How to Personalize Engagement: 10 Key Takeaways From WE Prosper Summit 2019

The power of personalized engagement is undeniable. WealthEngine’s WE Prosper Summit 2019 brought together industry experts. They discussed the importance of personalization across industries. Speakers explored how data, AI/ML, and other technology drive tailored outreach and positive social impact.

Experts at the WE Prosper Summit 2019 spoke from their varied perspectives. From those talks, we found that the following key principles exist across industries:

Personalized Engagement can Deliver Exponential ROI

1.  Personalized Engagement is more than just a trending topic.

The WE Prosper Summit confirmed that personalization is more than just a buzzword. Speakers confirmed that it is at the epicenter of all successful fundraising and marketing.

For fundraisers, personalization could be the difference between receiving $50 from a donor or $50,000. For marketers, it enables them to stay informed on customer life stages. So, this means you can predict purchases and keep customers, thereby increasing LTV.

Missed WE Prosper Summit? Catch the full recap now and learn more about The Power of Personalized Engagement.

2. There is a fine line between personalized and creepy.

When you completely rely on technology to drive personalization, you may end up crossing a fine line. Stalking, profiling, and chatbots aren’t effective methods in learning more about your clients. In short, organizations need to find a way to make communication feel personal without losing sight of scalability.

This leads us to our next set of takeaways…

Technology Needs to be Balanced with the Human Touch

3. Data and AI are making huge strides in both the nonprofit world and in marketing.

AI is always exploring the frontier of what is possible. It is a great tool to test and refine your personalized engagement strategy. So, when data is combined with machine learning, it can predict behavior. This can help you be proactive in your outreach.

4. The value of the human touch cannot be undervalued.

It’s important to not be overly-reliant on technology when you’re personalizing your outreach. There are several cases where technology has been used as a substitute for a personal touch. Your donors and customers want to be engaged in authentic ways. They must sense transparency and relevancy in your communications with them. So, you can achieve this by balancing scalability with the human touch.

5. Your data strategy cannot just be to collect lots of it.

Basically, volume does not equal value.

Mathematician, Clive Humby has said that “Data is like oil…”

So, you have to refine data and process it correctly for it to be valuable. Moreover, data collection and insights must add value to your overall business strategy.

6. Combine your data with data from other sources to personalize engagement.

Your data is unique to you but you can increase it’s value to supplementing it with information from other sources. For instance, WealthEngine customers have access to wealth, demographic, lifestyle, and affinity data. These help them gain a more holistic view of their contacts. Similarly, data and machine learning can generate unique insights.

Combining your data with machine learning technology can generate insights that no one else has. These insights can then help you drive personalized engagement. Furthermore, you can use this technology to refine your analysis over time.

7. AI is not out of reach for nonprofits.

By understanding the technology, you can reduce repetitive tasks. Additionally, you can test your strategy and learn from it so that you are constantly refining your outreach.

Impact is Going to be the Next Industrial Revolution

8. Impact is going to affect all organizations.

All stakeholders have an interest in corporate social responsibility. Thus, usher corporations towards public good.

9. Millennials are going to be major influencers of the economy.

They will buy from brands, work at companies, and give to causes that are closely aligned with their principles. Thus, understanding them will be key to driving personalized engagement.

10. Donor-Advised Funds (DAFs) can add to fundraising bottom lines.

DAFs have been growing at a rate of 20%, almost 4X the rate of overall giving. With this being the case, all nonprofits have to do is facilitate receiving funds through them.

Learn More about WE Prosper Summit 2019- The Power of Personalized Engagement

Interested in learning more about what our industry experts had to say? Learn more about the latest trends in prospect engagement.

 

Salesforce Integration Shows What Community Really Means

Last week, Salesforce (NYSE: CRM), the global leader in customer relationship management, announced that it would merge with its independent nonprofit social enterprise, Salesforce.org, to further scale its philanthropic efforts.

By integrating Salesforce.org into its core operations, Salesforce intends to extend its innovative 1-1-1 model by continuing to provide free or economically-priced software to nonprofits and educational institutions around the world, as well as investing in local communities by supporting employees in different capacities. The company is committed to integrating corporate profits with their company’s purpose to give back to communities and causes everywhere.

Not only is Salesforce creating an inventive education and nonprofit vertical by combining these two entities, but their decision highlights an integral focus successful corporations and organizations are honing in on: community.

At WealthEngine, we’ve always believed in the three Ps: purpose, profit, and passion. Salesforce’s decision to integrate Salesforce.org into their structure is simply the truest manifestation of this viewpoint.

When communities, causes, and corporations come together, it changes the dynamic around how people in those communities engage. Since individuals within these communities work for companies or nonprofits, they are the primary drivers of their company’s passions and purpose. Not only do individuals work to amplify the purpose and practices of their company, but they continue to inject their own values into the work they do. Simply put: individuals are the core of any community.   

And with the $420 billion corporations and individuals have given to causes and communities they care about, these groups can now leverage the same technology that powers organizations and commercial enterprises. Technology can now be approached as a great equalizer in solving societal issues.

Not only is this great for corporations, organizations, and communities alike, but it illuminates the importance of leveraging a world-class platform that contains a customer 360 view of every constituent in your database, which can turbocharge an individual’s living, giving, saving, and learning cycles.

For the first time, Salesforce customers can tie a student’s information with their parent’s information, and further integrating information on where they live, how they live, and what communities and causes they support. Similarly, WealthEngine has pioneered the concept of creating a wealth profile that we define not just as a consumer’s net worth or net income, but a collection of all of the signals that make up their virtuous life cycle. WealthEngine’s integration with both Salesforce and the Salesforce.org’s financial services cloud can now enable a private wealth manager, at any large private bank, to look at an individual’s giving history, all in one place.

Let’s take JPMorgan Chase as an example of a private bank that’s cultivating community. As a response to the economic disparity in cities around the world, JPMorgan Chase has developed AdvancingCities— a $500 million initiative to drive inclusive growth. And this initiative is taking place right in our backyard. JPMorgan agreed to pay $140 million for a landmark building that will serve as its DC headquarters. Not only are they solidifying their place in the DC community, but the wish to expand and integrate themselves into it further. They plan to open as many as 70 branches in the area. JPMorgan recognizes DC as a growing economic center with a well-educated workforce, who are forging their own path in tech.

Not only are these developments changing our perception of this industry, but it’s actively molding our participation in it. Wealth does not equate to money. Wealth equates to personal engagement as it relates to profit; purpose; passion; communities; charities; and corporations. None of these factors can be pursued without involving the other.

All this to say: when you have a platform that can combine an individual’s propensity and capacity to learn, give, spend, and save, it creates new wealth signals that can be utilized further to create engaging campaigns that would fuel a continuous cycle of philanthropic giving and spending among consumers everywhere.

WealthEngine applauds Salesforce’s decision and will continue to build an even tighter and seamless integration into the Salesforce system. One CRM; one customer; one cause; one dollar at a time.

 

Financial Services Marketing Tips That Leverage Current Industry Trends

Financial services trends have all veered towards digitization in recent years. While these trends are indicative of progress, they can also present certain issues for marketers. Marketers at financial firms need to leverage technology and data to make their offerings resonate. With this in mind, let’s review financial services marketing techniques that will modernize your approach.

Omnichannel Marketing for Financial Services

One of the major issues in financial services stems from digitization. This means that more customers prefer to interact with FinServ professionals via digital channels. As a result, marketers are tasked with the ability to maintain a human touch in new ways.

The primary way to achieve this is by taking an omnichannel approach to your financial services marketing. This means that your customers must have a consistent experience no matter what channel they choose to interact with you through.

For instance, let’s consider the case of a retail bank. More customers bank online these days. Whether they use your website for a money transfer, your mobile app, or they come into a branch, they should have the same kind of experience. If your brand’s tone is more personable when local residents interact with their teller, the same warm interaction should come through, as if they were communicating with a chatbot.

Let’s consider different channels and how you can make marketing effective in each medium.

financial services marketing

Digital Marketing for Financial Services

Financial Services Marketing is now more reliant on digital techniques. It is possible and necessary to take an omnichannel approach even in your digital strategy. Your email marketing, content, social media marketing, among other strategies, should all reflect your core brand.

For instance, a customer care query could come in through email or via Twitter. Your response time and tone must be consistent across channels.

When it comes to digital marketing for financial services, one thing is crucial: maintaining a personal touch with your customers. Financial services marketing needs to build a high degree of trust. This can be enhanced through the human touch.

As a marketer, you need to find the right balance between leveraging technology and making your customers feel like they are receiving personal attention. Artificial Intelligence is becoming more adept at this over time.

Personalization comes from refined segmentation. Begin with understanding what makes your customers unique. Then, segment them on the basis of preferred channels, life stages, wealth indicators, etc. When you understand what each segment values, you can communicate in a way that truly resonates and makes an impact.

 

marketing for financial services

Let’s review different digital media and how you can increase engagement across them.

Content Marketing for Financial Services

Thought Leadership is a dominant theme under content marketing for financial services. This stems from the fact that financial products not only require educating customers, but they also require building trust.

However, for your thought leadership strategy to be effective, you need to offer real value to your readers. Clickbait or misleading titles guiding readers to pieces that don’t offer any insight will have an adverse effect on your brand.

To differentiate your content strategy, don’t just discuss trending topics in your industry. You need to weigh in on these topics by contributing your own point of view. This offers your customers insight into where you stand, plus it helps you stand out with your unique perspective.

Furthermore, content marketing needs to help solve problems and provide pertinent information. Your customers search for certain keywords, read your blog posts, emails,  or your how-to manuals in the interest of learning about something. When your content is written to help provide clarity or new information around a particular subject, it will automatically draw your customers in.

Email Marketing for Financial Services

Email marketing is all about personalization. This does not end by addressing your customers by name in your mass emails.

For email marketing to be effective in the financial sector, you need to understand customer preferences beyond the surface level. This means that you should know what product or service best fits their life stage. Further, it is important to know what kind of messaging would resonate with a specific customer. This extends to the tone of voice, images, and even the frequency of your email communication.

Automation tools for financial services marketing can help you understand what topics a customer is interested in. Knowing this means that you can tailor your communication to offer them the right solution at the right time. This, in turn, also helps build long-term relationships with customers.

Marketing Automation for Financial Services: Find Wealthy Clients

Many wealth managers and marketing teams fall into the trap of using the same old techniques for financial services marketing. Marketing automation for financial services is only possible when you know your customers well.

Personal networking, social media, sponsoring events, and other methods to meet wealthy prospects, are all useful techniques. However, you may end up spending your valuable time pursuing leads that are not qualified.

By using automated data analysis and prospect modeling, you can quickly screen and qualify prospects. Better yet, you can reduce sales cycle time and find new clients that are very much like your best ones.

How do you begin?

The answer lies in big data. You may already have large volumes of data. But, do you have the right kind of data? Furthermore, are you leveraging this data in the right way?

In other words, you can find wealthy clients that most financial firms overlook. When you tap into these methods for marketing financial services, you can shorten your sales cycle dramatically. Here are 5 strategies that will help you understand if you are using the right kind of data, the right way:

1. On-the-Fly Wealth Screening from Your Phone

You meet people everywhere: professional events, networking breakfasts, the gym, maybe even at your daughter’s soccer tournament.

Wouldn’t it be nice if you could enter your new-found acquaintance’s name into your phone and instantly learn whether they could be a good prospect for you?

You can.

WealthEngine’s instant wealth search feature lets you scan over 250 million U.S. contacts and see their wealth profiles. You will learn details on their interests, donation history, real estate, and other luxury property holdings and many other data points. The data is gathered from numerous publicly available databases and compiled into an easily accessible system. This information can completely change the game in your company’s financial services marketing efforts.

It also provides ratings and scores. These can indicate a person’s propensity to spend, to save, and to give (known as P2G).  Propensity-to-Spend (known as P2S) can indicate a person’s likelihood of purchasing luxury goods. You can then use these personalized marketing insights to guide your dialog appropriately.

propensity to give score on mobile
Example of what a propensity score would look like on your phone

2. Batch Prospect Research Before You Attend an Event

Let’s say your company sponsored an event, maybe a golf tournament, an art expo, or a dinner for charity. You’re going to attend these events to meet new people. You want to focus on the individuals who have the highest potential to do business with you.

Traditionally, you would mingle and look for introductions from those you know. You would spend time talking to many people to determine whether they are a qualified prospect.

There is a much better – and significantly more efficient – way to do prospect research. More importantly, this form of financial services marketing will help you find who you should talk to at these events.

Wealth screening can pinpoint exactly who you should look for so you spend your precious time effectively.

financial services marketing

Prior to the event, ask the host for a list of people who have RSVP’d. Then, you can upload the list into WealthEngine as a batch to do a wealth screen on everyone before you attend.

Within minutes, you will get back a list of the most wealthy attendees who will be at the event.

These are the people you should spend the most time with.

This method of marketing financial services allows you to do prospect research quickly. It will save you hours of wasted time pursuing unqualified leads.

You can also connect WealthEngine’s data directly to your customer relationship management (CRM) tool, such as SalesForce. When you use APIs in the financial services marketing, you can discover wealth insights on everyone as you add them to your CRM. There’s no need to login to WealthEngine or change your workflow.

API integration

3. Create a Model of Your Best Wealth Management Clients

Your financial institution’s research department produces financial models all the time. You can use the same concept of modeling to create a detailed profile of your best wealth management clients.

To illustrate, these models identify the characteristics of your top clients. You will learn your prospects’ demographics, assets, real estate and luxury property ownership like boats and planes, luxury goods spending habits, favorite charities, and interests.

This level of detail in financial services marketing is significantly more useful than simply knowing someone’s name and address. In fact, the more data you provide, the more information our data scientists can model.

Many of our clients learn that they are spending their time pursuing prospects who have a very low likelihood of turning into wealth management clients. Financial services marketing becomes a lot easier when you use machine learning to get deeper clarity on who your best prospects really are.

4. Finding New Prospects Who Match Your Model

Once you have a well-defined model of your ideal client, you can use it to find others who have similar characteristics. There are several ways to do this efficiently.

API Connected to SalesForce

If your wealth management firm uses SalesForce, you can use WealthEngine’s SalesForce Connector to instantly get a score of every new prospect you add. This way, you don’t have to change anything in your workflow to accelerate the marketing of financial services.

Just add names to SalesForce and we’ll instantly send you a match rate based on the model of your best clients. You’ll know right away whether this prospect is someone you want to spend your valuable time on.

Match Your Model to 250 Million Records

WealthEngine can also run your model against our massive database to find people you don’t know but who match your ideal client profile. This is one of the fastest ways to leverage financial services marketing to find wealthy clients who could become some of your best clients.

You can then reach out, invite them to breakfast, or a round of golf, knowing that they fit the profile you want to pursue.

5. Identify Money In Motion

Creating a model and prospecting for clients based on that model will help you identify people to pursue. Next, you’ll want to monitor their money in motion.

Money in motion refers to knowing when an individual you are tracking has a financial event. Real estate purchases and public company stock sales are examples of publicly available data, all of which WealthEngine tracks.

When you know that a prospect has a liquidity event, you know they are likely going to do something with that money. WealthEngine’s tools can email you a report as soon as someone on your watch list sells public company stock.

These wealth indicators give you more clarity on what’s happening in the lives of your prospects, giving you the ability to hyper personalize your marketing.

Financial Services Marketing Using WealthEngine

WealthEngine can help you create very detailed segmentation and analyses to focus on the exact audience you want to reach.

Know Your Client

Get insights like estimated net worth, cash on hand, investible assets, interests and passions. Know your client like never before.

How many charitable young millionaires, age 18-32, live in Austin, Texas? Tell Us and You Could Win an Amazon Echo at DreamForce

blog-millionaires-austin-contest.png

Are you going to Dreamforce?

Our team is looking forward to meeting you there, you can find us in the exhibit hall and the Foundation Zone. We can’t wait to show you the recent features we’ve added along with our options for integrating WealthEngine into Salesforce.

Have you seen WE Prospect yet?

WE Prospect helps you find, understand and contact wealthy prospects. More than what mere list providers give you, it can also help you drill down to find exactly who you’re looking for when it comes to micro-campaigns. And that’s what our weekly contests are all about, giving you the opportunity to try WE Prospect for a very specific audience profile while giving you the opportunity to win one of the most talked about devices.

Speaking of winning…

Want to win an Amazon Echo?

You’ll have three opportunities to win as we count down to Dreamforce. Jennifer in San Francisco won the first week’s contest.  Here’s a screengrab of the attributes selected to come to the correct answer:

WE Prospect Selects

Here’s how it works…every week we’ll provide a very specific audience profile, inspired by our own customers. Your mission? Provide your best guess of how many prospects in our data base fit the specific profile. You can go with your gut instincts or you can use our data-driven marketing tool, WE Prospect,  to drill down.

To enter, submit your best guess for:

How many charitable young millionaires, age 18-32, live in Austin, Texas?

Submitting your entry is easy. Just fill out this form with your answer and the person with the correct answer wins. If there is more than one correct answer, the person first person to submit wins. Winners will be notified via email before Dreamforce and can pick up their prize at our booth.
* Must enter by September 7th

 

Not going to Dreamforce? Everyone  who enters the contest is also entered to win a drawing for a $1,000 credit toward WE Prospect, whether they’ll be attending Dreamforce or not.