresh start and a renewed approach to fundraising, sales, and marketing success. Contact us today to learn more.

November 20, 2017

Who are the Forbes 400 Billionaires?

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?”

November 8, 2017

Who are the NFL Fans? We’ll tell you.

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.

October 10, 2017

6 Ways to Maximize Your Holiday Marketing

As summer comes to a close, the holiday season is fast approaching! What is your brand doing to prepare for the holiday rush? Consumers will be ready to spend. What data are you using to segment your customer base and supercharge your marketing efforts? Do you know the customers or prospects that can afford the products you sell?

Below are some helpful tips from WealthEngine for marketers to execute a flawless holiday season marketing campaign:

Start you holiday marketing early to raise awareness ahead of the holiday season. This way when customers are ready to purchase, your brand is top of mind!
Segment your audiences using wealth and lifestyle intelligence to ensure the appropriate message goes to the right consumer.
Create multi-channel marketing campaigns (email, snail mail, banner ads, etc.) that have continuous impressions to achieve maximum results.
It’s never too late to put together an effective marketing campaign. Using relevant data to inform your decision making will supercharge your efforts. Don’t be afraid to get other departments in your company psyched about the holiday push and let them know how they can help you best.
While considering new market trends, always review what worked well last holiday season and plan to replicate your previous successes. How can you optimize what already works using new data?
Finally, don’t be afraid to be bold and take chances. The holiday season can be a frantic rush of consumer decisions and the brands that stand out will win the consumer’s attention.

For more information and help preparing for your Holiday season, contact WealthEngine today.

July 31, 2017

What to Do Now to Maximize Holiday Spending This Year

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.

July 17, 2017

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.

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