WealthEngine is Much More Than an iWave Alternative

iWave alternative

WealthEngine is Much More Than an iWave Alternative

August 16, 2019
Sharanya Venkatesh

If you’re looking for an iWave alternative, look no further than WealthEngine. WealthEngine offers a superior customer experience. Whether through rich data, predictive prospecting, or API integration.  WealthEngine9’s Engagement Science will propel your wealth-aware campaigns to greater heights.

What is WealthEngine?

WealthEngine is an all-inclusive solution that allows clients to search, screen, analyze, model, and target prospects. With 20+ years in the industry, WealthEngine combines data accuracy with convenience. You can gain actionable insights on your contacts. Insights include wealth attributes such as net worth range, estimated giving capacity, as well as propensity to donate, invest, and spend. Further, it also includes insights on demographics, lifestyle, interests, and affinities. What’s more, you can integrate all these instantly in your CRM.

Clients have preferred WealthEngine compared to other leading SaaS companies such as Blackbaud, Donor Search, or iWave as it’s of better value.

In fact,  one client recently spoke to us about their experience. They found that their previous solution’s breadth of data and accuracy were lacking. The “free” version that the solution offered was not enough for what they needed. They realized that they would ultimately have to upgrade to get their needs met. So, they would have ended up paying a very high price for what seemed like a great deal at first.

More than Just an iWave Alternative

WealthEngine is much more than an alternative solution to iWave.  WE9 can offer you unmatched convenience. You can screen and prospect within the same solution. Plus, you can also conduct in-depth analyses, build models, generate insights, and benefit from predictive prospecting.

WealthEngine

The seamlessness of using WealthEngine even extends to your own CRM. At the click of a button, you can add powerful wealth insights on your contacts. This is possible through our API integration.

For instance, an operations team at a national nonprofit used WealthEngine’s API. Their aim was to automatically screen donors and update donor profiles. They were able to achieve this without leaving their Salesforce dashboard.

Furthermore, these API powered insights are delivered in real-time. For instance, let’s say a prospect interacts with your website. The API can immediately tell you more about them so that you can deliver a personalized experience. Personalization is the key to increased engagement and lowered conversion costs.

There are several benefits to adopting WealthEngine’s insights over iWave’s. Let’s explore how these benefits can make a difference to your data-driven campaigns:

More Data Sources Leading to Comprehensive Wealth Intelligence

iWave uses 14 data sources to provide 38 separate databases. Going beyond an iWave alternative, WealthEngine uses over 50 data sources. That is nearly 4x that of iWave. Furthermore, WealthEngine provides a 90% match rate, generating comprehensive profiles.

iWave has 1 billion data points compared to WealthEngine’s half a trillion data points. Further, WealthEngine has 165M+ charitable giving records and adds 500,000+ monthly.

Pre-Built Profiles Saving Your Team Valuable Time

Additionally, WealthEngine has 250 million pre-built profiles for prospecting. Profiles offer breadth and depth of insights as they are built from over 1,800 attributes.

wealthengine iWave

In comparison, iWave does not provide pre-built profiles. Instead, users must “customize” profiles. This means you will need to manually compile donor profiles from each of iWave’s databases.

What does this mean for you?

By choosing WealthEngine, your team does not have to go back and forth between various databases.  The platform curates all data and places it into a profile for you. A profile provides you a 360-degree view of your prospect. Your team can now focus on reaching out to the right people, instead of tedious tasks.

For instance, The Animal Humane Society needed a 360-view on 50,000 donors each year. WealthEngine was able to build profiles with several data points. This integrated view led them to double the number and value of major gifts.

More Predictive Wealth Scores

iWave provides past charitable giving data. This means that each iWave score fails to identify potential donors. Failing to identify those yet to give creates missed opportunities.

As an alternative to iWave, WealthEngine’s set of ratings and scores is a reliable predictor. They can help you forecast major gifts, planned giving, trusts, and annuities.

For example, St. Vincent’s Hospital Foundation was able to use WealthEngine’s P2G score. These scores helped them identify top prospects leading to a 62% increase in $10k gifts.

Superior Relationship Mapping via Inner Circle

WealthEngine’s Inner Circle makes it a strong iWave alternative. There are 2 billion connections linked to constituents. So, you can discover relationships within your existing contacts. To compare, iWave offers 7 million “influential” profiles for you to prospect from.

inner circle

For example, Center Theater Group used Inner Circle to find links between donors and board members. As a result, they were able to build out a stronger donor pipeline. They gained a 36% YoY increase in overall donations. These dollars specifically came from new gifts.

Benefit of API for Real-Time Screening

iWave does not have API enabled for real-time screening of donors. They offer an FTP where you will need to add your lists and wait for an email confirmation.  iWave’s FTP does not serve as an alternative for API integration.

WealthEngine has a self-service API that allows real-time access to wealth data. This means that you can get a wealth of insights as soon as someone interacts with a touchpoint. These could be instances like somebody visiting your website or registering for an event.

API integration

In fact, The Humane Society used WealthEngine’s API to gain great benefits. Their average donation amount grew by 100%! Similarly,  mid-level donations grew 20%, and their “Planned Giving Program” by 49%.

WealthEngine Offers More CRM & DMS Integrations than iWave

iWave offers 5 integrations: NXT, Salesforce, Neon, Tessitura, and Gravyty. In comparison, WealthEngine gives you the power to choose from over 35 integrations. Any of these can help integrate our solutions directly into your CRM and DMS platforms.

WealthEngine also has complete integration into Salesforce. You can find the connector app in Salesforce’s app store.

For instance, Loyola Health integrated WealthEngine into their DMS, BSR Advance. The integration allowed them to perform daily patient reviews and validations. This allowed their prospect managers to receive actionable, timely reports on key prospects. Tony Englert, their VP of Development & External Affairs has said,

“Everyone knows that gratitude decreases with time; we have instituted a proactive strategy for moving on the data in a timely and integrated manner.”

Data Security Makes WealthEngine a More Secure iWave Alternative

WealthEngine takes data security very seriously. The platform regularly undergoes rigorous security audits by independent third-parties. Plus, WealthEngine has SOC 2 Type II certification. This is above and beyond industry standard requirements.

Choose WealthEngine to Personalize Your Wealth-Aware Campaigns

This iWave alternative can deliver greater value and convenience. Power up your campaigns with the best-in-class wealth intelligence and analytics solution.

iWave Alternative

 

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Marketing Strategy For Luxury Real Estate: Find Your Next HNWI Buyer

marketing strategy for luxury real estate

Marketing Strategy For Luxury Real Estate: Find Your Next HNWI Buyer

August 7, 2019
Sharanya Venkatesh

Luxury real estate is a growing niche in an uncertain market according to Coldwell Banker and WealthEngine’s State of Luxury report. Marketing strategy for luxury real estate needs to be as diversified as your clientele.  Understand market trends and leverage data to refine your strategy. In doing so, you can increase your conversion rate while lowering costs.

Who is Your Next Millionaire Buyer?

Your next millionaire buyer could already be in your database. Understand UHNWIs and HNWIs who are interested in their next luxury real estate investment. Look for these signs in order to deliver results:

  1. Luxury today is defined by hyper-personalizaton. HNWIs are investing in properties that now feature everything from personal recording studios to in-house art galleries.
  2. Interest rates and price stabilization make luxury real estate less appealing to investors.
  3. Finally, UHNWIs decide based on value, not price. So even when the market indicates a downturn, offerings that are unique and personalized can be seen as highly valuable.

How Your Marketing Strategy For Luxury Real Estate Can Mold Itself to These UNHWIs

The trends described above mean that you need to offer a unique property to each prospect. Further, it also means that you need a clear understanding of what they value. Here is how you can shape your marketing accordingly.

Find Specific Buyers for Unique Homes

Now that you have understood the importance of personalization, you need to do a deep-dive into your database. This should show you what features and specifications each prospect values.

In other words, no two luxury home buyers are the same. You can reduce your time prospecting for your next sale by segmenting your audience. Customer segmentation needs to go beyond demographics. WealthEngine can segment your lead list based on lifestyle, interests, and affinities.

For instance, you can target yacht owners to lead them to their next waterfront beach home. Similarly, your marketing strategy could focus on investors who are looking to expand their portfolio. You can then reach them via a direct mail or email campaign based on their preferences.

Match Buyers With the Right Locations

Location is critical in luxury real estate selling. Therefore, you can use the geographic characteristics of your listing to identify new qualified prospects. These prospects should be the top segment to target in your marketing efforts.

To illustrate, WealthEngine can help you identify key million-dollar neighborhoods.

US richest zipcodes

You can go a step further to learn where your specific top segments live. Then, you can use this data to create brand recognition through marketing efforts in these areas.

Take Out the Guesswork- Use Data to Drive Your Marketing Strategy

Your lead list is long, and your time is short. Imagine, for instance, if you didn’t have to guess someone’s net worth based on their zipcode or car?

Understanding real estate buyers beyond their zip code is important. A holistic prospect list should show you exactly who to focus on through key wealth indicators. You would then be able to use this data to find the right potential buyers for your next luxury property.

WealthEngine data includes 250+ attributes that paint a descriptive picture of your prospects.  These indicators include estimated net worth, total assets, investments, and cash on hand. Moreover, wealth indicators are combined with lifestyle, interest, and affinity data to create a 360-degree view of prospects.

Wealth Insights for Luxury Real Estate Marketing

Use wealth and lifestyle insights to discover more about your potential buyers. You can then leverage these insights to personalize your marketing and sales efforts. Highly personalized campaigns drive engagement and increase customer lifetime value (LTV).

How WealthEngine Empowers Marketing Strategies for Luxury Real Estate.

1. Screen customers and prospects- Learn more about your existing customers and your leads. WE profiles can provide a rich canvas of information to help you fill the gaps. Get access to data on net worth, income, assets, real estate, stock holding. Further, data includes charitable contributions and actual business and personal contact information.

2. Analyze your database- WE Analyze can create a descriptive, look-alike model. This means that you have the means to understand what makes your customers unique. You may find that luxury homebuyers in Miami differ from those in LA. This will help you understand what makes them tick. You can then create campaigns that resonate in each market.

3. Model your data for actionable insights- Go beyond a descriptive image of your customers with data modeling. WealthEngine’s models can segment your leads through Big Data analytics. This means the model can segment your pipeline to show you the top 10% of leads. The model helps you answer a specific sales or marketing question. For example, you could identify the top 10% of leads for vacation home purchases. It could be the top 10% of leads for something specific such as water-front property in Long Island City, etc.

4. Find new prospects– Your customers are a treasure trove of insights. WealthEngine’s analysis can help you understand what makes them unique in each market. You can use these insights to find new leads who look just like them. The greater the similarity, the more likely they are to exhibit the same behavior.

Plan Your Personalized Luxury Campaign

WealthEngine houses 250M WE Profiles and 125M households. This helps you create ultra- segmented audiences. When you look for new prospects, you can add various filters to refine your segmentation. Niche segmentation then enables personalized communications. Personalization is what will lead to long-term engagement and increased LTV.

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Grateful Patient Philanthropy: Best Practices to Set Up Patient Screenings

grateful patient philanthropy

Grateful Patient Philanthropy: Best Practices to Set Up Patient Screenings

August 7, 2019
Nandini Singh

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.

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WealthEngine Releases Next-Generation Prospect Engagement Platform, WE9

WealthEngine Releases Next-Generation Prospect Engagement Platform, WE9

August 5, 2019
Nandini Singh

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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Wealth Indicators: How to Use Wealth Signals to Spot Wealthy Prospects

wealth indicators

Wealth Indicators: How to Use Wealth Signals to Spot Wealthy Prospects

August 5, 2019
Nandini Singh

Wealth indicators can help you identify your top prospects fast. Use these wealth signals to determine if you’re talking to someone who has the capacity, and even the propensity, to give or spend.

As wealth continues to grow across generations and geographies, it’s becoming progressively harder to identify High Net Worth and Ultra High Net Worth Individuals. Some can be found easily based on their spending and giving behaviors. But, with the increased accessibility of consumer goods,  tangible items are becoming less useful to indicate wealth. So, to maintain their status, HNWIs and UHNWIs are investing their money in new areas. Which begs the question: are there universal wealth indicators? If so, what are these wealth signals?

Wealth indicators can be broken into two types: traditional and intangible. Let’s explore specific wealth signals to look out for so you can easily identify HNWIs and UNHWIs who may be hidden in your database.

Traditional Wealth Indicators

Traditional wealth indicators are tangible items or easily discoverable characteristics that would indicate that your customer, donor, or prospect is wealthy. For example, an individual may be wealthy depending on these four wealth signals:

1. Profession

Is this person’s profession similar to the average profession of a HNWI? If so, their job can give you a better impression of how much they earn, their net income, and what their potential spending and giving capacities are.

2. Foundation Affiliations

Do they sit on any boards? Have they started any foundations? If so, they are far more likely to give to causes or spend on high-end goods.  

3. Size of their Charitable Gifts

How much have they contributed to causes? Could their donation be considered a major gift? By looking into this further, you’re able to determine if the individual has a history of donating major gifts. Otherwise, based on their income and net worth, they at least have the capacity to make considerable contributions to your cause, or others. 

4. Real-Estate Holdings

Does this HNWI or UHNWI own additional properties? The number of properties or value of the existing property the individual possesses can indicate their net worth.

wealth signals

So, by using WealthEngine’s wealth and lifestyle insights, you can easily search for wealth attributes, do a wealth screening, build a wealth model, score your contacts, segment your audience, and drive outreach and learn more about current and prospective donors and customers on one seamless platform.

WealthEngine Customers: Login to see wealth signals for your contacts.

Intangible Wealth Indicators

Intangible wealth indicators are consumer choices or investments that aren’t blatantly obvious or material in nature. Since 2007, the United State’s top 1% (individuals who earn >$300k each year) are spending significantly less on material goods. Why? Since more goods are readily available, including luxury products, many HNWI/UHNWI and members of the middle class own many of the same things. So, there’s no differentiation between the rich and middle class. To secure their status and maintain their exclusivity, the wealthy are now investing more in cultural capital. This would include investments in services such as:

  • Education
  • Healthcare
  • Retirement

As a result, their wealth signals are becoming less overt. By pouring their liquid assets in services, not only are wealthy individuals able to cement their status in an exclusive way, but they have a greater amount of influence in their communities and beyond.

That being said, what is the best way to understand or appeal to individuals who approach their wealth this way? Well, when you combine wealth data with interest and affinity information, you can gain a 360-view of your donors and customers. This equips you with the essential tools to engage prospect in ways that are personal and relevant.

Check Out Profiles On the New WealthEngine9 Platform

WealthEngine9 or WE9, our newest release, is transforming the prospecting landscape. Explore how our Engagement Sciencespeeds up the way you screen, analyze, find insights, and predict outcomes through modeling. 

 

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14 Nonprofit Fundraising Ideas For The Changing Advancement Landscape

nonprofit fundraising ideas

14 Nonprofit Fundraising Ideas For The Changing Advancement Landscape

July 30, 2019
Nandini Singh

Nonprofit fundraising is evolving rapidly thanks to the rise of tech, AI, and social networks. So, the tried-and-true fundraising techniques of the past may not serve you as well in today’s changing landscape. Instead of simply holding a raffle or a 5k, you can leverage technology and wealth insights to level up your fundraising game. That being said,  let’s explore the best, modern nonprofit fundraising ideas that have the greatest potential of helping you bring in gifts, today! 

The Changing Landscape of Nonprofit Fundraising

For the past decade, nonprofit fundraising has advanced tremendously. With the abundant technological changes, the rise of social media, and the budding influence of Millennials and Gen Zs, nonprofits are transforming. So, what should you bear in mind as you engage a new generation of donors? 

  • Millennials and Gen Zs cannot be overlooked. Millennials’ median annual giving is twice as much as Boomers and Gen Xers at $13,654. Gen Z will also account for 40% of all consumers by 2020. As you can see, their growing influence is unquestionable. And, since they’ve grown up in the age of social media, it’s important to account for the ways they connect with causes. By adopting a digital fundraising strategy, you’re in a more favorable position to appeal to younger donors. 
  • Hyper-personalized marketing is no longer a benefit. It’s a necessity. Millennials and Gen Zs are constantly sifting through information through social media and other channels. So, since they’re processing large quantities of information all the time, they can only dedicate so much attention to each item. In that sense, it’s incredibly important to generate outreach that appeals to their interests. By doing that, you’re recognizing and acknowledging them in ways that make them feel valued as a donor.
  • Artificial Intelligence is transforming how we work. With the rise of AI and ML, more nonprofits are adopting these technologies to help them gather data to solve societal problems. Both can help you plan, learn, and problem-solve effectively and efficiently. They can also help you understand your donors better, and determine how to appeal to them in the future.

All of these changes are fundamentally changing how you can communicate with and inspire donors to give. Based on these evolving trends, let’s take a look at the best nonprofit fundraising ideas you can implement. 

Nonprofit Fundraising Ideas

1. Start a Matching Gift Drive

This is one of the more traditional nonprofit fundraising ideas. Usually popular in the space of corporate giving, gift matching allows donors to make donations, and then have their company either donate the same amount they have, or more. By doing this, you receive double the funds! To boost this process, you can set up a limited window of time (24 or 48 hours) where donations will be matched. Having that designated window of time creates a sense of urgency, and drives donors to take action. And, if you set up an online drive, you can receive donations from anywhere, without geographical limitations. 

2. Set up a Crowdfunding Page 

Another nonprofit fundraising idea that is gaining popularity is crowdfunding. Although crowdfunding seems like a platform used to support individual endeavors, organizations can benefit from them as well. However, instead of crowdfunding for your organization in general, these spaces create good opportunities to introduce potential and existing donors to specific, topical projects you’re working on. On these platforms, it’s important to outline what your organization is fundraising for, why you are fundraising for it, and to tie it back to your mission. 

3. Hold an Online Auction

Auctions have traditionally been a popular nonprofit fundraising method. Now, instead of holding in-person auctions, organizations are beginning to hold auctions online. This is a more economical way of hosting an event without having to rent a physical space. When you hold an online auction, a prospect can participate as actively as an existing client. Additionally, auctions allow donors to bid on something tangible in exchange for their donation. The process feels mutually beneficial. In that sense, this nonprofit fundraising idea presents donors with extrinsic motivators. 

4. Set up a Peer-to-Peer Fundraiser

Another nonprofit fundraising idea, similar to crowdfunding, is peer-to-peer fundraising. This is a more layered approach, where individuals can personally fundraise on a cause’s behalf. This can be done either online or in-person. For an in-person fundraiser, activities are set up where donors sign up their friends and family to participate and donate. These family members and friends then have the opportunity to pay it forward, by inviting their communities to donate. Many nonprofits have done this by creating things like golf tournaments and fun runs. 

Now, nonprofits are changing this method by enabling individuals to create their own personalized donation pages or posts. By doing this, individuals can involve people, beyond their immediate communities, from anywhere at any time. Additionally, in peer-to-peer fundraising, it’s far easier to establish trust and action among your prospects. By communicating among people they already know, prospects may feel more inclined to give, knowing that the cause means something to them. This way you are also tapping into your prospects’ extended networks.

5.  Engage in Facebook Fundraising

Fundraising via social media channels is a relatively new idea. Since social media is primarily a space in which people connect, different platforms are leveraging this to bring attention to causes. As you may have seen, while scrolling through your own Facebook feed, birthday fundraisers are gaining significantly more attention. Users can create a post explaining what cause they’re supporting, and begin collecting donations from their network. 

Within the first year of creating birthday fundraisers, Facebook users raised more than $300M for causes. As of now, Facebook allows you to choose a cause to donate to from a list of 750,000 nonprofits. So, if your nonprofit is listed, users are taken directly to your nonprofit’s donation page. Similar to peer-to-peer fundraising, donors and prospects learn about the nonprofit from someone they know and trust. They then have the ability to donate if they choose to. 

6. Partner with Amazon Smile

Amazon Smile allows Amazon shoppers to donate 0.5% of the price of their purchase to a cause of their choice. Similar to Facebook fundraising, users have the ability to instantly donate to your organization. Users don’t have to mull over how much to donate and when.  The convenience factor is a great motivator for various types of donors. By doing this, a constant and predictable stream of donations will pour into your organization. Donors and prospects alike can contribute to your cause consistently. If you’re interested in partnering your organization with Amazon Smile, you can learn more here.  

7. Have Your Organization Listed with Round Up & Donate with Lyft

Much like using Amazon Smile for nonprofit fundraising, using Lyft can also deliver a steady stream of donations. Lyft gives riders the option to round their ride fare up to the nearest dollar, then donate the difference to a cause. By doing this, users relinquish the need to consciously decide whether or not to donate every time. By setting up an autopay structure, donors and prospects can contribute little bits at a time. And since people have access to the platform across different areas of the U.S., the collections of those minor gifts can ripple out in big ways. 

8. Create and Sell Merchandise for Your Cause

Merchandising is a time-tested nonprofit fundraising idea. Whether you’re selling Pop sockets, pens, water bottles, or t-shirts, these branded items are great tangible reminders of your cause. Not only do your donors walk away with something for themselves, but they also have a visible item that can spark conversations with potential donors. For example, (RED) partners with the world’s biggest brands, to bring awareness and raise funds to eliminate HIV/AIDS. Their products range from portable phone chargers to iPhones. 100% of the money that is poured into (RED) products funds HIV/AIDS programs all over Africa.

Therefore, more people are becoming aware of your cause and are a step closer to donating. And, with the rise of online fundraising, if the items you’re selling are online, interested donors can purchase the items at any time. All of which goes back into funding your organization’s campaigns and projects.

9. Generate Personalized Email Campaigns

Not only are email campaigns cost-effective, but they are also able to cut through the noise generated on social media. You can segment your audience based on demographics, interests, as well as their propensity, and capacity to give. By doing this, you can tailor your outreach to highlight the values and interests of each donor and prospect. If existing and prospective donors see their values being reflected on an individual level, they’ll feel more inclined to give. By using WE Insights, you have the tools to understand what your audience responds to, and how best you can appeal to them.

Online resources are 20% more useful than direct mail when it comes to influencing donors. Email campaigns also have the highest ROI of any other marketing channel (about $40 for every dollar spent). And, on average, email users give an average of $140 per donation.

10. Create a Model of Your Best Donors

Before you opt for general fundraising tactics, it’s important to ask yourself: who are our best donors? What do they have in common? How do they connect with our mission? And, how can we find more donors just like them? 

Using WealthEngine’s modeling solution, you can create a core donor persona. From there, you can find overlaps in demographic data, preferences, and giving history among your existing donors. This will help you understand potential donors you should be reaching out to. This also gives you a better impression of what this segment of donors will respond to (direct mail, peer-to-peer, etc.) Essentially, you’re creating an impression of your ideal donor and then using those traits to find more people like them. 

By creating a model of your best donors, you can connect with prospects who are the most likely to give. You also have an opportunity to find the most effective fundraising methods to suit the preferences of your segment.

11. Create a Designated Giving Day and Hold An Email Flash Fundraiser

This nonprofit fundraising idea can be adopted by all causes. As has been popularized by colleges and universities, Giving Day is a specific 24-hour window where your nonprofit can accept gifts from anyone. Contributions are made online, so donors and prospects can lend support from anywhere in the world. 

Due to their viral nature and convenience, Giving Day is becoming more and more popular. For higher education institutions, some have enacted #GivingTuesday on their campuses, and others have created their own days. By holding a specific day for people to give, there’s a greater sense of urgency created for existing and prospective donors. For example, Vanderbilt University raised $9.4M from less than 8500 donors on their Giving Day. 

12. Set up a Donation Kiosk for Your Cause

Another nonprofit fundraising idea is to use a donation kiosk. Unlike other fundraising tools that are reliant on cash or cheque donations, these kiosks are more digital-fundraising friendly. A donation kiosk is a digital fundraising solution that can accept credit card donations at events and on-site. Now that people carry less cash, donation kiosks are an innovative way to accommodate those who still want to give, but can only do so by card. And, depending on which platform you use, your donation kiosk can be accessed online. So, existing and potential donors can use your kiosk on the go.

13. Create an Interactive Video Fundraiser

Given how connected we are over social media, we are constantly sharing content with each other. By holding an interactive video fundraiser, you are creating an opportunity for your cause to engage people in an activity or conversation. This puts a face to your cause, gives your donors visibility, helps them amplify their actions, and involve others they think will help. For example, the ALS Ice Bucket Challenge (a challenge designed to raise money for research into amyotrophic lateral sclerosis) was a viral video sensation in 2014. Although some wrote off the challenge as trivial, it raised a great amount of awareness, and supporter ended up raising $115M for the ALS Association.

However, this doesn’t necessarily mean you have to create a viral video challenge for people to participate in. But, you can pass around videos articulating your cause’s mission and what you’re trying to accomplish. Propose the fundraising goal, or challenge, within your video and then rely on a peer-to-peer structure to make sure the content is shared and gifts are being collected. A nonprofit fundraising idea like this has the potential of rippling out and reaching people all over the digital world.

14. Set Up a Text-to-Give Structure

As the title of this nonprofit fundraising idea suggests, text-to-give allows donors to give to your organization via text. Like donations made through channels such as Facebook, Amazon, and Lyft, donors can give whenever and wherever they’d like when they text-to-give. Typically, particular keywords are attributed to specific donation amounts. All your donor has to do is confirm their billing zip code. Once they do this, they’ll be billed directly on their phone carrier’s invoice. Not only is this method economical, but it’s also a convenient and quick option for your donors.

The nonprofit fundraising ideas listed here are only the tip of the iceberg. Using wealth insights to inform your fundraising, there are even more ways you can engage your prospects and donors to bring in major gifts.

Making the Most of Modeling On the New WealthEngine9 Platform

WealthEngine9 or WE9, our newest release, is transforming the nonprofit prospecting landscape. Explore how our Engagement Sciencespeeds up the way you screen, analyze, find insights, and predict outcomes through modeling. 

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Understanding WE Analyze to Learn What Makes Your Prospects Tick

Understanding WE Analyze

Understanding WE Analyze to Learn What Makes Your Prospects Tick

July 24, 2019
Nandini Singh

WE Analyze allows you to harness the power of WealthEngine’s data and modeling capabilities to transform your decision making. This tool helps you gain insight into your audiences and find prospects just like your best customers and donors. But, how does it work? What does it provide? And how can you use it to create a loyal base? Let’s dig into the details so you can gain a better understanding of WE Analyze.

Understanding WE Analyze: The Ins and Outs

Before using the tool, it’s important to gain an understanding of WE Analyze. The WE Analyze tool allows you to create a ‘look-alike’ model so you can find your best prospects. Essentially, WE Analyze helps you identify elements of your past successes and helps you replicate the process. So, instead of sending generalized email or direct mail campaigns to prospects you can gauge their interest to see what resonates with them. You can use the solution to find people with the same characteristics as your best donors or customers. When you talk to people who are similar to those who have responded before, your conversion rate increases.

Find your next best prospect today. Follow these three steps to make the best of WE Analyze:

1. Upload a list of your best customers or donors

When uploading a list, all you need to do is load a list of names of your best customers and donors, along with their corresponding address or email.

2. Generate a ‘look-alike’ model

Once you’ve logged in the names you’d like compiled in your list, WE Analyze then maps your list utilizing thousands of attributes on nearly every adult in the US. This provides you with a holistic view that includes insights on demographics, lifestyle, wealth, and more.

3. Use the model to personalize your outreach

Now that you have your model, you have a better understanding of how to interact with your top prospects. What does your audience care about? What motivates them to act? This lays the foundation for you to personalize your outreach and appeal to donors and customers in ways that are more aligned with their needs.

Using WE Analyze, not only are you given the insights on which prospects will convert, but it also gives you insights on why they will convert. Let’s take a look at some of the features to keep your eyes on as you navigate the tool.

Understanding WE Analyze Through Helpful Dashboards

Another key step in understanding WE Analyze is grasping the function behind the unique dashboards. In the Analyze tool, there are dashboards to help you learn more about specific groups of individuals from your list. These dashboards help inform your strategy, decision making, and event planning. So, you may be wondering: what are some of the dashboards in the tool? Let’s explore the various dashboards you can use:

Wealth Dashboards

The wealth dashboard contains a collection of charts that break down your lists of customers by net worth, investable assets, types of investors, and more.

Based on the information gathered here, you gain a greater sense of what’s most appealing to different people.  This helps you assess what, in your particular set of offerings, will appeal most to specific groups. So, it’s important to ask yourself: What type of products, investments, and services do we offer that’ll be most appealing to this, specific group? Would they respond well to a mass email campaign or a direct mail campaign?

Giving Dashboards

The giving dashboard is geared toward nonprofit organizations. This dashboard breaks down Propensity to Give (P2G) scores, giving capacity scores, and visual overviews. P2G scores (measured on a scale of 1 to 5 (1 representing the highest ability or propensity to give), allow you to understand the giving behaviors of existing and prospective donors. This will help you develop a strategy to appeal to top donors.

Therefore, the information provided in this dashboard enables you to create realistic fundraising plans for your next campaign.

Demographic Dashboards

The demographic dashboard provides an overview of the genders, age ranges, education levels, and geographic location of your existing database. So, the information compiled in this dashboard informs annual fund appeals. It also informs marketing campaigns because you gain a greater understanding of the groups you’re appealing to.

Modeling Scores: What They Measure and How They’re Used

The last step in understanding WE Analyze? Creating models of your best donors and customers, so you can find prospects just like your top contacts. After you’ve analyzed your list, you can now prioritize identifying the overlapping characteristics and qualities among them. This method of modeling can help you identify what qualities your ideal prospects would have. Those people, who look similar to your loyal consumers, are your best prospects. So, how can you measure which new prospects are a “good” match? In other words: what is a “good” model score?

Model scores exist on a scale of 1 to 100 (1 being the least similar, and 100 being the most similar).  In general, scores at 60 or above are ideal. These scores indicate that the prospects you’re looking have the most similarities to your existing donors or customers. For example, if 10% of people scored 80 or above in your model, this shows that this group of people are just as likely as your existing clients to give or spend.

Furthermore, model scores between 50 and 59 are considered decent, where prospects hold some similarities with individuals you’re modeling after. But, the lower the score, the less likely those prospects are to resemble people you’ve modeled after.

Customers Who Have Benefitted From Understanding WE Analyze

One of WealthEngine’s clients, The Humane Society (the largest animal welfare organization in the US), wanted to identify more supporters for their cause. They wanted to not only bring in more donors but also deepen donor involvement.

Using WE Analyze, The Humane Society was able to create models for the major gifts program and their mid-level program. By doing this, they were able to identify valuable prospects to connect with, as well as segment and optimize their fundraising practices. Additionally, after using the tool, they saw a 20% increase in mid-level appeal programs.

Understand and Make the Most of WE Analyze On the New WealthEngine9 Platform

WealthEngine9 or WE9, our newest release, is transforming the nonprofit and commercial prospecting landscape. Explore how our Engagement Science™ speeds up the way you screen, analyze, find insights, and predict outcomes through modeling.

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Donor Segmentation: How Models Can Drive Personalized Campaigns

customer segmentation models

Donor Segmentation: How Models Can Drive Personalized Campaigns

July 24, 2019
Sharanya Venkatesh

Fundraising success comes down to well-timed and optimized asks. Donor segmentation can help you find the best prospects for your campaigns. Yet, segmentation is not an end in itself. Its impact grows when combined with donor segmentation models. These models can also increase personalization and engagement.

What is Donor Segmentation and How to Segment Donors

Donor Segmentation is the process of breaking donors into categories. For example, you can categorize them by their ability to give. Donor segmentation fundraising is different for every organization. To illustrate, a nonprofit could segment donors based on past giving. Yet another could choose to segment by wealth brackets.

Donor Segmentation Analysis

Segmentation analysis helps you find macro patterns in your database. This can help you understand what makes your donor base unique.  At this level, you can form macro segments based on geography, age-range, wealth score, and P2G.

For instance, your donor segmentation analysis could reveal that 60% of your donor base is over the age of 50. Your donors may have worked at large corporations. Over 45% may have an interest in local sports.

These details are crucial for you to see what makes your donor base unique. When you zoom in further, you may see that over 70% of people with these traits are regular donors. This then becomes an important segment for your advancement team to focus on.

WE Analyze can create such a model from your data. This donor look-alike model allows you to apply these patterns to your database. Doing this allows you to find more prospects who look like your chosen segment. Thus, donor segmentation analysis can also help to drive predictive prospecting. This includes finding look-alike prospects that match the profile of your best donors.

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Success from Look-Alike Model

For instance, Multiple Myeloma Research Foundation (MMRF) wanted to identify potential high-impact donors among a large prospect list and prioritize outreach to those constituents. WealthEngine created a donor look-alike model based on their best donors and then scored their existing prospect list using the model.

As a result, MMRF was able to connect with more high-impact donors in just two months.  In this period, they were able to gain 3x ROI on their campaign efforts.

Pleased with the results, Michael Hund, Director of Development has said:

“This is a revolutionary product that every single nonprofit should be using.”

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How You Can Increase Campaign Precision Through Models

You can categorize your macro segments further to refine your strategy. Custom models increase precision and enable you to predict giving.

Modeling goes beyond finding look-alikes. It can actually help you predict giving. For instance, WealthEngine’s custom models can forecast major gifts.

Donor Segmentation Models are not restricted to current members of your nonprofit. In fact, models can enhance fundraising at every stage in the donor lifecycle.

Segmenting your donor base based on lifecycle stage offers many advantages. You can identify current donors with major potential. Plus, you can win back former donors and prevent churn.

You can also use donor segmentation models to optimize your ask. This is especially important when it comes to donors who have high P2G scores. Optimizing your ask means that money hasn’t been left on the table that could have gone towards your cause.

Refined Donor Segmentation Also Enables Personalization

Furthermore, refined donor segmentation enabled through modeling helps you fine-tune your messaging. A personalized message that reflects customer interests is more likely to resonate.

Take your ideal donor segment for instance. You can divide them into smaller groups based on the type of sport that they follow. This enables you to not only tailor messages you send them but also create valuable experiences that match their interests.

Personalization (leads to)–> Message Resonance (which increases)–> Donor Engagement (Which results in)–>Better Lifetime Value.

This means that your donor remains connected to your organization and cause.  Moreover, LTV is a great metric for you to prioritize your prospects on. Prioritization means your budget and message focus on the most responsive segments. Thus, your efforts will see increased conversion at reduced costs.

Machine Learning Enhances Donor Segmentation Models

The more you use donor segmentation models, the better it is for conversion. WealthEngine’s machine learning capabilities ensure that our solution’s predictive algorithm is always improving. When you refresh your model every 15-18 months, you will have the most up to date prospect list for any campaign.

Increased precision leads to increased engagement. Moreover, increased engagement results in higher conversions and lower costs.

customer segmentation analysis

Super Charge Your Fundraising Campaigns

Learn more about how WealthEngine’s data science team can help. Gain deep insights to increase conversion rates through donor segmentation models.

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API Integration: Make Your CRM go the Extra Mile with Wealth Intelligence

API integration

API Integration: Make Your CRM go the Extra Mile with Wealth Intelligence

July 18, 2019
Sharanya Venkatesh

Would you ignore a potential convenience if you had the option? Probably not, right? If you’re someone who lives on your CRM during most of your workday, then reading this will make your life easier. API integration is a convenient and secure way to add wealth intelligence to your database.

Doing this allows you to gain insights instantly within your CRM. Additionally, APIs can provide real-time insights on your contacts as soon as they come into contact with one of your channels.

Let’s begin with the basics before we continue exploring benefits and use cases.

What is API Integration?

API stands for Application Programming Interface. Think of a mobile or web application like Gmail, Twitter, or Facebook. These applications are powered by data, so you need a way to get data to and from the app. There needs to be an automated way to communicate with a database.

Simply put, API is a mechanism for one computer to consume the services
provided by another computer in a structured format. Further, an Integration is some functionality built using APIs between your wealth analytics provider’s platform and the CRM platform you use.

Top 3 Benefits of API Integration

1. Omnichannel Integration: APIs can integrate wealth data and analytics into any website, app, or system. This means that you can gain wealth insights on any digital channel, not just your website. For example, your e-commerce app can deliver a personalized experience to each customer based on their wealth and lifestyle data.

As a result, engagement would increase, thereby improving customer lifetime value.

Similarly, if you’re a nonprofit, you can imagine how seamless this would be:

2. Real-time Updates: A wealth intelligence API integration can instantly screen prospects so you can take immediate action. This means when a new customer or donor engages with your website, you can find out more about them instantly. Your insights engine can provide wealth and financial capacity insights into transactions in real-time. Therefore, knowing more about them allows you to begin nurturing them right away.

For instance, a WealthEngine client acquired about 6,000 new donors through a campaign and screened them using their WealthEngine integration. They found that about 10% of those individuals had a net worth over $1 million, which they have since passed to their major gift team to cultivate major relationships.

3. Enhance Your CRM: Import wealth data directly into your CRM or sales platform. This will allow your marketing or advancement team to spend more time focused on reaching the right prospects instead of switching back and forth between several platforms. It reduces the need for tasks like exporting files and uploading them into your platform of choice. This way you can make your CRM go the extra mile.

What WealthEngine’s API can do For You

WealthEngine offers sophisticated and secure API integrations that enhance your CRM with actionable wealth insights. Further, they can provide instant insights into your contacts on a variety of platforms.

Here are three ways in which you can use the API to integrate wealth intelligence:

1. Web Connect: This feature allows you to open a window on the WealthEngine platform so that you can review details on a desired profile.

reading a wealthengine profile
2. Prospect Link:  This feature allows you to request wealth profiles to review names and addresses.
3. Batch Import:  Request wealth profiles to review a list of names within large batch files.

Integrations We Offer:

Key API Integrations

How API Integration can Enhance Your Day-to-Day

You can benefit from the API’s ability to provide holistic, real-time intelligence in many ways, such as:

  • Websites, event registrations, digital campaigns, and online transactions: API integration can provide rich insights on anyone who engages with your digital channels. This way you can refine your personalization strategy over time. WealthEngine can provide further insights through reports that show views and click-through-rates weekly.

  • Email and newsletter registrations: Screen your list of subscribers to better understand their interests. This allows you to serve more personalized content. Furthermore, WealthEngine’s integration can offer you open and click rates thereby giving you quantified insights on your newsletter’s performance.

  • Automate screening processes: Your CRM can become more efficient through API integration. Gain wealth intelligence at the click of a button within your CRM platform. An informative wealth dashboard helps you see macro patterns in your database to ensure that you always stay updated.

Other use cases for API Integration

In addition to integration to measure digital activities, consider gaining actionable insights on other activities such as call center routing and direct mail.

Propel Your Prospecting Through API Today

Find out how WealthEngine’s API integration can boost your prospecting by offering unparalleled personalization.

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3 Things to Keep In Mind While Reading a WealthEngine Profile

reading a wealthengine profile

3 Things to Keep In Mind While Reading a WealthEngine Profile

July 16, 2019
Nandini Singh

Even if you’ve gone through hundreds upon thousands of WealthEngine profiles, have you been able to pinpoint each profile’s 3 most important benefits? As you search and screen for customers and prospects, it’s incredibly important to understand the wealth profiles you’re looking at. Although you’re picking up on a consumer’s propensity and capacity to spend, there’s other essential information regarding the profiles that will better inform your understanding of them. Let’s explore the 3 things you should keep in mind when reading a WealthEngine profile.

1. Our ratings and scores are conservative estimations

Since our data is statistically derived, the ratings and scores displayed for individuals appear understated. For example, if you were to lookup an individual’s net worth or investable asset scores, our proprietary algorithms would configure ranges for those numbers. This gives you a fuller picture of each individual.

The ranges we arrive at, based on the data we compile, is correct 95% of the time. It’s important to keep this in mind as you’re reading a WealthEngine profile.

2. Focus on high-quality match data in a profile

Every rating, score, and datapoint displayed on a profile has a high, medium, or low quality of match score. When you’re reading a WealthEngine profile, you want to hone in on the high-quality match data. This data (indicated by an ‘H’ next to it) is data we have high confidence in. It’s representative of information that is as close to being fully and completely correct as possible. This type of quality of match data is especially important if you need to do a quick summary of a lead to glean specific information about them.

If you integrate match data that isn’t high-quality, you may not be communicating with leads who are as likely to convert. But, by identifying the high quality of match data, and using this information to tailor your outreach, you’re far more likely to increase your ROI and conversions.

3. Make sure you look at up-to-date data in our profiles

When it comes to compiling information on your customers and prospects, you want to make sure that you are looking at data that’s most relevant. That means, if you’re looking to forge a connection with a customer now, you’ll want to sift through data that gives you a holistic view of where they stand currently.

It’s imperative to look at current data especially if you’re looking for someone’s business address. We keep historical data to give you a solid overview of an individual’s wealth over time. All the information we gather is date stamped, so it’s important to make sure that you’re looking at the data that’s up-to-date.

Check Out Profiles On the New WealthEngine9 Platform

WealthEngine9 or WE9, our newest release, is transforming the commercial prospecting landscape. Explore how our Engagement Science™ speeds up the way you screen, analyze, find insights, and predict outcomes through modeling.

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