Adam Tiberian, Senior Vice President of Sales at WealthEngine, recently spoke at the third annual WE Prosper Summit. Covering the topic of software sales to nonprofits, Adam was able to provide insightful takeaways gleaned from his six years of experience at WealthEngine.
Changes in Software Use Among Nonprofits
As the industry continues to evolve, fundraising for nonprofits has advanced. Phrases like artificial intelligence (AI) and data analysis dominate the conversation, yet they were infrequently mentioned just five years ago.
Analytics has become the driving force behind fundraising efforts. These changes call for a push in automation. Organizations must do more with fewer resources, which opens the door for software to shoulder some of these responsibilities.
The Evolution of Data Analysis
Tiberian describes the effect of automated analytics on companies like WealthEngine: “As you’re looking at analytics, the analytics has really changed the way organizations are looking at us and they’re using wealth data and wealth intelligence system across so much more than just the fundraising space, but throughout the whole fundraising organization, not just in major gifts. Those are probably the two biggest changes I’ve seen.”
WealthEngine’s technology has become more sophisticated over the years, including improved wealth screening and data analysis. With these features, WealthEngine gives its partners and fundraising organizations the ability to use software to perform data analytics. This information encourages targeted messaging based on propensity to give (P2G), mutual personal interests, and potential donor shares.
Using Personalized Data for Targeted Marketing
These innovations provide insight into who you should engage with, along with how to best engage. This information provides crucial pathways for successful targeted marketing campaigns.
Nonprofits are able to start meaningful conversations with prospects to create connections over common interests.
Understanding Donors’ Propensity to Give
Personalized data, such as a wealth score, P2G, and donor segmentation, drives engagement to create lasting relationships with donors. Rather than simply knowing a prospect’s P2G, organizations can nurture these relationships through targeted marketing based on data analysis.
Understanding the P2G relies on a wealth score as well as having a clear idea of the donor or potential donor’s motivations for charitable giving. This information allows organizations to segment donor contact lists based on income, interests, and engagement patterns.
WealthEngine’s Partnership with Salesforce
As stated previously, technology has undergone significant changes in the past five years. To keep up with an evolving industry, WealthEngine has stayed on top of software integrations.
For example, the partnership between WealthEngine and Salesforce means organizations don’t have to change platforms to access information. In keeping with the ‘less is more’ approach, this integration streamlines the process of receiving and using data.
Fundraising Initiatives During Unprecedented Times
Traditionally, fundraising plans were developed on an annual basis and implemented throughout the year. In the wake of continued uncertainty, organizations are now adjusting their strategies.
Planning in the Era of a 24/7 News Cycle
With constant access to content, things seem to be happening in a matter of seconds rather than over a period of days. This means quick access to updated data is crucial. Flexibility and timely reactions have become fundamentals in fundraising strategy.
The Impact of COVID-19 on Nonprofit Fundraising
Many organizations are seeing a decrease in donations during the pandemic. With economic uncertainty, donor fatigue is a huge challenge many nonprofits are being forced to confront.
By using tactful, targeted messaging, and properly utilizing data, organizations like the CDC Foundation and Fidelity Charitable have reported high donation numbers despite the pandemic. While COVID-19 continues to disrupt business as usual, adapting marketing tactics and reaching the right prospects will play a crucial role in combating donor fatigue.
WealthEngine’s Latest Security Feature
WealthEngine recently rolled out a new security feature—multi-factor authentication. As Tiberian observes, “there’s a new data world out there…security is a major driver of how they move forward.”
The multi-factor authentication tool helps protect data on your phone by requiring an access code. This feature greatly reduces the risk of an unauthorized party gaining unlawful access to clients’ accounts.
Protecting Your Organization’s Data
Security is an ongoing conversation. With constant technological advancement, protecting data is necessary for any organization.
Damage happens when data leaks. So, it’s always important for an organization to be prepared and for the software company to ensure information protection.
The Evolution of Fundraising Software
Several years ago, the WealthEngine platform was just a screen and search. This static piece of information contributed to fundraising planning every 2-3 years when organizations chose to run a screening.
Now, the technology has developed. Screening is simply the foundation of WE9.
With a constant stream of content, information needs to be available instantaneously. Rather than capturing and reporting donors’ actions after they happen, WealthEngine can provide the data in a matter of moments.
For example, when a new user visits an organization’s website, WealthEngine’s software can screen and provide an immediate wealth rating. By running this captured information through analytics, WealthEngine is able to provide a full profile of the visitor.
The Importance of Match Rates
A match rate means the software has actually found the individual. From there, it is able to provide ratings, scores, and information about the person. WealthEngine has a 90% match rate compared to an average 60% match rate from its competitors.
This is attributed to the 45 data points the software utilizes to identify online visitors. In a database of 1 million records, WealthEngine can identify 900,000 individuals, whereas a competitor may identify 600,000.
By providing an extra 30% of profiles, WealthEngine’s match rate helps organizations reach out more effectively to potential donors. Nonprofits can see profiles on all of these prospects, which helps formulate a plan to reach out and cultivate new relationships.
These numbers come into play when evaluating a donor’s potential as well. Rather than just alerting you that someone has shown interest in your organization, WealthEngine can help optimize donation amounts. Using data helps you know how much to ask for, and how frequently to reach out.