Who’s Invited? What to Know About Auction Event Attendees

auction events

As your organization begins to plan its next auction event, there are a lot of moving pieces you’ll need to keep track of. From determining your venue and dining options to finding the right auction items, your focus needs to span several departments within your nonprofit.

But one thing that needs extra careful attention is your guest list. Who’s invited? Who on your list will make the largest impact by bidding on your items?

Planning your auction event means learning more about your attendees. Without them, your event won’t raise the funds needed to keep working toward your mission. That’s why we’ve compiled strategies you can use to learn about your attendees. These tips include:

  1. Conduct prospect research to learn about your attendees.
  2. Leverage registration software to gather attendee information.
  3. Procure items that appeal to attendees.
  4. Tailor your outreach and event based on attendee types.

The success of your auction event depends on learning key traits about your attendees and making them most of them. Let’s get started!

1. Conduct prospect research to learn about your attendees.

Part of learning about your auction guests means understanding the capacity with which they can contribute to your organization and what areas they like to support. Major donor prospects are excellent individuals to include on your guest list; just take the time to research them first.

Prospect research entails finding, understanding, and cultivating prospects with the greatest capacity and who have the highest chance of giving to your organization. All of this is based on wealth and affinity, meaning they don’t only have the capacity to donate, but they have a willingness to give.

To determine an individual’s affinity to give, you should look at:

  • Previous giving to nonprofits
  • Past interactions with your organization
  • Past nonprofit involvement
  • Lifestyle and interests

From there, you can leverage wealth indicators that speak to an individual’s capacity to give, which can include:

  • Real estate ownership
  • Profession
  • Size of gifts
  • And more!

These indicators combined should give you a good idea of major gift prospects to invite to your auction. Be sure to coordinate with your Major Gift Officer or development colleague in charge of major donors, to ensure you have a strategy and plan for engaging them at the actual event.

Once the event is up and running, work with your major gift officer to ensure there is personalized face-to-face outreach throughout the evening to build connections with them.

Executing on Major Gifts strategy for your auction attendees can substantially increase donations during the bidding and live appeal process. It also ensures you are working with your Major Gifts team to support without jeopardizing or conflicting with their longer term asks.

Be sure to incorporate prospect research into your learning process to get the most from your larger donor strategies.

2. Leverage registration software to gather attendee information.

Apart from identifying major gift prospects, your staff should also be focused on tailoring the event to be conscientious of individual attendees.

By leveraging robust mobile bidding and auction software, you can dramatically streamline the registration process to ensure you create a personalized and tailored guest experience. These include:

  • Food preferences
  • Dietary restrictions
  • Seating preferences
  • Surnames, preferred names, titles, and company affiliations
  • And more

If you simplify the process of accommodating each attendee’s preferences, you’ll leave your guests with a great impression of your organization and your event. 

Part of your event also revolves around building strong relationships with your guests so that they’ll not only enjoy your event, but build a connection for future engagement. This means making sure each interaction with your event is simple and easy.

Your registration software should allow you to:

  • Seamlessly capture guest information
  • Process credit cards and registration onsite
  • Help guests log into mobile bidding for the auction
  • Provide automated receipting

Creating a positive guest experience builds affinity and encourages them to continue participating in your fundraising. Using auction software will make the entire registration (and later the checkout) process simpler for everyone. Since all your attendee information will be tracked in the platform, registering guests and taking tickets will be easy. 

Cultivate long-lasting relationships with your attendees by leveraging robust auction software with registration features that simplify the process for everyone involved!

3. Procure items that appeal to attendees.

Once you’ve leveraged prospect research and gathered more information about your attendees, you’ll want to use this data to inform your item procurement process. Your organization should already have an item procurement team that finds ideal items that will encourage high bids.

Be sure your team studies the donor data you have available to gain a better understanding of which auction items will appeal to your guest list:

Interests

According to the OneCause guide to auction item procurement, you should understand what your supporters are interested in. People bid on items that are meaningful or useful to them. Consider the hobbies and interests of your supporter base, what’s hot in your area and at other auctions; this provides the big picture on which items they might find appealing.

Income Levels

You also need to choose items that fit into your attendees’ budget. Determine the various income levels of your supporters and ensure you have the right mix of items to meet your bidder capacity.

In order to procure items that appeal to your attendees (based on the data you’ve already gathered), your procurement team should:

  • Leverage personal connections to obtain donated items.
  • Look to businesses and retailers who may be willing to partner with your organization and donate their products or services.
  • Tell your nonprofit’s story and explain your organization and cause to increase the chances of receiving donations.

Your auction software should also allow you to track the status of your donations and keep all of your data in one centralized place. When you stay on top of your data and learn about what items your attendees would be most interested in, you’ll set your event up for success!

4. Tailor your outreach and event based on attendee types.

As a nonprofit organization, you’re probably already familiar with the idea of segmenting your donors. The same idea applies to your auction event attendees. According to the OneCause silent auction planning guide, you should take a multichannel marketing approach, using direct mail, email, social media, and other outlets for contacting and inviting attendees.

But beyond these channels, you should also tailor your outreach and event based on the registration data you’ve been gathering. In order to start forming individualized outreach strategies, look for information like:

  • First-time versus returning guests. Learn which guests are first-time attendees and differentiate them from guests who have previously attended your events. You’ll want to incorporate different outreach strategies for each grouping of individuals. For example, extend a welcome to first-time attendees and provide more information about your organization and its mission.
  • Connections between individuals. Be on the lookout for connections attendees might have with one another. For example, a small business owner who’s attending your auction might have sponsored an event for another group of attendees. Or, they might have attended a university together. Learn where people have connections with each other so you can make them more comfortable at your event.
  • Seating charts. Plan your seating chart so that each staff member involved with the event is seated at a table with at least one important prospect you’d like to cultivate a relationship with. This will ensure these attendees have a personalized and unique experience interacting with your organization and are more inclined to support it.

Running an auction takes a lot of planning and coordinating, especially for your staff. If you focus on forming deeper and more personal relationships with each of your prospects, they will feel valued and become more likely to support your organization.

Tailor your outreach and keep in mind the connections your attendees have with you and with one another. From there, you’ll be on your way to hosting a successful event and raising the funds you need.

Auctions are one of the most impactful nonprofit fundraising ideas you can leverage. When you procure the right items and understand your audience, you can raise a lot of funds in a short period of time. But it’s important to plan in advance and think about how you can make your attendees comfortable, which will lend itself to a positive guest experience and more support.

If you’re looking for more information about planning an auction, check out this guide. Good luck!

About the Author

Joshua Meyer brings over 14 years of fundraising, volunteer management, and marketing experience to his current role as the Director of Marketing for OneCause. Currently, as a member of the OneCause sales and marketing team, Josh manages all of the firm’s marketing efforts. He has a passion for helping to create positive change and loves that his current role allows him to help nonprofits engage new donors and achieve their fundraising goals.

Why Everyday Should Be A #GivingTuesday

everyday giving

The Power of #EverydayGiving!

As we approach #GivingTuesday this year, I’m reminded of how our primal instincts are awakened on days like Black Friday, Singles Day, Cyber Monday, and Prime Day, among others.  Why do brands take advantage of this phenomenon and how do we let days like these get the better of us? Is there something we can do to invert the power curve of these brands?  Perhaps these methods could potentially satisfy our impulse to feel good about ourselves, without the guilt of consumerism!

In this blog, let’s evaluate a few important concepts of “Everyday” Giving. Is there something special about habitual days of shopping or giving? Can sophisticated psychographics and neural-marketing techniques can be evoked for social good? While we continue to splurge on things that allow us to live comfortably, learn continuously, we should enable each one of us to  have a great impact on society at large.

It turns out, tricking our brain is quite easy to do. Brands take advantage of it all the time. In fact, a famous delayed gratification experiment, or ‘marshmallow test’ done at Stanford University in the mid 1960’s, explained how behavior could be predicted in children as young as 3-4 years old. The lesser known results from this experiment are, while only 15-25% passed the controlled gratification gate, participants increased their chances of NOT falling prey to their primal instincts as long as they were not directly exposed to the marshmallow (if they didn’t see it, kept it covered, or put it at a distance). The trick was to replace one habit with that of another.  

Walmart has a sign on their stores that says, “Everyday Savings!” – why isn’t this principle applicable to Giving? Why isn’t this method being used to generate billions of dollars in return? So, it’s time we turned the immense power of brand persuasion to our own social and philanthropic advantage. Below, let’s explore how simple it can be to incorporate this process in daily life with existing tools and systems. Every interaction, human-to-machine, human-to-human, machine-to-machine, and machine-to-human, can be turned into a virtuous giving cycle. In fact, some of us may already be doing this and never knew it. As a famous individual observed, the brush in the hand of a great painter is just incidental.

#EverydayGiving: How to Kick-Start this Cycle

Psychologists say doing something continually for 14 days helps retrain the brain to set a pattern. So, here are seven magnificent ideas to help you get in the swing of “Everyday” Giving:

1. Shopping

Your family or corporation can give every time they shop on Amazon. Smile.Amazon.com claims it has already given $145M+ to charities who register themselves on their web “smile” microsite. All shoppers have to do is to bookmark smile.amazon.com on their browser and set it to their favorite charity. Mine, for example, is Pratham USA. So, any time you are feeling indulgent and are ready to splurge, you have the opportunity to give back to your favorite charity. This makes a large powerful corporation support your causes with your patronage, every time you click. 

2. Hopping

You can give every time you order a ride from a ride sharing app! Lyft has a feature called “Roundup and Donate”. It’s a simple 3-second process where you can go to your settings and choose a cause among the charities listed. So, with every Lyft you take, you are uplifting someone, somewhere, all the time. These little round ups accumulate across tens of millions of ride-shares that happen every day. Let’s hope we can extend this idea to Ubereats, Postmates, and other apps.  

3. Tardiness

I am notoriously late for most meetings and I love hating that habit. So, we came up with a simple process at the office where we give every time someone is  late to a meeting. At WealthEngine, we have a generosity jar for $1/minute for every executive or employee who is late. We then take the accumulated money and award it back to  the individual who has been the most tardy (sometimes matched by the corporation), who can then donate it to their preferred cause. We always acknowledge them by saying, “thank you for being tardy, we love your generosity!”

4. Persistence

How about every time we hit “reply all”? There is a company email program that charges for every ‘reply all’ that is meaningless like “thx!” Or “+1” or “?”— trivial interactions that society must benefit from. You can extend this analogy to every moment someone tweets, posts on Facebook, or is active on Instagram.

5. Corporate Matching

Corporations like Salesforce give millions through their 1% pledge. There are also tons of other organizations such as WealthEngine, TOMS, and (RED) with similar movements. One way to take this further is by getting a commitment from every internal promotion, transfer, or hire. There is a socially conscious and responsible 1% given to the individual’s favorite passion.

6. Bills

How many times have you gotten a bill or a check in your mailbox that was $0.19 and you scratched your head thinking if compliance is not withstanding, why would a bank spend more dollars to let me know that I have $0.19 in an account that I never plan to return to? So, New WealthTech companies like Acorn attract the largest spenders in the economy—millennials. Not only are they asking for your spare change to invest (as little as $1), but they will also plant a tree every time you refer your friends who are environmentally conscious. Every time you open or close a bank account you should be able to donate to your favorite cause or charity. The power to leverage one’s networks to fuel the virtuous cycle of Learn-earn-save-give-spend-and-repeat, is a remarkable way to create a socially conscious giving culture.

7. Asset Buying/Selling

For the affluent, every time we buy, sell, stock, or trade our securities, every brokerage house should have a “Donate to the nearest $1000” option. So, if you sell $958 dollars of stock, $32 should go to the charity of your choice. With over $1.6T being traded daily, this could add up to a lot of charity dollars! You can extend this concept into when you sell or buy a house, and one time a year when you fill out the tax-form or renew your license every few years.

You all get the idea now— and I am sure as our community of readers, you have more ideas that can start the chain of #EverydayGiving to make it the hashtag of the year! 

Giving USA 2019 research notes that over $427B dollars gets raised every year, growing roughly at about 2% and never over our 2% as a percentage of GDP. It’s a shockingly large number given that ~70% of that are individual donors and the remaining are corporations and foundations. What is even more shocking is that for every $100 raised, only $4 is retained by that charity or nonprofit. The new donors added to the ‘giving tree’ across the United States  was roughly 86,000 new donors across a population of 325M living in about 180M households. Just a 1% change in behavior across these households in everyday living, can change the needle of giving and turbo-charge the virtuous cycle. 

Our famed data scientists at our WELabs tell me that our data and models suggest that if we just enabled these seven magnificent ideas and believed a $20/month across 180M households and adjusted for inflation and cyclical spike in spends for #BackToSchool, #Christmas, #Thanksgiving spends, that we can drive upwards of $6 trillion annualized dollars for #EverydayGiving! As they say: a penny saved is a penny earned!

That is the power of the collective subconscious! So, let’s start making a habit of giving every day. 

#EverydayGiving

WealthEngine Announces a Major Upgrade to Industry’s Leading Prospect Engagement Platform For Nonprofits and Financial Institutions

With this new release, WealthEngine strengthens its industry leadership position by introducing WealthSignal™ among other new capabilities, and fresh data driving prospecting effectiveness, and conversion rates for 3000+ clients.

BETHESDA, MD – November 25, 2019 – Today, WealthEngine released its highly anticipated upgrade to the industry’s leading prospect engagement platform, WealthEngine9 (WE9). Launched at the Salesforce Dreamforce conference in San Francisco last week, in this release, WealthEngine introduces industry’s first and only WealthSignal™ helping clients get a single window into their prospect’s wealth profile, fresh data on emails and phones, major update to charitable donations history, and more. This release demonstrates WealthEngine’s continuing commitment to empower its clients with a thorough understanding of their prospect’s  propensity, capacity, affinity, and intent.

“At WealthEngine, we continue to drive innovation so that our clients can not only find their next-best prospect, but also determine their next-best action, all powered by our growing investment and expertise in Data Science,” said PV Boccasam, CEO of WealthEngine. “This release demonstrates that we continue to deliver industry leading solutions that are based on listening closely to our clients  needs, particularly around fresh and most accurate data and actionable insights that helps them drive down acquisition costs, and while activating clients in multiple channels to improve their campaign ROI.”

In this upgrade, the WealthEngine9 platform provides several key benefits for its clients, which include:

Know Your Donor or Customer Instantly

On every profile, a new graphic showing that prospect’s WealthSignalTM is now front and center, giving a holistic view of the most important scores including propensity to give (P2G), giving capacity, and net worth. In addition to the scores, the WealthSignalTM also helps clients quickly determine the relative strength of the score across its entire range, providing significant efficiencies in prospecting efforts.

Increase Campaign Lift by Reaching Prospects Where They Are

With 240M+ emails refreshed, 140M+ new personal phone numbers, in WE9 clients have a one-stop shop to reach prospects in all channels – by snail mail, email, phone or in digital channels, enabling users to drive up response rates by deploying a robust omnichannel communications strategy.

Reliable Charitable Donations Data

With this release clients get 165M+ charitable donation records with over 0.5M donations added every month. In addition, unlike other vendors WE9 offers a confidence score on each donation record to indicate the quality of match to that specific profile helping clients make informed decisions. 

Drive Prospecting Productivity with Actionable Intelligence

With this release, WealthEngine is introducing a brand new dashboard that delivers fresh insights such as recently visited profiles, tips, best practices, and latest product announcements. This helps clients to act with confidence in driving their mission forward.

Customer Testimonials

“As someone who has spent years in nonprofit management and fundraising, I found WealthEngine a must-have technology for fundraising professionals. It provides a magnifying glass on prospects arming you with critical insights that help you deal with them so much better when you are building those important relationships. With WealthEngine, it’s all right there, in-depth, and exactly what you are looking for to get a complete picture of the person you want to target.”

 – Patricia G. Eisner, Director of Development, Two Rivers Charter School, and Former Chief Development Officer, Malala Fund.

 

“WE9 is a game changer. It has been my distinct honor to have played a minor supporting role in the evolution of WealthEngine over the past eighteen years. WE9 introduces powerful new features for screening, prospecting, segmenting, and analyzing data to provide immediately actionable results. The platform is cleaner, faster and much more powerful than it was – even a week ago. Bravo to the dedicated team of professionals who listened to what was needed and brought the dream to reality!” 

Dave Chase, Chase Solutions Inc., a WealthEngine Partner

As part of this new release, WealthEngine is also updating WealthEngine Insights for Salesforce, a Salesforce certified app that allows clients to gain a 360 view of its contacts right in their Salesforce environment with over 100+ attributes on wealth, giving, contact, and demographic data. With this update, clients will be able to append custom model scores to their contacts or leads enabling them to model even more precise target audiences driving conversion rates. In addition, the App supports Salesforce Shield™ encryption ensuring end-to-end security for Financial, Healthcare, and other security conscious environments.

About WealthEngine

WealthEngine, for more than two decades, has been supporting more than 3000 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 target 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 API 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, invest, buy or donate.

WealthEngine recently hosted its sold-out second annual WE Prosper Summit, October 1, 2019, at the famed interactive Newseum in Washington, DC. Please visit our website www.weprospersummit.com  for access to industry keynotes. 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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PatronManager Enhances Fundraising Capabilities with Renewed WealthEngine Partnership

New York, New York — November 19, 2019 — Leading ticketing, fundraising, and marketing solution for the arts, PatronManager, a Patron Technology product, announced today their renewed partnership with WealthEngine, an industry leader in prospect intelligence solutions. This integration helps PatronManager clients use U.S. donor data and wealth analytics to better identify and solicit potential donors.

Bringing the power of wealth intelligence research and screening directly into PatronManager, WealthEngine offers direct access to data elements and proprietary wealth profiles on a non-profit’s donors and prospects. With this robust information syncing directly into PatronManager, users are able to access critical, real-time wealth indicators by cross-referencing the past philanthropic giving and lifestyle attributes of 250 million U.S.-based individuals and 180 million households. This renewed partnership will continue to give PatronManager users the tools they need to increase their fundraising efforts, strengthening their contributing revenue.

“Since 2014, PatronManager has worked with WealthEngine, and we’re thrilled to be strengthening this partnership as we move into the next decade,” says Michelle Paul, Managing Director for PatronManager. “We’re excited to continue to bring WealthEngine’s vast library of invaluable insights directly to our clients, seamlessly integrated into our one-of-a-kind system.”

“WealthEngine’s unique insights, such as estimated giving capacity, propensity, net worth, interests, and other wealth and lifestyle attributes, are empowering PatronManager users with a game-changing competitive edge in pursuing opportunities. We are thrilled to continue our partnership to provide value to PatronManager’s clients,” said WealthEngine’s CEO, PV Boccasam.

About WealthEngine

For more than 20 years, WealthEngine has ensured clients engage in highly personalized and precise conversations with their audiences to find prospective donors and drive growth. Using actionable wealth and lifestyle insights, WealthEngine fuels highly-targeted campaigns to deliver measured outcomes that expand their clients audience, decreases acquisition costs and increases revenue, along with the lifetime value of their donors.

About PatronManager

PatronManager’s mission is to revolutionize the ticketing industry by providing arts, culture, and live entertainment organizations with integrated world-class customer relationship management, box office ticketing, fundraising, and marketing solutions, built entirely on the world’s most advanced cloud-based CRM platform – Salesforce. PatronManager has been the fastest growing platform for arts and culture organizations in the U.S. Over 675 organizations use PatronManager, primarily symphony orchestras, theatres, opera companies, dance companies, university performing arts centers, and museums.

About Patron Technology

Patron Technology helps live event organizers create better experiences for attendees and deeper relationships with sponsors through a complete, data-driven event technology solution. Event organizers of different sizes and across different segments use Patron Technology for ticketing, marketing, fan engagement, CRM, logistics, data management, and more.

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PatronManager Media Contact

Aaron Schwartzbord

Director of Marketing

aaron@patronmanager.com

 

WealthEngine Media Contact

Raj Khera

Chief Marketing Officer

rkhera@wealthengine.com

DC Central Kitchen: 3 Key Qualities That Engage Donors

dc central kitchen

DC Central Kitchen, a nonprofit organization that combats hunger and poverty through job creation and training, prioritizes forging genuine connections with their donors. Not for the purposes of soliciting major gifts now, but to ensure positive change for the future. Let’s explore what DC Central Kitchen’s CEO Mike Curtin believes the first rule for all righteous entrepreneurs is.  And how you can use this to inform your donor engagement strategy.

The First Rule for Righteous Entrepreneurs

In 2017, Mike Curtin ideated 8 rules for righteous entrepreneurs. These rules act as a guide to help businessmen and women. Not only to help them remain focused in their incrementalism, but also to help them remain donor and community-centric. What is the first rule? Stand up for your principles even if there are risks.

So, what does a steadfast commitment to your mission translate to in forging personal connections with your donors? By establishing clear principles, the connections you create are to uplift humanity.

Interested in learning more about Mike Curtin’s first rule for righteous entrepreneurs? Catch a recap of his presentation at WE Prosper 2019.

3 Key Qualities that Connect with Donors

As outlined by Mike Curtin, there are three key qualities involved in standing up for your principles that connect deeply with donors:

1. Personal Commitment

Donors invest their interest and funds in organizations that devote themselves to be of service to their mission. So, they want to know what your values are and how your organization commits to it in different areas. By letting your donors observe how you seek to amplify your values, you’re willing to be held accountable by them so you can realize your values in actionable ways.

2. Trust

Donors, when they make their decision to give, want to feel they can rely on the actions and intent of your organization. So, once donors feel they can depend on your organization to follow through on your pursuits, they’re more likely to support your efforts.

3. Transparency

Donors want to remain engaged and aware of your actions as an organization. By remaining open about your practices and actions, donors feel motivated to give to your organization. In short, they see that their gifts will turn into something actionable. Additionally, they will also feel that their contributions will actually have a significant impact. By keeping your donors involved in your journey, and outlining the steps you’re taking to meet your goals, donors can identify the areas in which they can help.

In Practice: How the First Rule Saved DC Central Kitchen

For DC Central Kitchen, their commitment to these 3 key qualities resulted in a major gift of $2M that saved their organization. After receiving news that they would no longer be receiving funding from the city, DC Central Kitchen reached out to prospects and donors. They wanted to continue to function in ways that aligned with and allowed them to stand up for their principles. Although they received recognition from their community, many were unwilling to take action in their support.

However, one donor, who had forged a close bond with a member of the DC Central Kitchen team, wanted to do more. This donor got to know a DC Central Kitchen staff member, discussed her commitment to the cause, and why she chose to contribute to their work.

What the team didn’t know was that this donor’s spouse was one of the most successful fund managers in the country. So, when the organization contacted donors and prospects for help, they turned to them. Not for a gift, but for a bridge loan to get their organization through this contract discussion so they could take the next step. The couple gave them a loan, and not only was it forgiven, but it transformed into a major gift. This was all based on the relationship they had cultivated with that couple.

Importance of Forging Deep Connections with Donors

When engaging donors, it’s imperative to cultivate and nurture relationships with those who align with your values. By segmenting your audience and investing time communicating with those who display interest, donors are bound to give.

In short, that’s exactly what DC Central Kitchen did. By remaining committed to the mission of their organization, they cultivated significant relationships with interested prospective donors. So, these donors didn’t just give to DC Central Kitchen to satisfy a temporary need. Their contribution created lasting change, allowing the organization to continue to serve others. The creation & implementation of a personalized engagement strategy is at the core of connection. It’s what allows organizations to uplift humanity.

Catch a Recap of The First Rule for Righteous Entrepreneurs

Interested in learning more about the best ways to engage your benefactors? Watch Mike Curtin’s talk on the first rule for righteous entrepreneurs, presented at the WE Prosper Summit 2019.

Start Now–>

Money In Motion – Find It, Capture It for Your Retail Bank

Money In Motion

You spend a lot of money acquiring new customers, yet 25% will churn within the first 12 months, and 50% of those will churn in the first 90 days.

By adding just one additional financial product to your customers’ portfolios, you increase retention, protect your client acquisition investment, and build lasting relationships. The challenge is knowing what they’ll buy next so you can personalize your customer journey.

That’s what WealthEngine does. It helps you know your customer in ways you never thought possible. It helps you capture money in motion. Here’s how.

How to Find Money In Motion

Meet Wendy, she’s a wealthy earner not done yet. Her financial journey begins with her first job, her first car, saving for retirement. As Wendy grows, her banking needs change. She marries Henry – a high earner not rich yet – and they start to invest, they buy a bigger house, start a business, and inherit wealth.

money in motion

WealthEngine’s data and analytics help you find the Wendys and Henrys based on the financial product they need and when they need it.

Marketing Strategies to Capture Money In Motion

Using WealthEngine’s deep data and analysis, your bank can discover insights such as net worth, business ownership, inner circle connections, real estate, lifestyle interests, and much more.

Personalize your marketing campaigns by predicting which financial products your customers and prospects are likely to buy next.

Arm your front line with guided knowledge on what to recommend so they have a better first call with clients and identify the best opportunities to build deeper relationships.

Marketing Campaigns to Increase Lending and Deposits

For example, there are nearly 60 thousand millionaires in the Atlanta metro area. WealthEngine can tell you who doesn’t have a premium credit card, or who owns three or more properties, so you can identify top prospects for your platinum credit card or mortgage products. Adding our data to yours will enable you to take customer segmentation to a completely new level.

Another example: find growing families who need more space and are looking for a bigger home or a new car. They are ideal prospects for lending opportunities.

home loan prospects

Identify business owners or accredited investors who are about to have a liquidity event that will increase their investable assets. They are ideal candidates for increasing deposits with your bank.

Our modeling suite can answer key questions to find money in motion like:

  • How to deepen your share of wallet
  • What next best product to offer
  • Who is at risk of attrition

When you know other factors that are influencing a prospect’s life, you can find money in motion. WealthEngine can provide these insights to you.

Get Wealth Data and Model Results Inside Your CRM

This is all made easy with our integrations. You’ll have a 360 degree view of customers right in your CRM. Our API allows for data appends in real-time so that you always have the most accurate view of your customers.

WealthEngine is helping some of the biggest banks in the US reduce their time to close more business and increase their omnichannel marketing campaign effectiveness. We can help your bank find money in motion and drive a measurable impact on your marketing and customer retention investment.

Catpure Money In Motion

WealthEngine can help you find money in motion. Test drive our platform today to see insights you never thought possible.

Millennial Millionaire Report Gains National Attention

WealthEngine’s new Millennial Millionaire Report, created jointly with Coldwell Banker, has been in the news a lot, including national TV and major publications:

Want to see what all the hype is about? Download A Look at Wealth 2019 and get inside the minds of millennial millionaires.

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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