Communication Strategies for Donor Retention

Donor Cycle Image

In times when operational costs for organizations are increasing and donor prospects are lower, the need for a donor retention strategy takes on renewed importance. With the unprecedented economic upheaval and evolving business practices due to COVID-19, finding ways to communicate effectively and retain donors is crucial. Donor retention is part of the ongoing donor process that includes identifying prospects, building relationships, and donor stewardship.

Donor stewardship is the process that occurs once a donor has given to your organization. Stewardship refers directly to the continued communication and relationship building that happens after the initial transaction, which directly affects your donor retention rate. 

This guide covers the importance of donor stewardship in order to maintain donor retention, explains why donor retention is economically beneficial compared to acquiring new donors and how it increases your organization’s rate of return (ROI). The critical components of a consistent messaging plan to facilitate keeping donors informed of the impact their donations are having on the cause they care about and highlighting your organization’s continued appreciation for their support is explored in detail.

Keep reading or “jump” ahead to these sections:

Building and Maintaining Donor Relationships

Donor Cycle Image

Source

  • Beginning the Cycle with Donor Cultivation

Donor cultivation is the process of identifying and engaging with possible prospects, sharing your organization’s mission, and beginning to build a relationship before requesting a gift. Donor qualification determines which potential donors have the ability to give to your organization, and at which level they can be expected to contribute. WealthEngine’s wealth modeling feature works to help determine the status of each prospect, so you can easily identify which areas of your organization will appeal to them and which level of contribution is the best fit. 

The donor cycle begins as soon as a prospect is identified. Help these potential donors familiarize themselves with your organization’s mission, and explain why your cause is relevant to each donor. WealthEngine 9’s Engagement Science feature allows you to utilize personalized information and interact with your donors through targeted campaigns designed to increase engagement.

Insights provided by the WealthEngine 9 comprehensive platform dig deeply into the lifestyle of your donors, so you can understand what motivates them, which allows your organization to create meaningful relationships centered around your mission and your donors’ interests. By analyzing relevant wealth and lifestyle signals, WealthEngine gives you the necessary tools to personalize your campaigns and boost your donor engagement.

Once you have utilized this information to appropriately target your messaging, continue the conversation, and explain why their contribution is important. Provide examples of the impact their support will have and make it clear where their gift will be going. This provides your donors with a clear understanding of their impact. Remember, it is important to find ways to personalize your message to make it relatable to each donor. 

  • Continue to Build Relationships Through Donor Engagement

Once a relationship has been established, it is crucial to continue nurturing a connection between the donor and the organization. Focus on keeping an open line of communication with supporters through consistent emails and newsletters featuring updates of your work and achievements. 

It is vital that the relationship between your organization and its donors be one built on two-way communication. Use all of your communication channels to solicit donor feedback through interactive surveys, polls, and reviews, and be sure to announce when elements of initiatives contain suggestions gleaned from donor feedback. This will demonstrate to your donors that their suggestions are listened to and when viable, acted upon.

Invite donors to events or activities your organization is hosting so they can witness how their gifts are being used. Donor engagement will increase the likelihood of recurring gifts while strengthening your relationships with donors, which will encourage them to remain active participants in your organization.

Cost of Acquisition

Source

  • Increase Your Donor Retention Rate

Once a relationship has been established, donor retention is the process of retaining donors and keeping them involved in your organization after their initial gift. The goal of donor retention is to have donors give more than once and see these donors become more involved with your cause. 

Using the model above as an example, assume the initial cost to acquire a new donor is $85 while the cost of sustaining donors is $12. This graph illustrates how donor retention is economically necessary for a nonprofit to survive, as sustaining donors is significantly less expensive than acquiring new ones. 

The average year-on-year donor retention rate in the United State is 46%, which shows that less than half of all donors remain active after their first contribution. This low percentage illustrates how easily money is lost through poor retention rates, as the cost to onboard new donors is greater than the cost of sustainment. 

It is also worthwhile to seek out donors who can donate their time to initiatives. Just because a donor’s financial outlook may not make them a promising cash donor does not mean that the resources they could bring to the organization as a valued volunteer should be overlooked.

The continued cycle of donor cultivation and stewardship is vital because sustaining current donors has a positive effect on your organization’s return on investment (ROI), and plays a crucial role in your organization’s survival. Maintaining relationships and encouraging donor engagement leads to a higher ROI as your sustainment costs continue to lower and your revenue stream increases during a donor’s lifetime involvement in your mission. 

By continuing the donor cycle past the first gift through communication and strategic donor engagement, the experience donors have with your organization can improve, and your donor retention rate will increase. 

The Importance of Communicating the Impact of Donations

So you’ve received a donation, now what? Making sure your donors see how their gift is supporting your cause will be vital in retaining them for future contributions. Some organizations give the option for donors to specify where they would like their donation to be used. Finding ways to showcase these impacts can strengthen the donor relationship. 

Start with a plan for communicating the value of each donation. Share the ways these contributions are being used to sustain your organization’s guiding mission, while also enabling the pursuit of important new endeavors that align with the values of the organization. 

Continually emphasize how the generosity of your donors makes these actions possible. In the digital age, it is easier than ever to keep in touch with donors, so you can easily focus your social media messaging to showcase the impact that is being made to benefit your cause.

It’s also extremely important not to forget the importance of personal contact. Send a handwritten note thanking your donors for their gifts; have a plan for you or someone from your team to speak with them personally when they attend events, and make a point of discussing all the ways their donations are being used, being sure to listen to any suggestions donors may wish to share. Making the effort to meet and speak with them as individuals and discuss the progress the organization is making thanks to their generosity can make all the difference when it comes to donor retention. 

Communication Strategies for Retaining Donors

Communication is the most important factor when working to retain donors. Focus on maintaining early contact with your donors. Personalization is also vital in nurturing the donor relationship and small acts such as remembering to acknowledge and express gratitude to donors right away, with a quick post-gift follow-up, such as a brief phone call or a personalized email thanking them for their continued support, increases the likelihood the donor will continue to feel connected to your organization and its goals. 

Timing is important, and maintaining consistent and efficient communication will ensure a donor feels seen and appreciated by your organization. Always let donors know that the important role they play in the organization’s success is appreciated and go out of your way to ensure each donor feels welcomed by your group.

Share meaningful content and a consistent narrative. When reaching out to donors to give updates on the impact their support is having, focus on driving your messaging through intentional content. Donors will appreciate, and most likely respond to, action-driven messages rather than fluff, and a consistent narrative illustrating how their gifts are being used will encourage continued donations to your organization.

Ask for donor feedback by conducting surveys and polls, and do your best to integrate their suggestions into your work. Don’t be afraid to use your communication lines to ask your donors what they think. Reach out and hold conversations with them, so you can tailor your communication strategies to their needs and avoid donor fatigue

Developing and Implementing a Successful Donor Stewardship Program

Donor Stewardship Program

Source

As you continue to search for new prospects, and implement donor stewardship programs, start by gathering and analyzing your information. Create personalized campaigns, segment donors according to their financial capacity to give and their shared interests, based on insights gathered by WealthEngine 9’s We Analyze tool, which features look-alike modeling, and use this information to create a plan to reach your target audience. 

Find ways for donors to get involved beyond their initial gifts. Reach out when you need volunteers, especially if you have an event coming up that is being funded by their contributions, or when something exciting is happening within your organization. 

Donors who are actively involved in initiatives will see the impacts of their gifts first-hand and feel inspired to continue giving, which increases your donor retention rate. Donors who give of their time also need to feel they have made impactful contributions and be shown that their endeavors are making a difference. Continually prioritize highlighting the impact donor support is having on the sustainability and success of your mission using every form of communication available.

For more information about how your organization can more efficiently search for new supporters while retaining its current donor base and increasing its donor retention rate, check out a free demo of the WealthEngine platform today.

 

How to Enhance Your Video Conferencing Experience

Retail banking image

As offices around the country start planning for a return to the office, many of us are still working remote and connecting with our colleagues and teams via video conferencing. Video platforms like zoom, GoToMeeting, and Google Meet have all become an integral part in the way we communicate and hold each other accountable at a distance. And though video conferencing etiquette isn’t something that’s often discussed during COVID-19, it is something that should be considered while navigating work to enhance your meeting experience.

Over the last few months, we have all been on more video conferences than we can count with many of us working in situations that are out of our control including multitasking with children in the background, pets barking, or living next door to a neighbor who has decided to mow their lawn midday. However, what we can control is the appropriate way to present ourselves. Similar to in-person office meeting etiquette, there is etiquette that should be taken into account when video conferencing.

Consider your headspace.

Although often overlooked, your headspace and the appropriate amount is a big factor in creating a presentable look on a video call. A rule of thumb is to reference the rules of framing that journalists use while capturing their interview shots. In most cases the 90-degree rule or The Rule of Third applies. Similar to interviews, it’s important to ensure the top of your head isn’t cut off and the entirety of your face and head is shown with 2-4 inches of headspace above to spare. Avoid severe profile shots and too much of your body being shown – as you should always be able to see both eyes and the face straight on. Viewers are attuned to seeing someone’s whole face when they speak and profiles are also unflattering to your team.

Backgrounds for video conferencing.

Not only do we focus on faces when we’re on video, but the backgrounds of others. Busy backgrounds are distracting and can distract others on the call if you let it. We’ve all experienced gazing for long periods of time and strain from spotting things in the background. Similar to shooting an interview, a best practice is to keep it simple and consider a clean and neutral colored background or both while you’re working from home. If you are outside, make sure you’re not video conferencing in a busy area and that the lighting and colors don’t affect your presentation on screen. Another option to consider is creating a company-branded background that you can distribute to your teams and upload via zoom. This is something that doesn’t take too much time and that as a company we have implemented for our Sales division.

Achieve the best lighting.

Proper lighting is a big factor in creating a presentable look during a video conference call. Similar to our eyes, the cameras on our laptops need light to render the best image and achieve the highest quality video possible. When there isn’t enough light or too much light, it can cause cameras to render a lower quality image. It’s important to know how to use proper lighting in order to optimize your video conferencing calls. It’s not necessary to go out and purchase new lighting; any amount of sunshine or room lighting will do. However, minimizing distraction as much as possible and avoiding poorly lit rooms, which can result in harsh shadows or glares on video is best. Proper lighting eliminates this and keeps everyone focused on the speaker and current meeting.

Minimize noise level.

There are many pros and cons of capturing volume from a computer. A con being that all background noise is usually amplified to those who are on the video call. Though a quiet space may be difficult to find during this time, don’t be afraid to use the mute button. Many of us have experienced audio fading in and out while video conferencing or someone working in close proximity to their partner. It’s always worthwhile to test your volume prior to joining a call as this can make a huge difference. Still experiencing issues? Keep a phone nearby and stay dial-in ready.

Adapting to a changing work environment over the last few months has taught us a lot about the resiliency of our teams. No matter what you’ve experienced in the past, implementing these tips going forward during your next meeting can enhance your video experience and take your meeting to the next level. 

 

How Healthcare Organizations are Pivoting to See Fundraising Success in a COVID-19 World

WealthEngine caught up with ChristianaCare’s Vice President of Development Gordon Brownlee and Spectrum Health’s Director of Finance and Operations Greg Workman to talk about how healthcare organizations are successfully navigating today’s challenging environment due to COVID-19.

View the Executive Briefing On Demand

Tune in to learn:
  • Guidance on developing a Caregiver Relief Fund for those on the front lines
  • How ChristianaCare is coordinating hundreds of PPE donations, including face masks, shields and gloves
  • A strategy to look for new donors within your community and ways to optimize your messaging for fundraising as a result of COVID-19
Gordon Brownlee
Vice President of Development

ChristianaCare

Greg Workman
Director of Finance and Operations

Spectrum Health

Raj Khera
EVP and Chief Marketing Officer
WealthEngine
Raj is a past CEO and co-founder of several software businesses, two of which were acquired by public companies. At WealthEngine, he helps to create more value for customers through thought leadership and game-changing product enhancements. He is passionate about supporting higher education and cancer research and volunteers his time at the University of Maryland and local schools.

 

5 Critical Steps for Successful Giving Tuesday Now Follow Up

These 5 critical steps for your Giving Tuesday Now follow up will increase your fundraising beyond what you capture from initial donations.

Giving Tuesday Now follow up

As many nonprofits send appeals for donations to help in their response to the massive economic downturn caused by COVID-19, most will not know the true potential of their donors. You can fix this. Use these steps to generate bigger donations from your Giving Tuesday Now follow up efforts.

1. Share Your Impact in #GivingTuesdayNow Follow Up

You may have a set of thank you letters to use in your initial Giving Tuesday Now follow up. Send your emails and letters out quickly to acknowledge donors for their contribution. If you received donations electronically, send your follow up by email. For paper check donations, respond in kind with a printed letter.

Mention the impact you are having. Donors want to feel that their contributions are making a difference.

giving tuesday now toolkitFor more messaging ideas, use WealthEngine’s Giving Tuesday Now Toolkit, which contains many templates that you can copy/paste and edit to customize your words.

2. Screen Donors to Know Who Can Give More

You will get donations of all sizes, $10 or $1000 or more. How many can – and would – give far more than $100? How many are millionaires and should be targeted for major gifts? There’s a very strong likelihood that if you nurtured these high capacity donors properly, they would donate more.

Find the Major Gift Donors Hiding in Your #GivingTuesdayNow List

Nurture donors with high estimated giving capacity and propensity.

Leslie VanSant, Chief Philanthropy Officer, at the Rainforest Trust had a donor who regularly gave a small donation, under $500. She did a simple check in their WealthEngine account to see this donor’s estimated giving capacity. Leslie saw that the donor had much greater potential than her past donations. This was an opportunity for building a stronger relationship.

Through personalized engagement resulting from her wealth screening using WealthEngine, the Rainforest Trust soon got a $25,000 donation from this donor.

Listen to Rainforest Trust share their strategic plan that enabled them to grow from 1000 donors per year to 1000 per week →

After your donations from Giving Tuesday Now are in, it’s time to investigate. You now have the opportunity to nurture many new donors who can give much more than they gave.

Screening your donors for their actual giving capacity and propensity will be the most important thing you do in your Giving Tuesday Now follow up. It can double or triple the funds you raised.

If you use Salesforce, get the WE Insights for Salesforce connector to append your donor record with these details instantly. For other tools, use WealthEngine’s API to save time and get all of the information you need right inside your CRM/DMS.

3. Take a Closer Look at Your DAF Donations

Fidelity Charitable reported that during the first 4 weeks of lock downs and economic turmoil, donors of their Donor Advised Fund gave $90 million to help nonprofits deal with COVID-19 issues. So, they challenged their donors to hit $200 million by today. Compare this to $60 million that was donated in all of 2017 in response to the seven natural disasters that year, such as the California wildfires and Houston floods.

Listen to Fidelity Charitable share the exact steps you can take to get donations from DAF donors →

Donors who participate in a Donor Advised Fund generally have a higher giving capacity than what they donated to your organization. Fidelity reports that their average donor has $17,000 in their DAF. Vanguard’s minimum amount to deposit in their DAF is $25,000 whereas Fidelity and Schwab have a $5,000 initial minimum.

When you receive a donation through a DAF of $50 or $500, it’s time to learn more about your donor. They should get special attention in your Giving Tuesday Now follow up. The simple fact that they used a DAF indicates that they likely can give more.

People use DAFs to set aside cash for future donations while taking the tax deduction on the total set-aside amount at once. This allows donors to decide which charities they want to support over time. With the havoc caused by COVID-19, DAF donors are being quite generous.

DAF donors often include their personal name in the donation. Use this to research the donor’s actual giving capacity.

wealth signal

This adds to the information in your donor segmentation analysis so you get a clear picture of where to put your efforts.

4. Use a Donor Pyramid to Project Your Fundraising Potential

It is time consuming to nurture major donor prospects. With limited bandwidth, you and your team want to focus on the most promising opportunities for growth and expansion. Donor segmentation can be hard.

A donor pyramid is a wonderful solution. It can help you segment your new donor list to create a prioritized list of prospects. For many organizations, this is a manual exercise that requires knowing the scores, capacity, propensity and other information about donors.

WealthEngine’s upcoming release makes creating your donor pyramid very easy. Rather than manually sorting and segmenting your donors, our new Donor Pyramid Modeler allows you to see which donors fit into each giving tier instantly.donor pyramid

This saves you weeks, even months, of grueling hours manipulating spreadsheets and digging into the backgrounds of your donors.

The Donor Pyramid Modeler can automatically screen your Giving Tuesday Now list for appropriate follow up. Using data from WealthEngine’s scores and insights, you will know which new donors to nurture for additional giving. Appropriately assign them to your major gift or planned giving officers, or keep them on your annual fund campaign list.

Reserve your seat for a free Donor Pyramid Modeler trial →

You will also see the total giving capacity of your Giving Tuesday Now donors so you know your full fundraising potential. Try it and see how quickly it can help you find your best donation opportunities.

5. Identify the Shortest Path to Reach New Connections

WealthEngine’s connections enable you to see who in your circle of close contacts can put you in touch with others you are trying to reach.

You can find common connections through personal relationships, other nonprofit board members, and professional activities.

Our client constantly report high ROI and big increases in fundraising once they start using WealthEngine. Even in a climate with tight or frozen budgets, bringing in donations is the key to your survival. A tool as powerful and easy to use as WealthEngine can mean the difference between funding new initiatives or turning off your lights.

Request a WealthEngine Demo Today →

How This Nonprofit Grew from 1000 Donors/Year to 1000 Donors/Week

WealthEngine caught up with Leslie VanSant and Michelle Husko of Rainforest Trust to talk about how they have transformed Rainforest Trust into a world-renowned fundraising organization.

View the Executive Briefing On Demand

Tune in to learn:
  • The strategy that grew their donor base by 50x in the last decade
  • How they use data to convert small donations into major gifts
  • The messaging and tactics they found to have the most impact
Leslie VanSant
Chief Philanthropy Officer
Rainforest Trust

 

Michelle Husko
Director of Donor Services
Rainforest Trust

 

Raj Khera
EVP and Chief Marketing Officer
WealthEngine
Raj is a past CEO and co-founder of several software businesses, two of which were acquired by public companies. At WealthEngine, he helps to create more value for customers through thought leadership and game-changing product enhancements. He is passionate about supporting higher education and cancer research and volunteers his time at the University of Maryland and local schools.

 

How to Reach DAF Donors Who Are Funding Millions in Response to COVID-19

WealthEngine caught up with Amy Pirozzolo, Head of Marketing at Fidelity Charitable, to find out how healthcare organizations and educational institutions can get in front of donor-advised fund donors during this critical period.

View the Executive Briefing On Demand

Tune in to learn:
  • How DAFs work
  • Examples of how other organizations are reaching DAF donors
  • What your organization can do right now to get donations from DAF donors
Amy Pirozzolo
Head of Marketing
Fidelity Charitable

 

Raj Khera
EVP and Chief Marketing Officer
WealthEngine
Raj is a past CEO and co-founder of several software businesses, two of which were acquired by public companies. At WealthEngine, he helps to create more value for customers through thought leadership and game-changing product enhancements. He is passionate about supporting higher education and cancer research and volunteers his time at the University of Maryland and local schools.

 

Financial Advisor Prospecting As COVID-19 Lockdowns End

financial advisor prospecting

There’s no denying the coronavirus disease (COVID-19) pandemic has changed many aspects of how we conduct business. With 29% of workers now able to work from home, compared to  just 7% who had that capability before, your approach to financial advisor prospecting needs to take into account new ways to reach people.

McKinsey reports that 89% of consumers feel their routines will return to normal in two months. As the country slowly comes out of COVID-19 lockdowns, the way you approach private wealth management prospects will be different. Thanks to WealthEngine’s Prospect Research machine learning technology, you are better equipped to handle these rapidly changing and challenging times than ever before.

A 90-Day Financial Advisor Prospecting Plan

This guide covers best practices for financial advisor prospecting. We will go over easy options, like content marketing campaigns, educational webinars,  and video conferencing. We will also go into cross and upselling to help you accurately target financial advisor prospects who are most likely to turn into clients. 

Most importantly, we will touch on how you can quickly segment your existing clients and prospects by expansion potential based on estimated investable assets, net worth and other wealth insights. Using data and predictive analytics to know your prospects, you can speed your time to closing new deals dramatically. These options are included in the wide range of advanced analytics provided by WealthEngine.

Download WealthEngine’s Guide to Financial Advisor Prospecting in a COVID-19 World

Best Practices for Financial Advisor Prospecting

Even during times of extraordinary circumstances like the COVID-19 pandemic lockdowns, it’s important to remember the basics when it comes to prospecting.

The first step is to narrow your focus to the specific customers you need to reach. Understand your target market and find common elements between those leads. 

Doing this will make you better equipped to define your ideal client within the current market. Armed with the information gleaned from your lead research, you will be ready to begin prospecting.

Create Content Marketing Campaigns

With your ideal private wealth client in mind, start creating content marketing campaigns. Write content that speaks to the issues your target customer is facing. Send them emails with financial tips on ways to cope as we ease out of the pandemic lockdowns.

Topics for financial advisors or brokers to consider exploring with their clients include:

  • Should you review your risk tolerance in light of recent heavy market swings?
  • How can you reduce debt to increase available cash?
  • What considerations should you take into account to rebalance your portfolio?

Prove yourself to be a valuable resource, consistently providing answers to the questions customers most often ask. When they’re ready to convert, you will be the foremost expert in their minds and they will trust the information you give. 

WealthEngine can help you strategize your campaigns by assessing your existing business processes and identifying potential problems and opportunities. WealthEngine helps you design and implement financial advisor prospecting campaigns through advanced data modeling and predictive analytics. For example, our proven system helped one of our clients increase average email open rates by 25%. Another client reduced the number of touches to get an initial meeting with a prospect from 5 to 2.7. They did this simply by knowing unique insights about prospects that only WealthEngine is able to provide.

Host or Participate in Financial Educational Webinars

The inclusion of educational webinars in your marketing campaigns is a demonstrably effective tactic for increasing your marketing content audience. A whopping 72% of customers admit they would prefer to learn about services via video: It is one of the best ways to get clients to consume your content.

Share the educational information – don’t sell! Host webinars on timely topics like those listed above. It will keep you top of mind and help potential customers understand why they need your services.

If creating fresh content requires too much time or slow internal approvals, share insights from your company’s web site or other content from reliable sources. You can post them on LinkedIn or other social media channels and provide commentary with a call to action.

When you pose timely questions, like the ones suggested above, you increase your chances of encouraging conversations with the right prospects. Then, coupling that outreach by focusing on the right audience segments using WealthEngine, you can reach high net worth prospects who may not be having with their existing financial advisor and could turn to you for advice.

Schedule Virtual Meetups

A certain percentage of people still prefer to meet face to face when consulting someone about their finances. Of course with social distancing measures, connecting with clients in person isn’t an option.

As a solution, you should offer digital meetups using video conferencing software. This technology allows you to give customers the personal interaction they’re looking for while keeping you and your clients safe. 

Leverage Your Current Customer Database

If you haven’t already, now is the time for you to cross-sell your current customers. Around 65% of a company’s business comes from existing customers, making them an ideal place to go when you start prospecting. While your existing clients have invested a portion of their assets with you, you can increase your total assets under management by exploring how well your clients’ other investments are doing.

A good place to begin would be to make a list of all the services you offer and choose one to prioritize. Then, take your current customer list and filter down to those who aren’t currently using that service or are not getting as high a return on investment that you are providing. If you find they’re a good fit, open up a dialogue with these targeted clients about your chosen service.

By applying WealthEngine’s lifestyle insights, you can start dialogs that relate to saving for college education, vacation homes, retirement plans, and philanthropic pursuits.

Upsell Modeling

Take the manual work out of finding potential cross-sell opportunities through filtering with WealthEngine’s upsell modeling wealth intelligence data analytics. It builds a formula which predicts and identifies upgrades or complimentary services that will appeal to your current clients. During the COVID-19 pandemic, automating your processes will help decrease your overhead costs. This will make financial advisor prospecting yield a much higher ROI. 

WealthEngine’s Inner Circle Feature

WealthEngine provides you with yet another way to leverage your current client list with its  Inner Circle feature. Simply upload a list of your closest contacts and let Inner Circle create a list of their connections. 

Once you have this information, you can ask the Inner Circle for an introduction to the secondary connection. This feature enables you to find the shortest path to a prospect by seeing their personal, nonprofit board, and personal connections.

The WE Analyze Tool and Look-Alike Modeling

It can be difficult and time-consuming to find new customers, even when we’re not battling a pandemic. With WealthEngine’s highly effective WE Analyze Tool, you can take advantage of look-alike modeling to create a list of your top sales leads based on the ideal characteristics of your target customers.

Even if your data is incomplete, WealthEngine will fill in the gaps with data on potential clients’ wealth, lifestyle, interests, and more. Then, WE Prospect scans your current customer lists to find new ones with those same traits. This is look-alike modeling, and nobody does it better than WealthEngine.

Use Predictive Analysis to Find Financial Advisor Prospects

WealthEngine’s predictive lead analysis compares new lists against your best customer list. Everyone on the new list is scored in comparison to your best customer list, then divided into segments. 

Using segmented lists enables you to prioritize your financial advisor prospecting efforts and concentrate your resources on the highest value prospects first. This saves time by pinpointing  your most valuable leads based on their likelihood of conversion.

Artificial Intelligence and Machine Learning

Using Artificial Intelligence to aid with prospecting will help you build predictive models by analyzing your database. These models can then be used to identify your next best prospects without requiring you to do the manual work. Machine learning continues to make your lists better through its rapid learning process.

Since artificial intelligence powers the WE platform, it’s able to quickly analyze records much better than you could manually. For example, if you provide a list of 200,000 people with over 50 attributes for each person, the AI could quickly handle this request and rapidly give you feedback. Again, the more you do this, the better machine learning will refine your unique model.

Help Your Community

During this time, financial advisors should go beyond their usual community outreach programs. Your goal is to extend a hand that helps relieve stress and aids others as they struggle to make it through these economically uncertain times. For example, you could reach out to your clients and connect them with people who can assist with mortgage refinance. 

Even comparatively small gestures such as offering to grab groceries for elderly customers goes a long way toward building trust in the community. Of course, doing these things won’t give you immediate leads. However, if you’re able to go the extra mile, once this pandemic is over, your neighbors will remember your name. 

WealthEngine’s Financial Advisor Prospecting Software

WealthEngine’s predictive prospecting platform helps you focus your financial advisor prospecting funnel. The platform serves as a valuable educational tool that keeps your current customers informed while identifying new opportunities. Our filtering and modeling systems are unmatched and will help you successfully find, reach out to, and close new prospects.

Our application program interface (API) will connect seamlessly to your current customer relationship management (CRM) tool, such as our WE Insights for Salesforce, or other systems to ensure data is updated in real-time, giving you the most accurate view of your customers. WealthEngine is easy to use so you can spend your valuable time building relationships, not looking for new leads.

To get started with highly effective financial advisor prospecting using wealth data and analytics, contact WealthEngine today.

High-Conversion Fundraising Tactics & Messages During Coronavirus Times

WealthEngine caught up with Rick Dunham, Chair of the Board of the Giving USA Foundation, to talk about what organizations can do to boost fundraising amidst the coronavirus outbreak.

View the Executive Briefing On Demand

Tune in to learn:
  • How organizations are pivoting to raise funds right now
  • What kind of messaging is working to increase conversions
  • Specific actions your organization can take in this tight market for dollars
Rick Dunham
Chair of the Board, Giving USA Foundation
CEO, Dunham+Company

Rick is a 40-year veteran in marketing, fundraising and organizational development for nonprofit organizations. After serving for 11 years in nonprofit management and fundraising leadership roles, Rick began his consulting career in 1989. In 2002 he founded Dunham+Company, which has become a global leader in providing fully integrated marketing and fundraising strategies for nonprofit organizations.

Raj Khera
EVP and Chief Marketing Officer, WealthEngine
Raj is a past CEO and co-founder of several software businesses, two of which were acquired by public companies. At WealthEngine, he helps to create more value for customers through thought leadership and game-changing product enhancements. He is passionate about supporting higher education and cancer research and volunteers his time at the University of Maryland and local schools.

 

4 Ways to Prospect That Will Enhance Your Outreach

ways to prospect

Using wealth and lifestyle insights along with predictive analytics, you can gain a deeper understanding of your current and prospective donors and customers. Our rich data can help you personalize your outreach and improve your sales, marketing, and fundraising efficiency. Here are 4 ways to prospect that will benefit your everyday processes:

1. Use Look-Alike Models to Help Your Staff Understand Your Existing Customers or Donors Better.

Wouldn’t it be nice to better to gain a holistic understanding of your audience with a 360-degree view of their wealth, lifestyle, demographics, and contact information? That’s where wealth models come in.

A model is a custom algorithm designed to uncover what makes your top donors or customers unique. Using a wealth model, you can pick up on the commonalities and characteristics that make your donors unique. There are two ways to prospect with custom algorithms: through descriptive models or predictive models. In the case of wanting to gain a clearer impression of the characteristics of your top donors or customers, descriptive models allow us to take data you already possess and show you commonalities and unique qualities of your donors or customers.

But let’s take this a step further. Using a look-alike model (which would be considered descriptive), you can pinpoint individuals who display similar characteristics to your best donors or customers. This could be based on factors like giving capacity and demographic and lifestyle data. This can help you identify prospects, both within and outside your existing base, who resemble the donors from your chosen segment of ideal existing donors.

2. Screen Your Database to Maximize the Effectiveness of Your Outreach Efforts

Our solutions help you segment our those who have the greatest capacity and propensity to spend or give at your company or organization. This leads us to our second effective way to prospect: wealth screenings.

A wealth screening is the process of attributing wealth-related information to a list of your contacts. In doing so, you gain a greater understanding of their propensity and capacity to give or spend. So, when you append your list of customers or donors with traits related to wealth, you’ll be able to gain a greater sense of who to reach out to.

You can also do this by leveraging WE Analyze. Using Analyze, you can evaluate screening data on your existing customers and donors. This gives you a clearer picture of their distinct characteristics and traits. This will help you easily visualize who your loyal constituents are; help you learn more about them; and create a buyer or donor persona. This will help you identify prospects who would be likely to give to your organization.

In short: wealth screenings provide you with additional information about an individual’s wealth. So, besides gaining a greater understanding of a person’s income, you can also gain insights into their interests, real estate holdings, estimated giving capacity, and giving history. All of these traits give you a better impression of which prospects to pursue. This will further enable you to target the right people with the right ask at the right time.

3. Leverage Predictive Models to Gain Deeper Insights into what makes your audience tick.

Another incredibly beneficial way to prospect is by leveraging predictive models. These models can help you uncover top donors or customers just like your best. This will allow you to personalize your messaging ensuring your communications are resonating with your audience and increasing the effectiveness of your outreach.

Unlike descriptive models (models created using your existing data), predictive models are custom algorithms created by the WealthEngine data science team. With these unique, tailored algorithms, we can predict who is most likely to give or spend to your organization specifically.

So, let’s say (once you’ve used a descriptive model) that you find that your top donors or customers are men over the age of 50 who own two pets. That’s what your best constituents look like. After gaining these insights, you can use a predictive model to find constituents who best match this persona. This can come from within your database or within our prospecting database. So, you can gain greater insights about the interests of your audience and determine which net new prospects would be most likely to give or spend with you.

4. Segment Your Database to Improve your Sales and Marketing Efforts.

Our rich data provides what you need to confidently and effectively segment prospects and personalize outreach. So, once you’ve conducted a screening, you can divide your audience based on different attributes. This can be based on demographic traits or their propensity or capacity to give or spend.  So, by bucketing your donors based on their commonalities, you can figure out effective ways to engage them. In short, this will increase the efficiency of the department and streamline your processes. Additionally, it will help you build pipeline and close deals or gifts quicker.

The Best Way to Boost Your Prospecting Efforts?

Test drive WealthEngine to find your next best prospect! Discover their Propensity to Give (P2G), Estimated Giving Capacity, Connections, and more.

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

Nonprofit Events: 5 Ways To Transform Event Participants into Donors

nonprofit events

Hosting fundraising events can be a great way to build support for your cause, identify new prospects, build a relationship with new donors, and build your base of support. Whether you work for a charity, hospital, university, theater or advocacy organization, now is the time for you to create a plan for how to transform your nonprofit event participants into donors.

Here are 5 steps to consider when planning your nonprofit event to find new event participants; identify fresh prospects; and maximize your relationship with existing event participants:

1. Promote your nonprofit event via social media to find new participants.

Don’t put on the same event for the same participants who are donating year after year. It’s important to find new constituents to invite to your events. So, by casting a wide net you will find prospects who are interested in your cause or activity and, with the proper follow through, they can be turned into donors.

Publicize your nonprofit event on Facebook, Twitter, LinkedIn, etc. Be sure to include a call to action with every post, either a way to request more information or to register directly on your website.

Have your loyal supporters and advocates publicize your event for you to ensure it is being viewed by as many eyes as possible. By asking existing event supporters and past participants to share the event via their own social networks, they are giving your nonprofit’s event a credible voice by publicly showing their support and also finding you new participants (and new potential donors!).

2. Build out your invitation list and find new high potential prospects to participate.

As you build out your event invitation list, consider ways to expand your universe to include more high potential prospects. Be sure to leverage board relationships, and consider tools that will inform you of who in your board’s circle of friends might participate, as you work to strategically develop this list.  Consider new avenues to pursue as you market the nonprofit event broadly, such as local interest groups and clubs.

Questions to ask yourself might include:

  • How do I find new constituents with high giving potential that might be interested in my event?
  • Which are the most capable prospects to invite to our nonprofit event?
  • Who do our board and other VIPs know that may respond to a personal invitation to our event and who should ask for their participation?

3. Screen event participants before and after your nonprofit event.

It is important to review your event participant list both before and after your event. This ensures that you know the financial capacity of participants and that no wealthy prospects slip through the cracks.

As you get to know your list inside and out and identify the participants with the highest giving potential, develop a plan for your high potential prospects. Consider inviting them to pre- or post- event VIP activities, such as breakfasts or post-event celebrations. If the idea of planning an event around your event is too much for you, consider sending invitations for meetings or “grabbing coffee” a week or two after the event itself. Personal follow through with each high–potential prospect is a must to create ongoing engagement and to understand the individuals’ motivations and interests.

4. Use metrics as you wrap up your nonprofit event for the year.

Applying analytics to your event list for both segmentation and tracking is crucial as you wrap up the event and before you move on to your next big challenge – the ask. Metrics to consider include:

  • Event Return on Investment (ROI)
  • Cost to Raise a Dollar (CRD)
  • Cost per person for event
  • # of gifts received from event
  • % of giving from event
  • Dollars contributed from event
  • Average event gift size
  • Event cost

Be sure to segment your nonprofit event list to determine who needs immediate follow-up, based on their wealth profile. The more active you are in your efforts to stay in touch, the easier it becomes to begin building a relationship with your donor.

5. Once you know enough, make the ask!

Before asking your prospect for a substantial gift, there are a few questions you want to be sure are already answered:

    • What is this donor’s interest or passion and where does it align with our mission?
    • Which project will they be most interested in funding?
    • What is the correct ask amount for this donor? This should be in harmony with the project or need you are seeking funding for. This should also be aligned with your donor’s capacity to give.
    • Who should be involved in the solicitation? The president or CEO? A board member? A friend or colleague?
    • Is this the right time to ask?
    • Who else may be involved in their decision to give? A spouse? Other family members? Financial or tax advisors?
    • How does s/he want to be recognized for a gift? Knowing their stewardship desires before asking for the gift ensures you handle any gift negotiations appropriately, and also that you accomplish post-giving appreciation and recognition in the most meaningful way for the donor(s).

Transform Your Development Program By Growing Individual Gifts

Uncover the most effective tools you can use to expand, strengthen, and track your organization’s individual giving program.

When you know the answers to these questions in advance, you will be making a solicitation that is hard to say no to.