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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Hospital Fundraising: Diversify Your Strategy for Donors & Prospects

Hospital Fundraising

Hospital Fundraising: Diversify Your Strategy for Donors & Prospects

July 12, 2019
Sharanya Venkatesh

Screening your patients does not make a Grateful Patient Program (GPP) successful. So, you may be wondering: if that doesn’t, what does? The truth is that your hospital fundraising can benefit from looking beyond wealth screening. Custom models are tailored to maximize fundraising revenue across every stage of the donor lifecycle.

Need a refresher on the basics of Grateful Patient Programs?
Read More–>

Want to know how models can maximize results from your screening data? Read More–>

I’m using modeling, what more can I do?

Firstly, you need to diversify your strategy between prospects and donors. In order to do that, you need to understand what makes each group different.

Similarities between the two groups allow you to convert prospects to donors. Thus, your hospital fundraising pipeline can feature qualified leads. For example, let’s say all your donors are over 50, they all live within a 100-mile radius and have a high P2G score. This means that prospects who share these traits are likely to donate to your cause.

The differences between your donors can educate you about what pieces of the puzzle are missing. For instance, you may find that your donors have attended at least 3 events while prospects have not.

What’s The Best Next Step for My Hospital?

You may have used models to rank and qualify your donor base into deciles based on propensity and capacity. This step is foundational. You can propel your hospital fundraising to new heights when you use custom models created for prospects, existing donors, and former donors.

This way, you can maximize the potential in every segment. Furthermore, you can ensure that you are engaging donors in every stage of the lifecycle.

hospital fundraising

What Healthcare Organizations Have to Say

WealthEngine’s client is a major South Eastern health system. Their hospital fundraising team created a tailor-made model for their annual gala. This model helped them not only understand their list of invitees but also benefit from their inclination to give.

With the model pointing them in the right direction, the annual event went from raising $400,000 to $7.4M in a short time.

Similarly, healthcare organization MMRF saw a three-fold increase in ROI in just two months!

The WealthEngine Difference

With WealthEngine, you are only steps away from creating the perfect fundraiser. When you screen with us, you can add 50+ data points on your donor base that will show you attributes that go beyond wealth.

After which you can build a custom model using WealthEngine’s screening data. By doing this, you can make sure that you’ve started with high precision input and insights. Our modeling process will create a custom algorithm to boost your hospital fundraising.

This means results from the model are not pre-built. They are not just indicative of healthcare donors or the behavior of your donors towards nonprofits in general. They are specific to your donors’ attitudes towards your hospital.

How can I boost my hospital fundraising today?

Follow these three steps to get started today:

Step 1: Screen Regularly

Regular screenings can serve as the foundation for fundraising. Nightly wealth screenings help ensure that you don’t miss any opportunities. They enable you to see a complete picture of a patient’s wealth, lifestyle, and affinities.

Step 2: Segment Your Donor Base

As we’ve determined earlier, a single strategy cannot work on prospects, existing donors, and former donors. Your donor base is a dynamic landscape of individuals within different stages of the lifecycle.

Identify and segment your core donors from sporadic ones. Further, create a segment for all prospects who have not yet given. Lastly, watch out for donors in your system who are at risk for churn or have stopped donating altogether.

Step 3: Build Your Custom Hospital Fundraising Model

You can build a model for each stage in the lifecycle. Prospects can be ranked based on their likelihood to give to a particular campaign. Similarly, donors can be prioritized based on capacity and intent. Lastly, you can identify those former donors who are most likely to come back.

When you understand what these segments have in common, you can tailor your communication in ways that resonate with them. Therefore, diversifying your strategy for each segment allows you to maximize your hospital fundraising.

Build Your Custom Model Today–>

More Useful Articles

Healthcare Fundraising: Boost Grateful Patient Programs with the P2G Score

Grateful Patient Program Checklist

 

 

 

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Top 10 Skills That The Chief Development Officer of Tomorrow Will Need

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Top 10 Skills That The Chief Development Officer of Tomorrow Will Need

July 11, 2019
Sharanya Venkatesh

The nonprofit landscape is ever-changing, yes. But, with major shifts coming in the next few years, Chief Development Officers (CDOs) or nonprofit leaders need to update the ways in which they approach their role.

What are these shifts? They relate to regulation, technology, and attitudes that come with new demographics that will be part of the workforce.

First, let’s look at the major trends that will affect the nonprofit sector over the next few years.

Nonprofit Leaders

6 Trends That Affect Nonprofit Leaders

  1. Artificial Intelligence and Machine Learning— Big Data was a big deal in the last technology cycle. Going forward, automation will be a major theme. Data will need to be refreshed, stored safely, and interpreted for insights. These will be enabled by AI ML.
  2. Privacy— Changing regulation across the world will make data harder to access. The public will have greater control over their own data. For this reason, organizations that rely on data will need a strategy to gain consent.
  3. Cybersecurity–  With data privacy regulation on the rise globally, Personally Identifiable Information (PII) info will need greater protection. Thus, Chief Development Officers will need to budget for higher investments in cybersecurity.
  4. Changing Demographics at the Workplace— As Millennials & Gen Z dominate the workplace, work culture will undergo a massive shift. Further, these generations care about authenticity and solving problems on a global scale. They may have a free-flowing career path, but they want to work at organizations that stand for something meaningful.
  5. Social Media— Social media is here to stay. Channels may become more niche to serve the diverse interests of its users. Social media will also have a bearing on fundraising. Nonprofit leaders may see that giving is more fragmented, but there is a higher volume of smaller donations.

    “With the click of a ‘like button’, users will be able to make microdonations, a cent or even less.” says, Felix Hartmann, CEO of FundThis 

  6. Tax Laws— Changing tax laws may reduce gift size and frequency especially among sporadic donors.  On the other hand, there will be an increase in the likelihood of Donor Advised Funds.

These trends affect the role of the Chief Development Officer in many impactful ways.  CDOs need to understand these trends so that they can get ahead of them. Thus, here are top skills that nonprofit leaders will need in each area that affects them.

Top 3 Technical Skills That CDOs of Tomorrow Will Need

1. AI-Powered Data Modeling

Understanding the importance of data is only the first step. Nonprofit leaders should familiarize themselves with AI. Artificial Intelligence in data modeling, for instance, finds patterns among donors and prospects. Using wealth data analytics powered by AI gives you the ability to know the right “ask” amount for each potential donor.

2. Refine Precision Through Machine Learning

The old way of using your network, while still useful, is actually going to slow you down. Fortunately, Machine Learning technology can speed things up. When you use analytics to generate insights regularly, machine learning can constantly improve your results.

For instance, AI allows you to find important patterns among your top donors. Machine learning can refine these over time so that you have a precise formula for finding new donors just like your best ones.

3. Evolve from CRM to CDP

CRM is yesterday’s news, CDP is going to be the next big thing. CDP or a Customer Data Platform gives CDOs the ability to unify paid and owned data, according to McKinsey.

Thus, nonprofit leaders need to empower their team by integrating wealth, demographic, lifestyle, and affinities within a centralized CDP. This way, your team spends more time talking to the right people than spending time on administrative tasks.

Top 3 Skills Needed to Stay Ahead of Regulatory Changes

1. Keep Up with Privacy Laws

The implementation of GDPR was a game-changer in Europe. This is a sign of things to come. Chief Development Officers need to keep up with changing privacy laws. When user consent becomes necessary for data, you will need a strategy to ensure that your donors remain connected to your organization.

2. Speak the Language of Cybersecurity

With PII data requiring more security, it is increasingly important to understand data collection, storage, and sharing. CDOs will need to hire an in-house data security expert or work with qualified consultants. Further, you will need to be equipped to speak their language. This will help you ensure that your infrastructure meets industry requirements.

3. Build Relationships with Wealth Managers

With the new tax laws, donor attitudes may change over time. CDOs who move quickly to leverage wealth data analytics and technology will gain a larger share of wallet from competing causes. Similarly, building relationships with Wealth Managers can help familiarize prospects with your cause. With the support of financial service professionals, you can gain traction on Donor Advised Funds.

Top 3 Leadership Skills CDOs Need to Leverage The New Workforce

1. Embrace Diversity

Millennials in the US are the most diverse generation to date. Therefore, nonprofit leaders must understand and embrace diversity. This means that cultural sensitivity has to be built into your leadership skills. Moreover, individuals have different intrinsic and extrinsic motivations, understanding what makes each one tick will create a harmonious workplace.

2. Lead with Authenticity

Leading with authenticity and passion are big draws for teams consisting of younger generations. For instance, motivating younger employees to give their all to your cause will be easier when they can see how much you believe in it.

3. Be Open to Learning

When it comes to the proliferation of social media and the increasing dependence on technology, a younger workforce can prove to be a great asset. As a leader, it is important that you are open to reverse mentoring from younger employees with respect to these areas.

Bonus Communication Skill to Ensure Donor Engagement

The benefit of fragmented donations over social media is the volume of donations. As a Chief Development Officer, you need to look beyond your core donor on social media. Further, activating potential donors online helps you create awareness that leads up to an actual conversation.

Using engagement metrics, you can understand how often to connect with members of your community. For example, some people don’t mind regular communications and outreach efforts. Others may be happy to donate but prefer infrequent contact.

How We Can Help

WealthEngine9 or WE9 is built to prepare you and your organization for the future. We leverage AI/ML to deliver automation. This means that your team can be enriched with insights on your donor base that go beyond wealth. In fact, WE Screen enables you to add 50+ data points on each donor- data on wealth, lifestyle, demographics, interests, and affinities. These can be added to your database at the click of a button.

What’s more? With WE9, our industry-specific CDP will enable you to unify your data and make operation seamless for your team. When younger employees come in with convoluted career paths, you can rest easy that the learning curve on the platform is negligible.

Our modeling solutions help you answer specific fundraising questions. For example, you can evaluate your donor base to find the prospects who are best suited for major gifts.

With our holistic and seamless solutions, your team can spend more time gaining deeper insights into your donors and building long-term relationships. As a result, they will not need to spend their hours on administrative tasks or learning how to use several different platforms to gain insights.

Get Started Today

Contact us today to get started. Fill the form on the right and a WealthEngine rep will contact you soon.

Related Reading

Prospect Automation: Why Old Ways of Prospecting Will No Longer Deliver Results

Ethical By Design – Marketing in the Age of Personalization and Privacy

 

 

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Donor Pyramids can Make or Break Your Capital Campaigns

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Donor Pyramids can Make or Break Your Capital Campaigns

June 28, 2019
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 fundraising 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.

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.

Using Modeling to Enhance Fundraising Pyramids

Wealth Screening is the first step, which means that a wealth model can drive your capital campaign 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 capital campaign. The top two represent the top 20% and so on.

Going from 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!

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Related Reading

Capital Campaigns: Fundraising Strategy for Nonprofits

What to Do When You Inherit a Fundraising Campaign

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5 Summertime Tasks to Prepare for a Successful Fall Donation Drive

fall donation drive

5 Summertime Tasks to Prepare for a Successful Fall Donation Drive

June 24, 2019
Nandini Singh

With the new school year just around the corner, it’s important to begin preparing for your fall donation drive. But, you may be wondering where to start. Let’s explore where you can look for donors in your database and how you can use wealth screenings to find your next best prospect.

5 Tasks to Prepare for a Fall Donation Drive

1. Screen Your Giving Day Donors

As designated Giving Days have risen in popularity, many universities have been able to raise millions of dollars. They’ve also seen their number of donors double. Giving Days have other benefits- alumni and other members of your institution’s community are able to lend support from anywhere. Furthermore, they’re also given recognition among their community of gift givers.

So, to gear up for your fall donation drive, it’s important to screen your Giving Day donors. By conducting a wealth screening, you can see which donors have the greatest propensity and capacity to give. Donors who give during events like Giving Days may donate sporadically to your institution over time. But, they are still inclined to give. By reaching out early, and implementing effective engagement techniques, they’ll be more likely to donate during your fall donation drive. This is an even greater opportunity for your institution to cultivate donors who give again and again.

2. Screen Your Alumni

Alumni who had positive experiences at their alma mater are keen on giving back. They want to see incoming and returning students have an experience that was just as positive as theirs was.

So, when reaching out to alumni for your fall donation drive, it’s important to understand more about them. By taking the time to familiarize yourself with their interests and giving history, you can engage them in relevant ways. It’s important to ask yourself: who’s an active member of our institution’s alumni association/ Which alumni have given in the past? What do they do now? And do they have the propensity and capacity to give more? By conducting a wealth screening, you can get those answers and more. You can learn more about the wealth, lifestyle, affinities, and interests of alumni and uncover donors, hidden in your database. This can also help you personalize your outreach, and communicate with alumni about fundraisers that they’ll feel individually connected to.

For example, in 2014, the University of Maryland received a historic gift of $31M from former Computer Science Major and Oculus CEO, Brendan Iribe. Brendan attributed his love of virtual reality to the University of Maryland’s computer science department, which is what inspired him to give back.

3. Screen the Parents of Your Incoming Students

With incoming students arriving in just a few months, it’s important to screen your new students’ parents. Which families, of your incoming class, may have the greatest ability and willingness to give during your fall donation drive?

For most parents, if they have the ability to give, they’ll contribute as much as they can. They want to ensure that their son or daughter has all the resources necessary to be successful. Especially if members of your university’s incoming class are legacy students, their parents may be even more keen to give. They’ll want their child to have the best experience at an institution they feel personally connected to and invested in.

By the time your fall donation drive comes around, you can hold an event for parents. This is an opportunity to walk them through the campaigns you have in progress, and how these will transform their child’s college experience.

4. Screen Your Gala Attendees

During galas for your institution, attendees are keen on seeing what their gifts are being put towards. They want to know how their commitment to your campaign(s) is being transformed into tangible accomplishments. It is important to know which gala attendees have contributed substantially in the past. However, it’s even more important to find former attendees who have the ability to give more.

So, it’s important to understand (through screenings) where their values lie, and which projects they’re likely to invest in further. Then, during your fall donation drive, you can tailor your outreach in ways that keep your attendees motivated to keep giving.

5. Model Your Screening Files to Find More Potential Donors

You’ve screened all the donors hidden in your database who have the greatest propensity and capacity to give. Now what? How do you find new donors to give during your fall donation drive?

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. Essentially, you’re creating an impression of your ideal donor and then using those traits to find more people like them.

For example, one of WealthEngine’s clients, a large, private, research university in the midwest had a plan in place for fundraising at all levels. However, their biggest challenge was securing Major Gifts. By using WealthEngine’s modeling solution,  the team generated a model that automatically identified the top 10% of their donors. The gift capacities of these donors were in the $100,000 range, and over 200 members were identified as top prospects. This reduced their major gift donor lead time by 88%.

Learn How to Model and Screen Your Data to Secure Donations

Learn more about how modeling and screening could help you increase conversions.

See how to model your data →

See how to screen your data →

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Identify & Combat Donor Fatigue to Build Long-Term Donor Relationships

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Identify & Combat Donor Fatigue to Build Long-Term Donor Relationships

June 24, 2019
Sharanya Venkatesh

Ever wondered if Donor Fatigue is real? Spoiler alert: the answer is yes! In fact,  it can majorly obstruct the development of long-term relationships. Every nonprofit advancement team aims to create long-term engagement among donors. Engagement that sets donors on the path to major gifts, recurring donations, or even planned giving. In any long-term strategy, nonprofits have to be able to identify this phenomenon.

To that end, let’s analyze what it is and how you can combat it.

What is Donor Fatigue?

Donor fatigue is a phenomenon where your donors may gradually stop giving to your organization. They may also stop giving altogether. This may be due to a feeling of indifference or desensitization caused by too many asks.

Although the loss of connection may be temporary, if you don’t take the right steps, you may end up losing a valued donor forever.

The first step is to identify the causes of this phenomenon.

Top 6 Causes of Donor Fatigue

Donor fatigue results in desensitization or a feeling of being tapped out among your donor base. One or more of the following 6 factors can cause this:

1. Too Many Requests

One of the primary causes of donor loss through fatigue is receiving too many fundraising requests. Nonprofits believe in donor retention. Past behavior is usually a great indicator, so the instinct is to ask again.

When donors have already donated to your cause, and they continue to receive requests, they may begin to feel tapped out.

2. Poor Understanding of Propensity and Interests

Understanding donor propensity and interests should be one of the primary steps in your prospect research plan. For instance, a donor may have contributed to a disaster relief fund. This is an indicator that they are interested in humanitarian aid. However, it is best to proceed while being better informed.

They may have been inclined to give to that disaster because of the affected area. If they have lived in the affected area before and still know people that live there, that may have served as a motivator.

3. Generic Asks

Like poor understanding, sending generic asks can cause irreparable damage to the donor relationship. Asks can be generic in many ways. The actual cause may not be the right fit. Further, the ask can be a mismatch with donor capacity.

Even your chosen medium or message appear generic when you do not personalize communications.

4. Ill-Timed Asks

Your request’s timing can be a mismatch just as the medium or nature of the ask can be.

Recency is an issue: when you send requests soon after a donor gives, fatigue can set in. Furthermore, life stages are constantly changing. If your donors are paying college tuition or medical bills for family members, they might be less inclined to make a contribution.

5.  A False Sense of Urgency

When natural disasters occur, nonprofits send messages with a sense of urgency. This is expected.  However, over time, receiving such messages dilute the impact of your ask on donors.

Donors will feel less inclined to give if the actions required by them seem cumbersome.

6. Lack of Transparency in Communication

Another cause of donor fatigue is ambiguity. Sometimes messages do not clearly communicate the purpose and the impact of donations. In these instances, the lack of transparency hinders long-term relationship building.

Solutions to Combat Donor Fatigue

Fortunately, there are ways to avoid this phenomenon. Understanding your donor base and personalizing your outreach is paramount.

1. Regular Screenings

To understand your donors well, you need a holistic view of them. This means you have to look beyond their wealth. Wealth screening can show you your donor demographics, lifestyle, interests, and affinities.

Further, when you screen regularly, you can ensure that you are keeping up with important changes in donor wealth and life stages. This means that your asks are based not only gift capacity but also interest and inclination.

Brian Bishop, Director of Development at TurningPoint Ministries has said,

“(Screening)… allowed us to shift from relying solely on capacity-driven prospecting to become much more inclination-driven. Unless you’re paying attention and using a tool like WealthEngine, you’re going to miss people”

Therefore, regular screenings mean that you don’t overlook donors who are ready to give. Moreover, you don’t induce disinterest through ill-timed or generic asks.

You can automate your screening process through API integration. This way, every time a donor comes into contact with a touchpoint, screening data on them can be refreshed.

2. Donor Segmentation

Segmentation can also help you combat donor fatigue. Use a wealth score such as the P2G Score. This score can help you measure not only propensity but also capacity.

An understanding of propensity and capacity can help you segment donors into lists for your annual fund, major gift program and other types of fundraising.

When you approach the right donors for the right programs, results can be vastly different. For instance, a WealthEngine client found that asking for an extra $50 to their top 1% would generate $200,000 more in a year. That’s $1M in 5 yrs!

3. Actionable Insights

Your screening data can provide valuable insights. Analyze this data to find macro patterns in your donor base. For example, you may find that all your major gift donors share 4 common traits. They all live within 50 miles of your organization, they are all over 50, they all own luxury cars, and are all interested in reading.

These patterns can help you in two ways. First, they can give you a deeper understanding of what makes your donors respond. When you communicate in a way that resonates, there is less room for donor fatigue to set in. Second, when you know what kind of donors are likely to give major gifts, you can find more like them and retain them in the long run.

4. Modeling

You can take your insights a step further through modeling. Modeling uses machine learning technology. You can create a custom model that answers a specific question at your nonprofit.

In this instance, you can create a model for early detection of donor fatigue signs. This can help you adjust your strategy with donors who are at risk. For example, your model can assign a high score to anyone who has recently donated to your cause.

This score will indicate that they should not receive any more requests in the near future. By doing this, you avoid frequency and recency issues that result in non-responsiveness.

4. Personalization

When you have segmented your donors and identified those at risk, your engagement strategy can become much more personalized. Personalization can extend to your message, the medium, and frequency.

Using results from your analysis and modeling, you can identify exactly what makes a donor respond. A response means they are interested and engaged. For instance, you can find that some donors don’t mind up to 3 emails a month, but they won’t open emails about organizational news.

These learnings help you tailor your outreach in a way that donors are not put at risk.

5. Authenticity

Personalization drives a connection with your donors. However, it goes beyond addressing them by name in emails. Authenticity is a major factor when it comes to communications. When donors understand where their dollars have made an impact and where they have made a genuine difference, engagement levels are much higher.

When personalizing communication, it is important that the tailoring goes beyond cosmetic aspects. This means using urgency only when appropriate. It also means using a tone of voice that is reflective of your organization’s culture.

6. Donor Involvement

Another key method to maintain interest is to actually involve donors in the activity at your organization. You can seek their advice on projects or fundraising programs.

Furthermore, you can also tap into their inner circle to find their close connections. Donors can help make introductions to their contacts. These contacts, in turn, could become board members or donors themselves. When donors are involved and their counsel is sought, they feel a deeper connection with your organization. This connection is strengthened so they maintain a long-term association with you.

inner circle

How WealthEngine9 Supercharges Your Long-Term Strategy

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

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Recurring Donors: Why you need them and how to get them

Capital Campaigns: Fundraising Strategy for Nonprofits

 

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Engaging Alumni: 7 Steps to Convert New Graduates into Future Donors

engaging alumni

Engaging Alumni: 7 Steps to Convert New Graduates into Future Donors

June 17, 2019
Sharanya Venkatesh

Your students just graduated. What can you do to ensure long-term engagement among this group of graduates? If an alumnus doesn’t donate within 10 years of graduating, there’s a good chance you’ve lost them forever. Even though alumni fundraising is a long game, your advancement team should think about engaging alumni as soon as they graduate.

Follow these 7 steps to create a bond that results in a lifetime of giving.

Step 1: Don’t Lose Touch

When your current student body is graduating,  make sure that they stay in touch with your institution. Have them join your Facebook or LinkedIn groups. Prompt them to follow you on Instagram or Snapchat. You may have an overall account for your institution and others for different departments. Encourage them to join both.

It is not enough for these alumni to simply follow you on social networks. You will also need to keep them engaged on these channels. This means you will also need to create engaging content on these channels constantly. Moreover, you will need to stay active on all platforms. For instance, you can post news about the achievements of other alumni and ask them to share what’s going on in their lives.

Similarly, sending an engaging alumni newsletter should be part of your strategy. Your newsletter is another good way to remain in touch. You can use it to highlight institutional achievements, news about your institution, and career opportunities within the network.

Step 2: Connect Alumni to The Next Batch of Students

When it comes to engaging alumni, it’s important to make them feel like they are still part of the community. Most higher education institutions hesitate to connect current students to alumni. This stems from a fear of tapping the alumni network out.

Your alumni engagement strategy should give your alumni control over communication between themselves and current students. Invite them to become mentors. This gives them the power to say yes or no. Further, it allows them to feel connected to your university and feel like they are giving back.

In fact, your current students will have a lot to gain from connecting with relevant alumni. By doing this, you are already grooming current students for long-term engagement with your institution.

Step 3: Connect Alumni to Each Other

You’ve found ways to keep in touch with your alumni base. Now it’s time to create connections among them. For example, you can encourage former students to join alumni network chapters in their cities.

So, how will these steps lead to enhanced fundraising?

The fact is that you have to establish a strong connection with recent graduates. Engaging alumni is the foundation of fundraising. They have to feel a sense of community within your institution. When recent graduates are dealing with student loans and the beginnings of their careers, it can be the wrong time to ask for gifts. At this stage, it’s important to establish a connection more than anything else.

By doing this, you are setting the stage for your long-term alumni engagement strategy.

Step 4: Engage Alumni by Appealing to their Interests

Your alumni engagement strategy has to have a long-term view. The next step is to understand alumni interests. Doing this provides you two benefits:

First, it tells you more about your alumni body in general. Second, it makes alumni engagement more effective. For instance, when you know that a subgroup of alumni is interested in the arts, you can create events that appeal to their interests. When events are catered to alumni interests, they are more likely to attend them and thereby stay connected to your institution.

Moreover, you can strengthen alumni-student relationships by connecting the right people with each other. When these relationships prove effective, it increases your credibility in the long-term.

Step 5: Screen Your Network Regularly

You may already have an understanding of an alumnus’ background and interests from the time of admission to graduation. Wealth screening can enhance your view of them. Screening can help you understand how they live, give, and save.

Alumni status and life stages are constantly changing. As a matter of fact, recent graduates tend to move often until they establish themselves. This move may be geographical or professional.

Northwestern University is a prime example. Their Development Research and Prospect Management team found it challenging to match addresses in their alumni base. Using WE Screen allowed them to match 31,000 alumni with new addresses.

Regular screenings help you ensure that you are always working with updated information. Additionally, screening can add valuable information on alumni wealth, lifestyle, interests, and affinities. Engaging alumni becomes easier when you are working with a fuller picture.

Moreover, if you have API integration enabled, you can automatically receive updated data in your DMS.

Step 6: Personalize your ask

Understanding prospects beyond their wealth is the first step towards personalized alumni engagement. When you understand what makes an alumnus tick, you can speak their language.

You should personalize not only your message but also the medium of communication. For instance, some alumni may be interested in attending a wine-tasting event in their city. Similarly, some may be more likely to respond to an invite sent via direct mail. Others may be more responsive to a phone call. Personalization boosts your alumni engagement strategy by making your message resonate.

When it comes to asking for a donation, personalization plays a major role. Using screening data and insights gives you an idea of a person’s gift capacity, propensity, and intent. You can rank prospects based on propensity and intent. This way you’re only appealing to those alumni who are most likely to donate. Your ask can also be customized to each donor based on their capacity.

Step 7: Show the impact of their donations

Once you have converted prospects into donors, it’s important to keep them engaged. Engaging alumni in the long-term results in recurring donations, a path to major gifts or even planned giving.

The most effective way to keep them engaged is to show them what their dollars have helped you achieve. For instance, you can show a microbiology alumnus that their donation helped you restore a lab. This helps them understand the direct impact of their gift. Further, it resonates with their interest in the subject. They have helped you provide top-notch facilities for future students of microbiology. When they understand how they are helping uplift future contributors to their field, it makes them more interested in giving again.

Transform Alumni Engagement Strategy with WealthEngine 9

These steps should help you have a long-term view on engaging alumni. Learn more about how WealthEngine9 (WE9)  is changing the fundraising landscape.

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Related Reading

How to Spot Major Gift Opportunities In Your Day of Giving Donor List

University Fundraising: Use Modeling to Identify Overlooked Prospects

 

 

 

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3 Steps to Implement a Direct to Consumer Strategy

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3 Steps to Implement a Direct to Consumer Strategy

June 7, 2019
Nandini Singh

Direct to Consumer (DTC) is transforming the way brands interact with consumers. Retailers are beginning to gain more traction by marketing over social media. By doing this, they’re breaking into channels where they can speak to their customers directly. But, for legacy retailers, it can be a challenge if they haven’t leveraged technology to optimize their outreach. Which begs the question: what are the best ways to remain relevant? And what are the best ways to engage potential and existing customers? Let’s understand the retail landscape and the steps you can take to successfully engage in direct to consumer marketing.

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How Is Direct to Consumer Changing the Retail Landscape?

More brands are beginning to flock to social platforms to market their products. This is presenting itself as a direct form of competition for legacy retailers. Diffusion’s 2018 Direct-to-Consumer Purchase Intent Index stated that a third of American consumers plan to make 40% of their purchases from direct to consumer businesses. Furthermore, 27% of Americans who will purchase direct to consumer products in the next five years will do so due to greater convenience.

Since the internet has democratized retail, everyone has the chance to start a business. Brands can put together an online presence and immediately begin branding and marketing. For example, before creating the cosmetics company Glossier, founder Emily Weiss created “Into the Gloss”. This beauty blog served as the springboard for the brand. This channel, along with Instagram, was soon leveraged as an online focus group for the company. They could spark conversations with potential and existing customers, asking them what they’d like to see. They’d get instant feedback and would create products accordingly. Since the launch in 2014, Glossier is now valued at $1.2 billion with only two physical stores.

Even now, big retailers are still reliant on brick and mortar stores (or wholesale environments). This means that they don’t have nearly as much visibility as they used to. So, retailers who are slow to embrace direct to consumer strategies are likely to lose more of their market share and profits over time.

Benefits of Implementing a Direct to Consumer Strategy

Leveraging a direct to consumer strategy gives retailers more control. Not only can they manage communication with customers, but they can also adapt their products accordingly.

Since customers are mercurial, they change their preferences often according to trends. As a result, they aren’t typically loyal to a single brand. But, when retailers receive comments from customers, they have the tools to make necessary changes. They can use the feedback they get to alter their messaging, products, and pricing constantly and consistently. They can identify the customer’s need directly and personalize their outreach and offerings. When they’re empowered with such data, they can deliver products and services almost immediately. Moreover, they can also increase their chances of cultivating a loyal consumer base. For example, in a 2017 study, Forbes reported that if a millennial received relevant messages based on their own interests from an institution, their loyalty increased 7% on average.

In that sense, direct to consumer gives retailers significantly more control over their revenue, what consumers are buying, and what they’re likely to buy later on. Direct to consumer marketing also enables retailers to expand their ability to sell. Businesses can increase the volume of items sold by having both online stores and physical stores. Further more, they can ensure that consumers get what they want seamlessly from multiple sources.

3 Steps to Adopting a Direct to Consumer Strategy

Here are other steps you should set in place to create a successful direct to consumer strategy:

1. Create 360 views of your customers.

Once you know your customer’s preferences, based on their feedback, it’s important to compile this information. By using WE Insights, you can view your consumers’ interests, along with pre-compiled demographic information. This will help you understand what products consumers are drawn to now, and will be interested in later on.

2. Personalize your Outreach.

Once you’ve gained a deeper understanding of your consumers’ interests, you can tailor your messaging to meet their needs. This is one aspect of the virtuous cycle of creating personalized outreach. This approach provides you with more feedback that you can then use to tailor more products. Personalization is at the core of direct to consumer.

3. Model to Understand and Appeal to Consumers.

Once you’ve identified who your loyal customers are, you can begin determining who your nest best customers will be. Start by finding the overlaps in preferences and demographic data among your consumers. This will help you determine what groups of people you should appeal to. In other words, it creates an ideal model for your business.

For example, a luxury tour operator wanted to build target prospect lists and run micro-campaigns via direct mail and email. Their customers were mostly retirees, and they wanted to expand their services to younger people who wanted to travel. After using WealthEngine’s modeling solution, the group was able to identify a core customer persona of a younger age. From then on, they were able to iteratively update their model.

Modeling helps you predict what products your customers may like in the future. It also helps you determine who, among them, has the greatest propensity and capacity to spend.

Learn How to Model Your Data to Personalize Outreach

Learn more about how modeling your data could help you personalize your outreach and increase conversions.

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WealthEngine at Salesforce Connections Conference

WealthEngine at Salesforce Connections Conference

June 5, 2019
Nandini Singh

The key to forging lasting connections with your consumers is at your fingertips. At the upcoming Salesforce Connections Conference, follow WealthEngine and other industry leaders as we discuss how you can build better customer connections using the Salesforce Platform.

During the Customer Success Expo on Monday, June 17th, between 5:00 and 5:20 pm, we’ll be detailing the most powerful ways you can increase your sales and improve LTV. We’ll also be discussing how companies use wealth intelligence to identify a customer’s capacity and propensity to spend money.

With the WealthEngine Connector App with Salesforce, we specialize in helping you identify, understand, and connect with wealthy individuals. Our App gives you instant access to wealth and lifestyle insights from half a trillion data points on over 250 million individuals across the U.S. With this tool, you have the ability to improve your conversion rates, increase your deal sizes, and reduce your acquisition costs.

Visit us at booth #74 at the Customer Success Expo or set up an appointment here.

You’re only steps away from uncovering the hidden gems in your database!

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