How to Create a Donor Pyramid to Raise More for Your Capital Campaign

donor pyramid

How to Create a Donor Pyramid to Raise More for Your Capital Campaign

May 28, 2020
Sharanya Venkatesh

Are you starting a capital campaign? Then, missing this step could send your campaign down a rocky road. This important step is building a donor pyramid.  These structures also referred to as fundraising pyramids, are an accurate way to prioritize development efforts.

Yet, not all pyramids are created equal. Read on to see how to build one that will boost your campaign and help you exceed your goals.

What is a donor pyramid?

A fundraising pyramid is a visual that categorizes prospects by their engagement level. Further, it provides nonprofits a path to move donors from lower levels of giving to greater commitment.

fundraising pyramid

While some donors will move from one -time donations to planned giving, not everyone has the same journey.  For instance, mid-level donors are generally a reliable segment. They need a strategy that is tailored to them and they shouldn’t always be pushed up the giving ladder. However, there are still hidden gems in your donor base who can be nurtured all the way to the top of the pyramid.

Donor Pyramid Modeler

A donor pyramid, also known as a gift pyramid and as a gift table when presented in table format, gives you a clear understanding of how much you can raise. When created manually, producing a donor pyramid can be time-consuming since you have to take into account numerous data points. These include an individual’s capacity, propensity and intent to give.

WealthEngine has created the industry’s first AI-based donor pyramid modeler to empower all nonprofits, small and large, to generate a donor pyramid in minutes. This 2-minute video shows how it works:

Simply enter the amount you want to raise and you will automatically see how many prospects you need for each fundraising tier. Use built-in thresholds and conversion rates, or make adjustments using our What-If analysis. Then, instantly see how much you can raise with your current contacts, identify who to talk to in each tier, and know how many new prospects you need.

WealthEngine does all of the segmentation math and analysis for you in minutes to identify wealth strata and propensity.

Try the Donor Pyramid Modeler → 

 

When you are ready to find new prospects, use WealthEngine’s powerful prospecting tool to identify ideal opportunities and import them directly into your CRM/DMS like Salesforce.

Why Donor Pyramids can Make or Break Your Capital Campaign

A fundraising pyramid helps you focus your campaign dollars to the right set of prospects. When you build a data-driven pyramid, your data will automatically reveal patterns that you can use to build your campaign.

Starting a campaign that is aimed at a random sampling (or the entirety) of your database will dilute your ROI. When your entire base receives a generic message from your nonprofit, the number of people who will engage will naturally be low.

Even if you’re in the middle of a capital campaign and you realize that you’re not seeing results, a donor pyramid can help revive it. All you have to do is segment your base and prioritize those prospects who have the propensity, capacity, and intent to give.

How to Create a Data-Driven Fundraising Pyramid

Wealth screening is the first step. Screening data gives you a holistic picture of who your prospects are. In other words, you can understand your prospects’ wealth, lifestyle, interests, and affinities.  This means you now know their potential not only in terms of capacity to give but also interest and intent.

By learning more about who they are, you can really speak their language. For example, United Way of Greater Saint Louis says,

“We really like the level of granularity we can get in the data, understanding details, such as propensity to give and giving capacities helps to fill in gaps in the profiles….Finally, learning about a prospect’s interests can help us better shape the conversation to customize our asks. We are a lot more cautious about the ask now that we have more intelligence…”

Therefore, screening helps you segment your prospects into different rungs of your donor pyramid. Those with the highest capacity and engagement (for instance, those with high P2G scores) are candidates for major gifts or planned giving. Similarly, those with lower capacities but high engagement are well suited for mid-level or recurring donations.

Interested in learning more about creating data-driven campaigns? Download our Data-Driven Major Gifts Campaign Workbook!

Using Modeling to Enhance Your Donor Pyramid

Wealth Screening is the first step, which means that a wealth model can drive your capital campaigns much further.

Screening can give you a broader view of your donor base. Modeling can actually help you predict the outcome of your campaign. For example, WealthEngine’s Gift Pyramid Model can automatically build a pyramid and predict campaign success.

In that sense, modeling is predictive based on custom insights that are deep and actionable. The model builds a specific formula for your organization’s donor base. The model generates a score against which you can compare your prospects. By doing this, the model automatically splits your list into 10 equal deciles. The top decile will represent the top 10% of prospects for your campaign. The top two represent the top 20% and so on.

Going from Fundraising Pyramid to Campaign: Practical Implementation

Predictability allows you to improve your goal-setting. With your targeted campaign, you can not only set ambitious goals but also exceed them. Follow these steps after creating your data-driven donor pyramid:

1. Segment and target those donors who are apt for your campaign. Annual fund campaigns, for instance, can focus on prospects who have the highest inclination and capacity for this type of gift.

2. Evaluate your deciles to see which ones will be most effective for your campaign.

3. Set your budget based on the number of deciles you would like to include, or include deciles based on your campaign budget.

4. You can go down the list of deciles until you meet and exceed your campaign goals.

Breathe New Life into Your Capital Campaign

WealthEngine’s modeling removes the guesswork and puts you in control of your campaign, budget, and ROI. Book a demo today to learn more!

Request Demo

Related Reading

Capital Campaigns: Fundraising Strategy for Nonprofits

What to Do When You Inherit a Fundraising Campaign

How to Enhance Your Video Conferencing Experience

Video conference image

How to Enhance Your Video Conferencing Experience

May 27, 2020
Courtnee Davis

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 to Increase Your Assets Under Management in a COVID-19 World

How to Increase Your Assets Under Management in a COVID-19 World

May 26, 2020
WealthEngine

Tune in for an executive briefing and live Q&A with Chady AlAhmar, CEO of Wealth at Old National Bank, and Raj Khera, EVP at WealthEngine, as they share best practices to help you grow your portfolio in the midst of economic uncertainty.

View the Executive Briefing On Demand

This Executive Briefing will show you:

  • How to uncover insights like estimated net worth, investable assets, business ownership, accredited investor status, likelihood to buy a specific financial product, and more
  • Ways to find and connect with wealthy and soon-to-be-wealthy prospects
  • Techniques to identify clients in your portfolio who are ripe for expansion
Chady AlAhmar
CEO of Wealth

Old National Bank

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.

Short Term Fundraising Action Plans: The Next 90 Days

Short Term Fundraising Action Plans: The Next 90 Days

May 21, 2020
WealthEngine

WealthEngine caught up with Ian Swedish from CCS Fundraising to reflect on the current landscape after 60 days and prepare for the next 90 days. Tune in for an engaging session about creating strategic short term action plans that will help you define opportunities and devise solutions amidst today’s challenges and uncertainties.

View the Executive Briefing On Demand

Areas of focus will include:

  • Maintaining and sustaining key relationships
  • Leveraging leadership
  • Communicating meaningfully with lapsed donors
  • Evolving your case for philanthropy to meet the moment
Ian Swedish
Corporate Vice President

CCS Fundraising

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

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

May 6, 2020
WealthEngine

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

5 Critical Steps for Successful Giving Tuesday Now Follow Up

May 5, 2020
Raj Khera

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

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

May 5, 2020
WealthEngine

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

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

May 4, 2020
WealthEngine

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

Financial Advisor Prospecting As COVID-19 Lockdowns End

May 1, 2020
Raj Khera

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.

Let Some Fires Burn: What Software Product Managers and Product Marketing Can Learn about Triage from the COVID-19 Crisis

An arrow image pointing north, east and west to represent triage and decision making

Let Some Fires Burn: What Software Product Managers and Product Marketing Can Learn about Triage from the COVID-19 Crisis

April 28, 2020
PV Bóccasam

As we reflect on COVID-19, and its evil cousin in 2020, and how it has impacted everyone both professionally and personally, one idea appears more vividly than others—the power of triage. Triage enables individuals to quickly assess a situation to determine what is urgent and important, thus deeming what is essential and nonessential. It’s clear healthcare workers across the country are triaging as they ruthlessly prioritize who gets care, who gets tested, and who should be a part of the workforce, in order to reduce the need of personal protective equipment (PPE) given its shortages. While it’s commendable that many startups and large corporations, even in unrelated industries (Tesla, GM, LVMH, etc.,) are racing to build masks, ventilators, and other PPE, might it be prudent to ask what were product managers (PMs) and product marketing managers (PMMs) doing as they watched this crisis evolve?

 I will leave the medical industry experts to solve the specifics of that particular problem, but there is a lesson here for us at WealthEngine and vendors of B2B software to take note from. PMs and PMMs should pay more attention to their daily grooming habits, establishing a triage protocol across their tribes (to use some SAFe jargon) in case of emergency. Ideally, this should be assessed on a daily basis, but organizations lack the foresight to do so. Why? Because they are busy tending to daily fires. Unfortunately for the medical device manufacturers, this lack of insight and action on early pandemic warnings has caused countries of various sizes and national wealth to be unprepared for the increase in demand for PPE, leaving them frozen and unable to adapt quickly. So, what can future PMs and PMMs learn from this emergency on how to triage empathetically, prioritize ruthlessly, and execute flawlessly?

But first a big salute and thank you to the first responders and health care workers – our real heroes we all are sincerely indebted to.

Triaging with Empathy, Prioritizing Ruthlessly, and Executing Flawlessly 

This pandemic should lead us to rethink how Product Roadmaps are constructed, prioritized, and aligned in light of rapidly changing environments and market needs. A pre-established set of post-crisis processes will allow for companies to remain calm, prepared, and adaptable amidst future crises. 

 I recognize that the scale and pace that this pandemic hit the world was unprecedented, yet I find myself questioning the priorities, inventories, and supply-chain resilience of the medical device manufacturing industries, and by extension, the effectiveness of the on-the-line product managers and technologists in charge of production and capacity planning. It seems as though this crisis has exposed an overwhelming, and rather concerning, lack of a formalized scenario planning structure in these large corporations. I am surprised to see that all apparent planning and envisioning has gone out the window as demand for PPE has skyrocketed and am curious as to how these corporations will adapt from this pandemic. I have no reason to place blame or judgment on these manufacturers’ market-product prowess or even on the healthcare system’s ability to stockpile PPE, but the severity of the problem does lead me to ask one very basic question.

 When do you know that your risk-adjusted assumptions to deliver on a product roadmap are no longer valid and when should triage begin? 

 Triage is all about deeming what is essential and nonessential. It forces companies to reassess what is important to their mission statement and success rate. In 1954, former U.S. President Dwight D. Eisenhower said, “I have two kinds of problems: the urgent and the important. The urgent are not important, and the important are never urgent.” What went on to be coined the “Eisenhower Principle” is a 2×2 matrix that distinguishes between what is important and urgent. Important activities lead to goal achievement, making them more long-term focused, while urgent activities demand immediate attention because they may lead to immediate consequences. It may be difficult to distinguish between what is important and what is urgent at first, but once this clear distinction is made, companies are able to focus on which activities are essential for success. Companies should constantly be assessing what is important and urgent, even during times of prosperity, so that when crisis strikes and a timely response is necessary, there is no time wasted on this. With their priorities already established, companies will not focus on unimportant urgent activities but instead save time for those that are essential. 

3 Actions PMs and PMMs Should Implement in Their Triage Protocol 

1. Consider Data as Fact

 Use data as facts for decision making.  It is one ear to the ground, listening to the changing market conditions, while the other tunes into understanding what is the hardest dollar to get from your customers and what is the most important dollar they could spend right now(and hoping it’s with you). Understanding what the hottest and wisest dollar a customer may spend is crucial for PMs and PMMs, and deciphering this allows for them to focus their time and energy on the activities that would yield the best outcome. In this current crisis, this may be intuitively obvious, but when things come back roaring, the discipline to chase after the hardest dollar will swing to the lowest available dollar, and thus begins the dilution of the product roadmap again. So, using data as facts is an important practice both in times of crisis and prosperity. After all, we are living in the data decade, as Morgan Stanley coined this era of data usage. This means all opinions that color facts or data that does NOT support your position, must be included in the decision making process.  This will help to eliminate conscious and confirmation bias, amongst other traps that we are all prone and succumb to often. 

2. Reenergize Your Team

Conduct an honest and unbiased assessment of the skills of your current team and how those skills support the company’s important and urgent activities. In my experience, I have found that most PMs and PMMs struggle in this department. Skills assessments may cause uncomfortable conversations with not only their teams but also their superiors, as they have to explain why a majority of their team is not relevant to the essential activities. Without an honest assessment, “sunk cost” may occur as companies attempt to maintain the status quo. Yet, a new normal has emerged, and thus new strategies and skills must be prioritized. Don’t let old patterns and unrecoverable costs freeze your company. Just as Action One stated, act on the new data you receive, not the old data that is now irrelevant. By aligning your teams’ skills and business projection to the new market conditions, your company will be more proactive rather than reactive.  

3. Analyze the Old and New with Your Customers

 Encourage your customers to think creatively with you. Crises tend to create a new reality, one where the old way of thinking may not be as effective. It’s important that your customers feel heard and that their priorities are valued, so instead of forcing them into doing something new, partner with them and think strategically together. Not only does this help both you and your client decipher what is important and urgent, but it also builds mutual trust and understanding. For example, perhaps we suggest to our customers that sending unsolicited emails and unsecured leads would cost more and instead they should rethink their workflow around digital fundraising or digital marketing. Therefore, it’s important to be prepared when approaching clients. Present a new plan of action, showing how this plan would increase positive outcomes more than the old plan of action. 

Ask Yourself These 3 Questions

I would urge fellow market-driven CEOs and VPs of Product Management and Product Marketing to consider asking themselves these three questions:

  • Is what I’m about to do important or urgent, are we doing the harder ones, with greater unknowns, first?

 

  • Are the business priorities aligned with the skills of my teams and have I been radically honest about their ability to deliver?

 

  •  Am I challenging my existing customers to do things differently? If not, how should your company approach their loyal clientele to partner with your company to think creatively and innovatively in times of uncertainty?

 

So, this is why it is hard to let some fires burn. In crisis, it’s our natural tendency to run into the flames and save whatever we can get our hands on, but just as firefighters do when faced with something aflame, we must stop and assess the situation, considering the best plan of action to protect our company and customers. That’s why we at WealthEngine believe triaging with empathy and prioritizing ruthlessly leads to flawless execution. Saving time, money, effort, and of course, lives! 

Bon Triage!

PV Boccasam

CEO – WealthEngine