WealthEngine Assembles Industry Leaders at Second Annual WE Prosper Summit to Discuss The Latest Trends In Prospect Engagement

BETHESDA, MD, October 2, 2019— WealthEngine held its second annual WE Prosper Summit at The Newseum in Washington D.C. on Tuesday, October 1, 2019.

The WE Prosper Summit is a gathering of thought leaders from global causes and international brands. Participants come together for a day-long conference of rich keynote speeches, how-tos, case studies and presentations from 17 thought leaders among our clients and partners.

“As the recent statement from The Business Roundtable indicates, businesses are redefining their role in society, to include all stakeholders, not just shareholders” said PV Boccasam CEO of WealthEngine. “Our conference brings together thought leaders who are innovating how they engage their current and future prospects in powerful ways that impact the communities that they live and work in everyday.”

The theme of the 2019 WE Prosper Summit was The Power of Personalized Engagement. Thought leaders, experts, partners and clients convened to discuss the latest trends and best practices in data-driven prospecting. This year’s WE Prosper Summit also explored the actionable steps leaders can take to optimize their fundraising and marketing strategy.

The 2019 WE Prosper Summit featured key industry speakers including: Amy Pirozzolo, Head of Marketing at Fidelity Charitable; Rick Dunham, Chair of the Board of the Giving USA Foundation and Board Member of the Giving Institute; Patricia Eisner, former Chief Development Officer of The Malala Fund, now of Two Rivers Public Charter Schools; Tom Monahan, Board Member of Transunion and Managing Partner of Norton Street Capital and former CEO and Chairman of CEB; Bob Ghafouri, Founder of Accenture Bloom; Pat McQueen, Senior VP at Salesforce.org; and many others.

WealthEngine also took the opportunity to hold their second annual WealthEngine Prosper Awards ceremony. The WE Prosper Awards honor leading brands and nonprofits that are delivering outstanding business and social impact using WealthEngine’s prospect engagement capabilities to deploy highly effective, personalized, wealth-aware campaigns.

“We are proud to recognize the recipients of our 2019 WE Prosper Awards and humbled by their dedication to their communities and causes they support,” said Matt Melnick, SVP of Sales & Strategic Alliances. “We look forward to learning from their work and sharing best practices to generate positive momentum within our community.”

The 2019 WealthEngine Prosper Award recipients were:

American Lung Association

Coldwell Banker Real Estate LLC

Medstar Health

Pancreatic Cancer Action Network

The University of Pennsylvania

U.S. Bank

TCS World Travel

About WealthEngine

Using actionable wealth and lifestyle insights, WealthEngine (WE) fuels highly-targeted campaigns that continuously deliver measured outcomes. The WE prospect engagement platform is powered by more than a half-trillion data points and uses proprietary learning science to create unique WE Profiles for more than 250M people in the U.S.

For more than 20 years, we have ensured our clients engage in highly personalized and precise conversations with their audiences to find their next best prospect and drive growth. By elevating campaigns to the power of WE, our clients expand their audiences, decrease acquisition costs and increase revenue, along with the lifetime value of their donor or customers.

WealthEngine works in both the commercial and nonprofit markets with clients in financial services, luxury, retail, real estate, hospitality, healthcare, higher education, arts & culture, and with any organization looking to use wealth and lifestyle data to enhance their efforts.

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Grateful Patient Philanthropy: Best Practices to Set Up Patient Screenings

grateful patient philanthropy

The core of successful grateful patient philanthropy is wealth screening. Before you set up your grateful patient program, it’s important to screen your patients, to see who is worth pursuing. By evaluating who has the greatest propensity and capacity to give, you can better focus your engagement. Let’s explore the best practices you can put in place to set up your grateful patient program screenings.

4 Essential Questions You Should Ask Yourself Before You Begin Screening Patients

Make sure that physicians and departments are receptive to your activities. Before screening patients, it’s important to ask yourself:

1. Have you received input or clarity from your leadership team?

While fundraising, it’s imperative to have a clear sense of your goals and priorities. This trickles down from members of your management team. Open communication on goals and messaging allows you to align the processes and procedures you implement later on.

2. Should you screen everyone for Grateful Patient Philanthropy?

Will you be screening all patients, departments, and hospitals? Or will you be screening specific hospital wings or individuals? Some health systems decide to exclude certain departments as they may not engage with them on a fundraising level. For example, you may not interact with Medicaid, hospice patients, or pediatric patients because they don’t have the highest propensity or capacity to give.

3. Have you been given approval by your General Counsel or legal team?

Along with your leadership team, your legal team should be clear on what all you’ll be capturing and using once you conduct your screenings. It’s important to clearly outline what data you can capture under HIPAA. Aside from HIPAA, your General Counsel may also institute their own measures to protect the privacy of patients. This will inform grateful patient philanthropy as you’ll understand how to engage your patients based on the information you have available to you.

4. Have you involved your IT staff in your patient screening process?

When initiating patient screenings, your IT staff should be involved from the very beginning. You can link your donor management system to your patient database so you can screen your patients easily and efficiently. It’s also important that they know what data you intend to capture and pull, as well as where you plan to store this information. By setting up automation through your database, you don’t have to submit screening files manually.

3 Data Elements to Acquire When You Set Up Your Patient Screening

There are three types of data that your team should acquire before you screen:

Demographic data: Demographic data is at the core of patient screenings, which will inform subsequent grateful patient philanthropy. To begin with, it’s important to compile basic information on your patients. This includes knowing their first name, last name, address, city, DOB, employer info, and employer category.

Activity data: Activity data will also inform grateful patient philanthropy. These data points include all actions taken by the individual patient. What was the date of their last visit? How many times, in total, have they visited this hospital? Where are their engagements happening, and with whom? By identifying people who have visited more, and are familiar with different aspects of your system, you’ll be able to assess who’s most likely to give.

Department data: Department data (as a subset of activity data) is a record of all actions taken within a department. Which department did the patient visit? Which physician did they see? What was the date of their last visit? How long have they been a patient of this physician? By understanding their relationship with the hospital, you’ll be able to engage with patients on a more relatable and applicable level.

On a very basic level, these data points help you identify which patients have the highest propensity and capacity to give. You have the means to identify patients with high P2G scores, across departments and physicians. All of this knowledge helps inform your fundraising strategy.

How Data Elements Inform Grateful Patient Philanthropy

So, if you see a large number of patients in a specific department, which has a limited number of gift officers assigned to it, it’s clear that there is an imbalance there. It’s important to concentrate your efforts in areas where there are patients who have high P2G scores.

For example, a WealthEngine client hadn’t realized that they needed to cultivate a stronger relationship with their urology department. After screening patients with department data, they realized that high capacity patients were in that space. The problem? No relationship had been cultivated there beforehand. Upon learning this, the fundraising team began managing and nurturing relationships with physicians in Urology.

Match Rates Between Hospital’s Database & WealthEngine’s

Generally, data accumulated for patient screenings has a slightly lower match rate than other types of screenings. If you’re screening alumni or donors, for example, there’s a lot more demographic and giving data available to you.  For patients, however, you have limited information you’re allowed to capture.

There’s a 70-80% match for patients in terms of basic demographic data. These match rates are considered high when it comes to Grateful Patient Program screening, which is only available through WealthEngine. Involving your IT system means that all the data syncs automatically. This way you don’t have to change any workflows.

Getting an API in place and coordinating with your team would allow them to operate more efficiently since they wouldn’t have to engage in any manual processes.

What to Do Post Patient Screening

It’s always important to sift back through unmatched records when are able to. There may be patients, hidden in your database, who at first glance, may not have the propensity or capacity to give. But, when you look again, these patients may have become more likely to give.

For example, a WealthEngine client searched back through their database only to find a pro-athlete who was a patient at the hospital. Since they had put down their business address, gift officers were not able to gauge the individual’s giving history.

Screen Patients for Your Grateful Patient Program

Upload a list of your patients to unearth and understand their capacity to give and spend. WealthEngine9 or WE9, our newest release, is transforming the prospecting landscape. Explore how our Engagement Science™ speeds up the way you screen, analyze, find insights, and predict outcomes through modeling.

Request Demo

WealthEngine Releases Next-Generation Prospect Engagement Platform, WE9

The leader in prospect intelligence solutions goes live with the release of its latest secure-and-compliant cloud solution for over 3500 clients. 

BETHESDA, MD – August 5, 2019 – Today, WealthEngine released their highly anticipated predictive prospecting platform, WealthEngine9 (WE9). This marks WealthEngine’s transition from primarily delivering wealth insights, to providing wealth scores based on affinity, propensity, capacity and intent. The company intends to empower clients to modernize their methods of prospect engagement with their new offerings, powered by machine learning systems that curate highly accurate wealth profiles for 250M US-based individuals and 180M+ households with over 1800+ attributes for each profile curated with first-party and third-party data.

“The art of engaging with your next-best prospect can now be powered by data science”, said PV Boccasam, CEO of WealthEngine. “The art of personalizing your connections with individuals you already know, with the science of who you should know, is powered by what we call Engagement Science™. It’s our industry most advanced wealth signal that can be used in every fundraising or marketing campaign.”

WealthEngine studies have shown that “Wealth Indicators” encompass more than just net income, economic capacity or prior contributions. Wealth is uniquely defined by an individual’s motivations, awareness, and how engaged they are across their circle of influence including business, social and familial networks. Each of these drive their behavior to give, learn, save, spend or serve their communities or causes. Industry now requires an enterprise-class platform that not only serves up data but delivers a holistic view on every potential client while providing actionable insights for engagement.

The WealthEngine9 platform has five core integrated benefits, which include:

Modern User Interface with Mobile Responsive Design: WE9 possesses an updated user experience with a modern, responsive design. This new interface delivers critical, real-time indicators to wealth across multiple dimensions such as the incorporation of tags, filters, badges and the ability to save and favorite individual profiles. Leading fundraisers and marketers can quickly segment, prioritize and target their audience to drive higher conversion rates.

Seamless Platform for Prospecting, Analyzing, Modeling, and Scoring: WE9 can now analyze, score and benchmark millions of records that look like your best donor or prospect. Users can now easily integrate wealth screenings with philanthropic and political giving, along with lifestyle attributes into their donor and customer-centric databases in real-time.

Continuous Data Refresh Delivering Real-Time Wealth Insights: With revamped machine learning algorithms, new recalculated WE9’s scores and ratings are now even more accurate and up-to-date. With over 165 million donor records in the platform and 500,000 new ones added each week, users have access to the latest charitable, political and philanthropic giving information. In addition, details on insider stock trades and updates of millions of email addresses ensure industry’s best identity resolution match rates.

New Scores, Models, API-based Digital Activation: WealthEngine9 also introduces new capabilities to enhance client’s ability to segment their target audience with precision. WE9 introduces a pioneering new Propensity to Spend (P2S) score across 20 different expense categories from cars, homes, travel etc., to selectively allow them to prioritize and target top prospects. With our API, prospect researchers and luxury marketers can directly connect with digital activation platforms and personalize their messaging to their appropriate audience segments.

Secure Integration Into Customer Data Systems: The quest for a Customer360 view, across every dimension of a customer’s personal, professional and philanthropic lifestyle, is never ending. The WE9 platform automates the access, appends and activation of these profiles within any and all of the 30 different CRM/DRM integrations supported by the company. With WE9 all of these connectors are updated and is available across Salesforce (NASDAQ:CRM), Ellucian, NGPVan/EveryAction, SalsaLabs, Tessitura, ROI Systems, Patron Technologies and others. Through the new secure Salesforce Shield Integration, sensitive user/lifestyle data can be directly monitored, encrypted and protected when executing campaigns.

Customer Testimonials:

“We have been a WealthEngine client for close to 20 years. With constant pressure of doing more with less, we find that the new 9.0 release is a huge step forward. The new UI along with the new capabilities provides a more intuitive workflow and an easier way to access relevant information, which will allow my team to quickly nail down prospective high-impact donors. The increased efficiency will allow us to get to the donors faster than ever improving our ability to convert more donors at higher amounts.” – Stephanie Iverson, Director of Research and Prospect Management, University of South Florida

“WealthEngine 9.0 certainly enhances our ability to support our core mission of partnering with nonprofits on strategic fundraising initiatives. With a brand new look and feel, better data, and more accurate scores, the new release allows users to surface high-impact donors with greater precision, quickly and at scale. WealthEngine has been a great partner of ours over the years, and I can’t wait to see what they do next!” – Margaret Gallagher, Vice President, CCS Research.

Industry’s Most Innovative Pricing Models:

One of the most significant advantages that customers and prospects will now benefit from is a simplified subscription model that is donor or record-based pricing that is performance and transaction-based. Smaller and emerging nonprofits can now benefit from the same powerful technologies that larger organizations and institutions do to attract new donors while enabling the existing ones to give more.

Our WE9’s flexible, credit-based model will optimize clients’ ability to access all available platform functions including Analyze, Model, Prospect, APIs and CRM/DMS connectors which are now in one integrated package named Aware. Customers can upload their screening records and our platform will continuously refresh their data, which enables an up to date view of their prospects and customers. For more information on our new pricing contact info@wealthengine.com.

 

About WealthEngine:

WealthEngine, for more than two decades, has been supporting more than ~3500 industry-leading higher education, healthcare systems, advocacy, financial services, and high-end luxury brands and hospitality organizations in capturing tens of billions of dollars. Fueled by our wealth and lifestyle signals, our customers measurably improve their personalization and effectiveness across fundraising, capital campaigns, marketing, and overall engagement with their audience.

Rooted in machine learning, with a cloud-native architecture, WealthEngine 9 platform boasts an entirely new user experience to provide wealth, demographic and lifestyle signals that come together to formulate powerful scores, available in real-time. Underpinned by the company’s Engagement Science™, WE9 models, segments and activates, and targets prospects continually so customers will know what motivates their audience to save, buy or donate.

WealthEngine is hosting its second annual WE Prosper Summit, October 1, 2019, at the famed interactive Newseum in Washington, DC. Please visit our website www.weprospersummit.com  for more information. The company is an active participant in Pledge 1%, regularly giving back to the community it serves through time, product and donations. Based in Bethesda, Maryland, the company has offices throughout the US. Learn more at www.wealthengine.com.

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5 Summertime Tasks to Prepare for a Successful Fall Donation Drive

fall donation drive

With the new school year just around the corner, it’s important to begin preparing for your fall donation drive. But, you may be wondering where to start. Let’s explore where you can look for donors in your database and how you can use wealth screenings to find your next best prospect.

5 Tasks to Prepare for a Fall Donation Drive

1. Screen Your Giving Day Donors

As designated Giving Days have risen in popularity, many universities have been able to raise millions of dollars. They’ve also seen their number of donors double. Giving Days have other benefits- alumni and other members of your institution’s community are able to lend support from anywhere. Furthermore, they’re also given recognition among their community of gift givers.

So, to gear up for your fall donation drive, it’s important to screen your Giving Day donors. By conducting a wealth screening, you can see which donors have the greatest propensity and capacity to give. Donors who give during events like Giving Days may donate sporadically to your institution over time. But, they are still inclined to give. By reaching out early, and implementing effective engagement techniques, they’ll be more likely to donate during your fall donation drive. This is an even greater opportunity for your institution to cultivate donors who give again and again.

2. Screen Your Alumni

Alumni who had positive experiences at their alma mater are keen on giving back. They want to see incoming and returning students have an experience that was just as positive as theirs was.

So, when reaching out to alumni for your fall donation drive, it’s important to understand more about them. By taking the time to familiarize yourself with their interests and giving history, you can engage them in relevant ways. It’s important to ask yourself: who’s an active member of our institution’s alumni association/ Which alumni have given in the past? What do they do now? And do they have the propensity and capacity to give more? By conducting a wealth screening, you can get those answers and more. You can learn more about the wealth, lifestyle, affinities, and interests of alumni and uncover donors, hidden in your database. This can also help you personalize your outreach, and communicate with alumni about fundraisers that they’ll feel individually connected to.

For example, in 2014, the University of Maryland received a historic gift of $31M from former Computer Science Major and Oculus CEO, Brendan Iribe. Brendan attributed his love of virtual reality to the University of Maryland’s computer science department, which is what inspired him to give back.

3. Screen the Parents of Your Incoming Students

With incoming students arriving in just a few months, it’s important to screen your new students’ parents. Which families, of your incoming class, may have the greatest ability and willingness to give during your fall donation drive?

For most parents, if they have the ability to give, they’ll contribute as much as they can. They want to ensure that their son or daughter has all the resources necessary to be successful. Especially if members of your university’s incoming class are legacy students, their parents may be even more keen to give. They’ll want their child to have the best experience at an institution they feel personally connected to and invested in.

By the time your fall donation drive comes around, you can hold an event for parents. This is an opportunity to walk them through the campaigns you have in progress, and how these will transform their child’s college experience.

4. Screen Your Gala Attendees

During galas for your institution, attendees are keen on seeing what their gifts are being put towards. They want to know how their commitment to your campaign(s) is being transformed into tangible accomplishments. It is important to know which gala attendees have contributed substantially in the past. However, it’s even more important to find former attendees who have the ability to give more.

So, it’s important to understand (through screenings) where their values lie, and which projects they’re likely to invest in further. Then, during your fall donation drive, you can tailor your outreach in ways that keep your attendees motivated to keep giving.

5. Model Your Screening Files to Find More Potential Donors

You’ve screened all the donors hidden in your database who have the greatest propensity and capacity to give. Now what? How do you find new donors to give during your fall donation drive?

Using WealthEngine’s modeling solution, you can create a core donor persona. From there, you can find overlaps in demographic data, preferences, and giving history among your existing donors. This will help you understand potential donors you should be reaching out to. Essentially, you’re creating an impression of your ideal donor and then using those traits to find more people like them.

For example, one of WealthEngine’s clients, a large, private, research university in the midwest had a plan in place for fundraising at all levels. However, their biggest challenge was securing Major Gifts. By using WealthEngine’s modeling solution,  the team generated a model that automatically identified the top 10% of their donors. The gift capacities of these donors were in the $100,000 range, and over 200 members were identified as top prospects. This reduced their major gift donor lead time by 88%.

Learn How to Model and Screen Your Data to Secure Donations

Learn more about how modeling and screening could help you increase conversions.

See how to model your data →

See how to screen your data →

WealthEngine at Salesforce Connections Conference

The key to forging lasting connections with your consumers is at your fingertips. At the upcoming Salesforce Connections Conference, follow WealthEngine and other industry leaders as we discuss how you can build better customer connections using the Salesforce Platform.

During the Customer Success Expo on Monday, June 17th, between 5:00 and 5:20 pm, we’ll be detailing the most powerful ways you can increase your sales and improve LTV. We’ll also be discussing how companies use wealth intelligence to identify a customer’s capacity and propensity to spend money.

With the WealthEngine Connector App with Salesforce, we specialize in helping you identify, understand, and connect with wealthy individuals. Our App gives you instant access to wealth and lifestyle insights from half a trillion data points on over 250 million individuals across the U.S. With this tool, you have the ability to improve your conversion rates, increase your deal sizes, and reduce your acquisition costs.

Visit us at booth #74 at the Customer Success Expo or set up an appointment here.

You’re only steps away from uncovering the hidden gems in your database!

Analytics Company, WealthEngine, Launches First Predictive Prospecting Platform

Entirely new, cloud-native architecture fueled by Engagement Science™ will change how organizations personalize campaigns and nurture prospects.

BETHESDA, MD – June 4, 2019 – Today WealthEngine announced the launch of the industry’s first predictive prospecting platform, WealthEngine 9 (WE9). With this launch, the company leaps beyond the business of providing wealth data to its more than 3,500 customers and becomes the only analytics company to provide wealth affinity scoring based on propensity, capacity, and intent.

“Segmenting who you precisely want to go after is a difficult problem today,” says WealthEngine CEO, PV Boccasam. “You can’t personalize or prioritize your message if you don’t intimately know your audience. Everyone else is focusing on what a person has while we have created a platform based on signals that reveal the why which we call Engagement ScienceTM.”

Coming to market with an entirely new cloud-native architecture, the WE9 platform consumes trillions of points of data to create more than 250 million pre-scored profiles giving you the ability to model, analyze, engage and take action with your next best prospect. Easily accessible through an API, WE9 enables real-time, compliant wealth screening within any customer relationship or donor management systems of record.

“I switched our business to WealthEngine because I realized they were ahead of the game in knowing how to make the data meaningful to their customers,” says Greg Workman, Director of Finance and Operations at Spectrum Health Foundation & Helen DeVos Children’s Hospital Foundation. “WE9 is going to make us even more efficient and effective while helping us connect with the right people at the right time.”

With this release, the company is also revising pricing to a flexible, credit-based model to optimize clients’ ability to use any of the available WE9 applications and services needed to drive their business objectives. Annual subscription clients will have access to the entire platform, with continuously refreshed data sets, and all the applications that were previously sold separately such as Analyze, Modeling, Prospect, APIs, and Connectors.

“Our models now enable us to identify a person’s propensity to donate or spend,” says Boccasam. “Interlinked with our customers’ data, WE9 has richer knowledge about their target audiences, so we can reveal their motivations. As a result of personalized engagement, our customers have seen increased lifetime value, improved campaign effectiveness and lowered
cost of acquisition.”

WealthEngine Engagement ScienceTM

As a predictive prospecting platform, WE9 enables its customers to do four critical things:

Discover insights faster than ever: Search, tag, filter, and favorite people as a way of keeping track of and prioritizing ideal donors and buyers. Through seamless access to more than 180 million US-based households and 250 million adults each with thousands of enriched attributes, discover the potential of ideal donors and buyers.

Segment with precision: Get granular with target audiences by digging deep into relevant wealth, and crucial lifestyle signals that provide insight into what motivates prospects to engage. By proactively nurturing prospects and existing donors and customers, insights are activated through personalized campaigns.

Prioritize top targets: Once ideal targets are identified, WE9 can uncover the next best donors and buyers, with automated models to find new prospects who share similar wealth and lifestyle signals. Take control of multi-channel campaigns, predict who is most likely to engage next and prioritize resources accordingly.

Activate your audience: WE9 insights go beyond wealth with more than 1800 wealth and lifestyle signals to reveal what motivates ideal prospects to take action, or existing donors to give more. By knowing what moves them, campaigns can be personalized in order to drive lasting, measurable engagement.

About WealthEngine

WealthEngine has been supporting more than 3500 industry-leading financial services, higher education, healthcare systems, advocacy, and high-end retail and hospitality organizations in capturing hundreds of millions of dollars for more than 20 years. Fueled by our wealth and lifestyle signals, our customers measurably improve their personalization and effectiveness across fundraising, capital campaigns, marketing, and overall engagement with their audience.

Rooted in machine learning, with a cloud-native architecture, WealthEngine 9 platform boasts an entirely new user experience to provide wealth, demographic and lifestyle signals that come together to formulate powerful scores, available in real-time. Underpinned by the company’s Engagement ScienceTM, WE9 targets, segments, and models prospects continually so customers will know what motivates their audience to save, buy or donate.

WealthEngine is hosting it’s second annual WE Prosper Summit, October 1, 2019, at the famed interactive Newseum in Washington, DC. The company is an active participant in Pledge 1%, regularly giving back to the community it serves through time, product and donations. Based in Bethesda, the company has offices throughout the US. Learn more at wealthengine.com.

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The 2019 Millennial Wealth Report At A Glance

Our WealthEngine research lab has uncovered the evolving living, giving, saving, and spending habits of millennials across the U.S. These behaviors are fundamentally changing the way organizations engage with their consumers and donors. So, let’s explore some of the key ways this generation is approaching their wealth differently. 

After witnessing how the Great Recession influenced their predecessors, the financial and cultural values of millennials have changed. This has influenced the way brands and organizations have marketed to them. Unlike the wealth of baby boomers, millennial wealth places a greater emphasis on stability, transparency, and collaboration. Millennials don’t want to be passive consumers. They want to collaborate with organizations and businesses, to be part of every aspect of the buying and giving process. In addition, with their considerable social media presence, they’re able to provide businesses with feedback at any time, anywhere. 

With the Great Transfer of Wealth upon them, millennials and Gen Xers will inherit about $68 trillion in assets over the next few decades. And, now that millennials have surpassed baby boomers as the largest living generation, they’ll receive a majority of this transfer. Millennials, being more environmentally, politically, and socially conscious, are expected to invest in organizations and businesses that are consciously meeting the needs of communities AND individuals. In that sense, millennial wealth is actively fueling the betterment of humanity. 

To discover more themes, download WealthEngine’s 2019 Millennial Wealth Report, and be on the lookout for your industry-specific report coming soon!

Who needs donor research tools?

Forging lasting connections with donors is a cornerstone of working in Development. The best way cultivate strong relationships with them? Understanding more about your donors’ interests and giving history. By leveraging the use of donor research tools such as WealthEngine, you can access donor information in one easy and accessible place. This can help you optimize your outreach and forge relationships that last.

To explore the benefits of donor research tools, read this article, “Who Needs Donor Research Tools,” published in Philanthropy Daily by Elizabeth Palla.

WealthEngine Releases First Annual Millennial Wealth Report

BETHESDA, MD, May 29, 2019 — Today, WealthEngine’s Research Lab published its inaugural Millennial Wealth Report revealing that this largest and most diverse generation will inherit $68 trillion in “the Great Wealth Transfer.” The 2019 Millennial Wealth Report dives deep into the demographics of the millennial population, as well as social and economic trends that influence how this unique group spends and gives its money.

“Everyone wants to understand and connect with millennials,” says Raj Khera, EVP of Customer Growth. “I see the power they have as consumers and as major influencers in the market. And yet, their complete wealth picture is complicated since much of the assets they draw from are really in their parents’ names. It’s a fascinating challenge to tackle.”

The 2019 Millennial Wealth Report is a publicly available document and contains information regarding how millennials differ from their generational predecessors, how these differences inform their decision making and how they’ll approach the money they receive in the Great Transfer of Wealth. The information gathered in this general report is represented graphically and will be elaborated on in industry-specific millennial reports that will be available soon.

The report goes on to say that when these millennials receive this transfer of wealth, they will hold five times as much as wealth as they have today, by the year 2030. With their increased buying power, millennials are expected to influence the ways nonprofit and for-profit organizations function, and how they deploy personalized and wealth-aware campaigns.

As the largest and most diverse generation in the United States, surpassing baby boomers, millennials are spreading throughout the United States. Although most millennials predominantly reside in major cities, millennial millionaires primarily live in suburban areas such as Potomac, Maryland and Cupertino, California.

“Millennials expect to make an impact,” says Khera. “They spend with companies that align with their interests and they give carefully to causes. The companies who can make personal and meaningful connections with this coveted demographic will win the marketing game.”

About WealthEngine: WealthEngine works with more than 3000 industry-leading financial services, higher education, healthcare systems, advocacy, and high-end hospitality organizations to deeply understand their current and prospective donors and customers. Our cloud-based prospect engagement platform contains WE Profiles for 250M adults in the U.S., enriched with demographics, lifestyle and affinity, charitable/political giving history, real-estate and other wealth signals. WealthEngine also is an ardent supporter of its local community and a member of the 1% Pledge movement. To learn more visit: WealthEngine.com.

Contact: Raj Khera, EVP Customer Growth, rkhera@wealthengine.com, 240-270-1859

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LinkedIn Donor Prospects Older, Better Educated

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When you hear the phrase “social network,” your first thought might be seeing another “Which character in Game of Thrones are you?” personality test that another friend has shared on Facebook. Add the word “professional” in front of “social network” and it might change your perspective completely.

Facebook and Twitter have their uses for nonprofits and so does LinkedIn, but in a much different way. LinkedIn provides more concise information — without all the personal stuff. People are likely to post their business and school information on LinkedIn — things that are helpful to research and fundraising folks making it a better option for prospect research.

During a session at Fundraising Day New York at the Marriott Marquis in Midtown Manhattan this morning, development prospect research analyst Qaya Thompson shared how LinkedIn is used at Yale-New Haven Hospital. Joining Thompson on the panel were Sally Boucher, CFRE, director of research at WealthEngine and Jeremy Woolf, director of marketing at CCS.

Yale-New Haven Hospital uses LinkedIn for research, to verify name, school information, employment/title and interests. Although LinkedIn users often provide a lot of information, Thompson said it’s important to always cross-reference what’s listed with at least two other sources. Sometimes things are out of date and people are not completely honest.

LinkedIn has more than 100 million U.S. members, 300 million in all, and they tend to skew older, have higher incomes and are better educated than other social networks. The average LinkedIn user is 44.2 years old and 79 percent are 39 or older. They have twice the purchasing power of the average U.S. consumer, with an average household income of $83,000, far more than Facebook ($25,000) and Twitter ($52,000). Almost half of LinkedIn users have incomes of more than $100,000.

The free version of LinkedIn allows you to view in depth profiles, identify board members and search based on nonprofit interests. LinkedIn Premium, which has a monthly fee, helps with running more advanced searches that include groups, years of experience, seniority level, and company size, among other variables.

Woolf offered three “best practices” for nonprofits before they leap onto LinkedIn:

  • Right-size your expectations
  • Have a plan to use the information
  • Have a place to import data – like company name, title, URL and industry – to in your CRM or DMA

When it comes to connecting, he suggested asking connections for an off-line introduction. As part of the follow-up from a meeting, personalize a request to connect via LinkedIn and ask connection if they would serve as a connector to their network.

Panelists offered a number of tips to consider when exploring LinkedIn for fundraising and prospect research:

  • Know your privacy settings;
  • Use LinkedIn as a first resource for verifying employment, title or company;
  • Use LinkedIn as a resource for finding or verifying professional and school connections;
  • Use LinkedIn for finding “nice to know” information for profiles and conversation starters;
  • Use LinkedIn for donor insights, and
  • Follow accepted ethical guidelines.

Read the full article on TheNonProfitTimes website »