Hospital Fundraising: Diversify Your Strategy for Donors & Prospects
Screening your patients does not make a Grateful Patient Program (GPP) successful. So, you may be wondering: if that doesn’t, what does? The truth is that your hospital fundraising can benefit from looking beyond wealth screening. Custom models are tailored to maximize fundraising revenue across every stage of the donor lifecycle.
Need a refresher on the basics of Grateful Patient Programs?
Want to know how models can maximize results from your screening data? Read More–>
I’m using modeling, what more can I do?
Firstly, you need to diversify your strategy between prospects and donors. In order to do that, you need to understand what makes each group different.
Similarities between the two groups allow you to convert prospects to donors. Thus, your hospital fundraising pipeline can feature qualified leads. For example, let’s say all your donors are over 50, they all live within a 100-mile radius and have a high P2G score. This means that prospects who share these traits are likely to donate to your cause.
The differences between your donors can educate you about what pieces of the puzzle are missing. For instance, you may find that your donors have attended at least 3 events while prospects have not.
What’s The Best Next Step for My Hospital?
You may have used models to rank and qualify your donor base into deciles based on propensity and capacity. This step is foundational. You can propel your hospital fundraising to new heights when you use custom models created for prospects, existing donors, and former donors.
This way, you can maximize the potential in every segment. Furthermore, you can ensure that you are engaging donors in every stage of the lifecycle.
What Healthcare Organizations Have to Say
WealthEngine’s client is a major South Eastern health system. Their hospital fundraising team created a tailor-made model for their annual gala. This model helped them not only understand their list of invitees but also benefit from their inclination to give.
With the model pointing them in the right direction, the annual event went from raising $400,000 to $7.4M in a short time.
Similarly, healthcare organization MMRF saw a three-fold increase in ROI in just two months!
The WealthEngine Difference
With WealthEngine, you are only steps away from creating the perfect fundraiser. When you screen with us, you can add 50+ data points on your donor base that will show you attributes that go beyond wealth.
After which you can build a custom model using WealthEngine’s screening data. By doing this, you can make sure that you’ve started with high precision input and insights. Our modeling process will create a custom algorithm to boost your hospital fundraising.
This means results from the model are not pre-built. They are not just indicative of healthcare donors or the behavior of your donors towards nonprofits in general. They are specific to your donors’ attitudes towards your hospital.
How can I boost my hospital fundraising today?
Follow these three steps to get started today:
Step 1: Screen Regularly
Regular screenings can serve as the foundation for fundraising. Nightly wealth screenings help ensure that you don’t miss any opportunities. They enable you to see a complete picture of a patient’s wealth, lifestyle, and affinities.
Step 2: Segment Your Donor Base
As we’ve determined earlier, a single strategy cannot work on prospects, existing donors, and former donors. Your donor base is a dynamic landscape of individuals within different stages of the lifecycle.
Identify and segment your core donors from sporadic ones. Further, create a segment for all prospects who have not yet given. Lastly, watch out for donors in your system who are at risk for churn or have stopped donating altogether.
Step 3: Build Your Custom Hospital Fundraising Model
You can build a model for each stage in the lifecycle. Prospects can be ranked based on their likelihood to give to a particular campaign. Similarly, donors can be prioritized based on capacity and intent. Lastly, you can identify those former donors who are most likely to come back.
When you understand what these segments have in common, you can tailor your communication in ways that resonate with them. Therefore, diversifying your strategy for each segment allows you to maximize your hospital fundraising.
More Useful Articles