Giving Tuesday vs Giving Day: Which Fundraising Day Best Suits Your Needs?

giving tuesday vs giving day

Giving Tuesday vs Giving Day: Which Fundraising Day Best Suits Your Needs?

February 14, 2020
Nandini Singh

Your organization would like to participate in a major event fundraiser. The question is: should you take part in Giving Tuesday? Or would it be better for your group to plan a separate Giving Day? Let’s explore the factors you should consider when deciding between Giving Tuesday vs Giving Day.

Giving Tuesday vs Giving Day: Fundraising Factors to Consider

Both Giving Tuesday and designated nonprofit Giving Days hold similarities and differences. To start, both Giving Tuesday and Giving Day are both limited time fundraisers that take place online. The primary goal for both is to collect as many donations as possible within that short period of time. Yet they are as much about raising awareness of good causes as about raising funds. These giving events promote collaboration, encouraging people to come together to benefit the community.

Giving Tuesday vs Giving Day: Which Giving Day Should You Plan For?

A Giving Day can be held on any day of the year. Giving Tuesday (or #GivingTuesday) is a Giving Day, it’s just held on a specific date. Giving Tuesday takes place on the Tuesday after the U.S. Thanksgiving holiday. It was launched in 2012 in a partnership between New York’s 92nd Street Y and the United Nations Foundation.

Giving Tuesday is intended to kick off the season of year-end giving. People tend to be feeling grateful after Thanksgiving. Giving Tuesday offers them an opportunity to consider how they can “give back.” 

At its heart, Giving Tuesday has been described as a “global generosity movement.” Yes, it’s a charity fundraiser. But it’s also about giving time as a volunteer or sharing talent. It’s about being an advocate or activist. It’s about showing kindness, such as giving a smile or a hug.  And it’s also about donating goods in addition to money. The point is that everyone has something to give.  

From a fundraising standpoint, the initiative behind Giving Tuesday is to get people excited about giving. The same way they may get excited about holiday bargains.  Any Giving Day is best organized and promoted in a way that fosters a similar sentiment as Giving Tuesday. To be most effective, the event should create a sense of community and enthusiasm around a common cause. 

The Success and Growth of Both Giving Days

More than 1,400 charities took part in Giving Tuesday in 2012. Since then, Giving Tuesday has become an annual holiday tradition. Over 200 Giving Tuesday movements take place in the United States. And there are Giving Tuesday campaigns in 60 countries. In July 2019, Giving Tuesday even established its own organization.

Giving Tuesday has grown to inspire hundreds of millions of people worldwide to give to good causes. Giving Tuesday efforts have raised more than $511million online in the United States alone. Nonprofits taking part in Giving Tuesday may even receive matching funds for a portion of their donations. This alone can incentivize donors to contribute. 

Giving Days other than Giving Tuesday have also increased in popularity. Hundreds take place in the United States, often in a specific geographic area, such as a state or region.  These events typically benefit the member nonprofits of community and civic foundations. And some Giving Day fundraisers are extended to a week or longer so supporters have more time to contribute.

Giving Day in Austin, Texas, for example, raised over $11 million in 2019. A South Central Texas Giving Day pulled in over $4.7 million for 545 participating nonprofits. Several major universities teamed up for a Giving Day last spring and raised over $60 million. Give to Lincoln Day, a Giving Day in Lincoln, Nebraska, broke all records in 2018. The fundraising event brought in more than $4.5 millon. New York City’s #NYGivesDay raised $15.7 million in 2017.

The Red Cross holds its own Giving Day in March, as part of Red Cross Month. March 25, 2020 is this year’s official Red Cross Giving Day. However, donations accepted throughout the month will count toward the March 25 goal. Besides raising funds, the Red Cross works to increase awareness of its needs.

Excellent Fundraising Opportunities 

Should your organization plan for Giving Tuesday, or a different Giving Day? Any group desiring to raise funds and awareness should consider at least one of these events. Either giving event can benefit a nonprofit organization in a number of ways. 

Giving Tuesday is a specific day for contributions. For most organizations, there is room for another special Giving Day. Partnering with foundations especially can be a smart way to bring in dollars with the help of others.  Your common mission is to get people to think about charitable giving in a different way. Everyone then benefits.

  • Participating in Giving Tuesday and/or Giving Day can increase the visibility of your organization. Having a foundation promote the event will help spread your message far and wide.
  • Giving Tuesday or a Giving Day provides an excellent way to reengage with your current donors. This is an opportunity to get your donors excited about your fundraising efforts. 
  • Equally important, a major fundraising event will put your cause in front of new potential donors. And you’re very likely to add some new (and potentially regular) supporters to your list.
  • Your group can use the data collected from a Giving Day event to learn more about your best donors. You’re also bound to learn new fundraising skills you can implement during future events. 

Don’t look at Giving Tuesday or any other Giving Day as a single event. Think of them as part of a year-long integrated fundraising plan. 

Leveraging Wealth Screening to Find Your Best Giving Day Donors

So, whether you choose to participate in Giving Tuesday, a separate Giving Day, or both, a wealth screening can help you identify potential major gift donors. So, what is a wealth screening exactly? A wealth screening is the process of applying wealth insights to a list of contacts to better understand their propensity and capacity to give. In that sense, wealth screening can help you identify your best prospects and donors with accuracy and precision. So, screenings help you find, segment, and prioritize your prospects so you can focus on the right ones.

To do a screening, all you have to do is upload your list of contacts and select the attributes you want to apply to them. We will then screen your contacts accordingly and provide you with new information on those individuals.

When you append your database with wealth attributes, you’ll know who within your list you should reach out to. These insights will also give you an impression of their interests. This will help you create hyper-personalized messages that speak to your donor’s needs and inspire them to give, now and in the future. If anything, screenings give you a good impression of who you should cultivate and nurture relationships with. Especially if they’ve donated to you in the past, but have the ability and the inclination to give even more. This is an opportunity for you to pursue those donors further, and possibly triple or quadruple the value of gifts you receive from them.

The Best Way to Boost Your Giving Day Efforts?

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

Next In Our Series

This is the second blog in our Giving Day series. Read our first blog on What is Giving Day and stay tuned for our next blog that discusses how to leverage Giving Days as part of your nonprofit fundraising strategy!

8 Reasons to Hold A Nonprofit Giving Day

nonprofit giving day

8 Reasons to Hold A Nonprofit Giving Day

February 14, 2020
Nandini Singh

A nonprofit giving day is intended to help different organizations and higher education institutions bring awareness to their efforts and help them raise as many donations as they can within a short, defined period of time. Let’s explore the importance of giving day, how you can launch one for your organization, and how you can leverage wealth insights to boost your fundraising.

What Is a Giving Day?

So, what is a nonprofit giving day? A Giving Day is a 24-hour, online fundraising event. The purpose of holding one is twofold. The first reason to hold a Giving Day is to collect as many gifts as possible within a limited time period.  Additionally, nonprofit Giving Days are held to increase awareness for your charity, foundation, or university. They are a great way to draw attention to your organization and incorporate your organization into the greater community. 

Giving Days are initiated primarily by community foundations, cause-based nonprofits, and higher education institutions. They typically center on a specific geographic area, such as a city, state, or region. But, they can also be national or even international in scope. Technically, anyone, anywhere, can donate to your cause.

Examples of community foundations hosting a nonprofit Giving Day for charities in their regions are GiveMN and Arizona Gives Day. Another well-known global Giving Day is Giving Tuesday. Created in 2012, Giving Tuesday is held every year on the Tuesday following Black Friday and Cyber Monday. It was designed to kick-off charity “giving” during a season when people are already in a giving mood. What better way to encourage donations from those who are eager to contribute?

The Success of Nonprofit Giving Days

Holding a nonprofit Giving Day has increased in popularity. There are now hundreds of Giving Days happening across the United States and several on a global level.  In fact, Giving Days are becoming a standard part of fundraising

As their popularity increases, the question is: are Giving Days worth all of the work involved? Consider some of the proceeds from these 2019 Giving Days:

  • Horizons Giving Day 2019 raised over $1.6 million for its 41 affiliates. 
  • The Big Give, a Giving Day supporting nonprofits throughout South Central Texas, brought in over $4.7 million for 545 participating nonprofits. 
  • Contributions reached over $11 million for A Giving Day for Amplify Austin, which supports Austin, Texas nonprofit.

With proper planning, promotion, and organized effort, nonprofits definitely have an opportunity to see rewards from the Giving Days they hold. Setting a limited time for these special donations creates a sense of urgency to raise funds. Of course those who are most interested in your cause will be more likely to give their support. And this is also a chance to gain new supporters because of the nonprofit’s increased visibility.

Reasons to Hold a Nonprofit Giving Day

A concentrated fundraising effort within such a limited period can go a long way toward getting people excited about your work.  In the short-run, Giving Day helps connect supporters to the causes they care about. Long-term, you can continue to engage with donors in various ways to maintain and grow their contributions.

Here’s how your organization can benefit from a Giving Day:

1. Raise funds for your organization.

A primary reason for a Giving Day is to bring in the dollars necessary to continue your work.

2. Increase visibility and community awareness of your group.

The exposure gained through a Giving Day can boost your nonprofit’s standing in the community. 

3. Re-engage with past volunteers and donors.

Chances are, those who contributed in the past will support you again.

4. Add new donors to your list.

This is the time to pick up those who have an interest in what you’re doing but have not yet contributed.

5. Enhance your donor data.

Giving Day will allow you to collect more information on the donors who are involved with your organization to aid future prospecting.

6. Strengthen the sense of community pride.

People like to be part of events that help others and creates a positive vibe. 

7. Benefit from the work of others.

If your Giving Day is part of a multigroup effort, you can share the workload and make new connections. 

8. Learn more about fundraising.

Your staff will learn new skills as part of creating a Giving Day fundraising event. 

Participating in a Giving Day not only benefits the organization, but its supporters and surrounding communities. Many people like to give back when they are able to. And they like knowing that their contributions made a difference. 

Launch a Giving Day for Your Organization

Giving Days take plenty of planning, enthusiasm, and follow up with both donors and prospects. A Giving Day is designed to run on the target day for 24 hours. But smaller nonprofits sometimes extend fundraising to a week or longer to allow supporters more time to contribute.

Additionally, a nonprofit can partner with community and civic foundations for a joint Giving Day event. That can be an effective way for the organizations to assist member nonprofits with the work involved. As it’s been said, many hands make light work.

Also, nonprofit Giving Days provide an excellent opportunity for a nonprofit to hone its marketing skills. It’s only by trying out different strategies will you know which ones produce the best results. And you’ll have new tactics you can use in other fundraising campaigns. 

While raising funds in just 24 hours takes work, it is a worthwhile endeavor for a nonprofit. Raising funds is important, but so is gaining visibility and building your donor base for the future. That’s how you’ll be able to bring in even more contributions. 

How WealthEngine Can Help You Find Giving Day Donors

So, as you begin searching for Giving Day donors, it’s important to identify which donors (of the ones you are already looking at) may be likely to give in the future. Using our platform, you have access to 250 million profiles in our database. Each of which with insights on an individual’s wealth, Net Worth, Income, Propensity to Give, and more. With insights on an individual’s giving behaviors and history, you can easily focus your efforts and pinpoint which donors you’ll want to deepen your engagement with. 

Additionally, using WealthEngine’s new WealthSignal™,  featured in the upper right-hand corner of each individual profile, you can make quick appraisals about the individuals you look up within our database. With this indicator, you receive pertinent information on your existing and prospective donors. For example, WealthSignal™ can help you pick up on a donor’s Estimated Giving Capacity—how much an individual could give in the next five years. So, this section is especially helpful for prospect researchers as they determine how much an individual may give in the future.

Additionally, by conducting a wealth screening, you can upload a list of your contacts, apply wealth insights to that list, and uncover new information on your donors’ propensity and capacity to give. So, with these insights, you have the opportunity to identify existing donors who can give even more than you thought possible.

Uncover Your Next Best Giving Day Donor Using Wealth Insights

Test drive WealthEngine to find your next best prospect for your day of giving! Discover their Propensity to Give (P2G), Estimated Giving Capacity, Net Worth, and more.

This is the first blog in our Giving Day series. Stay tuned for our next blog that covers the differences between Giving Day and Giving Tuesday!

Looking for Love: Wealth Insights on US Singles

WealthEngine Valentine's Day 2020

Looking for Love: Wealth Insights on US Singles

February 14, 2020
Nandini Singh

They may be single, but they’re not alone! Check out our breakdown of the United States’ most eligible bachelors and bachelorettes, across generations. Learn more about their interests, where they live, what they drive, and much more. Using our wealth and lifestyle insights, you can search, screen, model, analyze, and segment to identify and engage with the best donors, customers, and prospects across the nation.

3 Ways to Leverage WealthEngine to Recruit Diverse Board Members

recruit diverse board members

3 Ways to Leverage WealthEngine to Recruit Diverse Board Members

February 7, 2020
Nandini Singh

 The diversification of boards is not just a benefit. It’s a necessity. Goldman Sachs recently announced that they won’t take companies public if they don’t have at least one diverse board member, specifically one female board member. Similarly, California amended the Gender Corporation Law in 2019, stating that all publicly traded companies must have at least one female director on their boards by 2020. Additionally, companies with at least one diverse member saw a 44% jump in their average share price. As opposed to those that didn’t, which only increased by 13%. These changes illustrate a much greater need than meeting diversity quotas. Boards are now moving to recruit diverse board members in order to maximize their effectiveness by creating space for different perspectives. 

As boards begin prioritizing diversification, it’s important to be mindful in your search as you sift through potential new members. Not only do you want to make sure that you’re looking at a more assorted pool of candidates, but you also want to make sure that you’re engaging individuals who are well connected, influential, and will provide a unique skill set that will benefit your board. Let’s explore how our platform can help you recruit diverse board members

Things to Consider As You Recruit Diverse Board Members

Even before you begin using tools in WealthEngine to search for new board members, it’s necessary to adopt a new approach to your search. The steps you took to bring together the existing members of your board may not serve you as well now that you’re looking for new individuals with different skill sets. Taking a page from McKinsey, there are 3 best practices you should implement in your diversification process: 

1. Adopt a New Mindset

Make your commitment to gender diversity known and back up that value with sustained action throughout your organization. When creating significant change, outlining your purpose, intention, and goals will help underpin decision making. To do this, you can set new principles in your decision-making process. For example, establish a target number of board positions that should be filled by women and make sure the list of prospective members you’re compiling is diverse. 

2. Expand Your Criteria

Not all ideal board candidates may have prior board experience. That being said, it’s important to look beyond current CEOs or members of C-Suites. Be open to creative solutions and focus more on people who will help you meet your goals. To do this, define what expertise you require from potential board members and then define what is flexible, so as to deliver on gender diversity goals. 

3. Create and Maintain an Active Pipeline

The last thing to consider as you recruit diverse board members is to create and cultivate an active pipeline of candidates. Once you actively create a pipeline of potential female candidates, you can begin cultivating and nurturing long-term relationships with your prospects. This will serve you well in your board-inclusion efforts now and in the future. 

These considerations, in combination with wealth insights, will help you establish a more inclusive and diverse board. 

Before You Begin Your Search

Before you begin looking for prospective board members, it’s necessary to understand what you look for in one. So, as you develop your board member persona and evaluate prospects, ask yourself: is this individual well connected? Do their interests and actions align with our work? Are they a major gift donor? Are they an active participant in our organization or business already? Do they have experience on other boards? If so, which other boards do they serve on? 

Using WE Analyze, you can examine screening data on your existing board members and gain a holistic view of them. This gives you a clearer picture of commonalities, or unique qualities, among them. This will help you more easily visualize your board members, learn more about them, and create a board member persona. Using this information will make it easier to evaluate who would be a good fit for your board. So, this will help greatly during your selection process.   

How WealthEngine Can Help You Recruit Diverse Board Members

1. Use Search and WealthSignal to gain a Holistic View of Board Members

Using Search, you have access to 250 million profiles, with insights on an individual’s wealth, Net Worth, Income, Estimated Giving Capacity, Propensity to Give, and more. So, when looking up the name or profile of an individual you feel may be a fitting candidate for your board, you can gain information on how connected they are, what their propensity and capacity to give is like, as well as demographic information. By understanding their behaviors and interests, you can gain a clearer impression about what (demographically and in terms of their skills), they’ll be able to provide to your board that is unique. 

This is further supported by WealthEngine’s new WealthSignal™. The WealthSignal™,  featured in the upper right-hand corner of each individual profile, will help you make quick appraisals about the individuals you look up within our database. Like search, you receive all the same pertinent information on your candidate (Propensity to Give (P2G), Net Worth, Income, etc.), but it’s all displayed in a visual, similar to a bar-signal. So, you can easily skim through a candidate’s qualities, and make informed decisions quickly about whether or not you’d like to pursue them further, without having to scroll through their info. This cuts out time and energy as you determine who you’d like to engage. 

2. Use Inner Circle to Find Connections of Your Close Contacts

The Inner Circle feature within WealthEngine allows you to discover the close connections or relationships of your existing board members. When looking for potential board members, it’s helpful to find individuals who have some affiliation with your organization or business. Someone who harbors a similar value system and influence as your existing members. And, what better way to find these individuals than through your existing board members’ network? 

All you have to do is upload a list of your Inner Circle members into WealthEngine. The question is: who do you include in that list? Your Inner Circle list can include board members, trustees, long-term advocates—anyone you have a close, personal connection with who has influence. If they’re important to your organization, be sure to include them in your list. Once you label or mark individuals as Inner Circle members using our Inner Circle badge, we’ll store those profiles in your account in a list.

So, the next time you Search or Screen, the system will automatically compare individuals to those marked as members in your Inner Circle list. This will help you determine which people are Inner Circle Connected or people who know those members. Those profiles will then be flagged with Inner Circle Connected badges. These markers will help you navigate profiles with ease as you determine which individuals have networks that could benefit your board. Either through business relationships, nonprofit board members, or personal connections.  

Now, you’re able to reach out to these candidates in an effective way: through a personal connection. These warm connections provide you with an amiable introduction when you’re engaging potential members. These individuals may feel inclined to join your board because you have a mutual connection. So, Inner Circle, and their connections, allows you to find exemplary candidates in no time. 

3. Use Prospect to Recruit Diverse Board Members

Using Prospect (specifically Prospect’s Audience Builder) in WealthEngine, you can generate lists of new individuals (outside of your database) from distinct demographics and hundreds of different attributes. So, if you’re looking for new prospective board members, outside of your known connections, you can plug in qualities into Prospect to view a list of individuals who fall within the parameters you’ve set that resemble your existing board members— or what you’re looking for in new ones. 

Under the ‘Professional’ section of the  ‘Attribute List’ in Prospect, you can flag pertinent criteria for your prospective board members. For example, you could flag attributes such as ‘business owner’, ‘executive’, ‘on board of directors’, and more. You can also flag interests or charitable causes you’d want your candidate to be affiliated with under the Giving Section. Most importantly, under the Demographics section, you can factor in the gender or ethnicity of your ideal candidates. The key here is to find those unique qualities. By narrowing your search, you are identifying individuals who you’d most want to be represented on your board. So, the individuals you identify won’t be far removed from your missions or values as a business or organization. 

Uncover Your Next Best Board Member Using Wealth Insights

Test drive WealthEngine to find your next best board member! Discover their Propensity to Give (P2G), Estimated Net Worth, Connections, and more.

By honing in on the qualities of your ideal candidates, not only will you be able to welcome new board members who were previously underrepresented, but you will also be able to diversify the interests and skill sets brought to the table. With insights like these, you’ll be able to propel the efforts of your organization now and in the future. 

3 Ways to Hyper-Personalize Your Luxury Brand Marketing Strategy

luxury brand marketing strategy

3 Ways to Hyper-Personalize Your Luxury Brand Marketing Strategy

February 6, 2020
Nandini Singh

Luxury brand marketing doesn’t just involve communicating and delivering products of a specific brand. It also involves creating and maintaining an image for your company that is based on a core set of values. To win over the luxury consumer, you must use hyper-personalization to focus on the nuances of your prospect’s interests. Let’s explore the ways you can leverage hyper-personalization in your luxury brand marketing strategy.

What is Luxury Brand Marketing?

Luxury brand marketing is the business of promoting and selling the luxury goods of a high-end company. For some luxury brands, that could mean showing your customers that your company and products are novel and iconic. For others, they may want to show their customers that their company and products are unique and creative. Hyper-personalization is one of the best ways to sway the luxury consumer.

Shifting Perception of Luxury

The luxury market is expected to grow 5% annually through 2020. According to Forbes, this growth stems from Millennials’ evolving relationships with luxury brands.

Initially, luxury brands wanted to create elite and exclusive experiences for their consumers. Before, it was about creating spaces for customers to get high-quality products with high-quality service. Today, people still feel the need to be part of a select group but they also want to feel uplifted. So, they want to support what brands represent. This is a shift in luxury brand marketing. Your value as a brand no longer comes from your name recognition. It is about the personal connections you make with your customers.

Traditional luxury goods, in that sense, are becoming less relevant. In this “new normal” luxury market, consumers want to feel immersed in a highly personal experience. People still want to get something unique, but they don’t want to purchase something based on the value of the brand. Although they still want luxury goods, they also something that makes a personal value of theirs into a tangible reality. Luxury brand marketing now requires brands to forge an emotional connection with their consumers, and to understand their personal preferences.

Uncover the Best Ways to Appeal to Millennial Millionaires

Looking to target high net worth customers for your brand? Download A Look at Millennial Wealth to discover the best ways to engage wealthy millennials.

Personalization vs. Hyper-Personalization in Your Luxury Brand Marketing Strategy

Personalization in marketing allows you to collect consumer data that’s more general: customer’s name, location, and purchase history. While this information is useful, it only gives you a vague impression of who is buying your products.

Hyper-personalization in marketing, on the other hand, allows you to receive real-time customer data so you can personalize messages you send to your customers, or potential customers. For hyper-personalization, you need to know as much as possible about your buyers, including their capacity to spend and their interests. Fortunately, you can get this regularly updated information from Wealth Engine’s database.

As a result, hyper-personalization allows you to execute your luxury brand marketing strategy with pinpoint accuracy.

Incorporating Hyper-Personalization into your Luxury Branding Strategy

Hyper-personalization is now approached as a necessity in luxury brand marketing. But, how best can you begin incorporating it into your luxury brand marketing strategy? It’s important to hone in your efforts in the following areas:

1. Tailoring Your Messaging

If you want to appeal to different kinds of people, and understand their individual values, you have to communicate with them in ways that make them feel seen. When you hyper-personalize your messaging, you can show your customers how your values align with theirs. It is important to name, acknowledge, and appreciate your customer’s values. Then, you can clearly evaluate and articulate the ways you fit into their values and needs.

2. Leveraging Models

Another way to strengthen your luxury brand marketing strategy is to create models. When you leverage wealth models, you can develop and engage with luxury consumers in a hyper-personalized way. Using WE Analyze or a descriptive model (such as a Look-Alike Model), you can uncover the unique qualities your best customers possess. This will help you develop a customer persona, where the interests and demographics of your ideal customers will become clearer. So, by honing in on your ideal customers’ distinct interests, you’re better able to anticipate and act upon their needs. You’re adapting to your customer’s behaviors, and finding ways to be of service to their individual needs.

So, let’s say your ideal customers are women over the age of 40 who have two pets. Those are what your best customers look like. But, let’s say you want to find more customers like them to appeal to. Specifically, customers who would be just as likely to buy as your existing customers. By using predictive modeling, our data scientists employ WealthEngine data along with yours to create a custom algorithm. Using this, we can predict who’s most likely to purchase items from your brand. In that sense, leveraging models allow you to see how likely your prospective customers are to make a purchase. And, this further helps you figure out what each individual will need in the future.

3. Communicating Your Purpose

Another key tactic in your luxury brand marketing strategy is to communicate your purpose. It’s important for you to communicate to your consumers what you support, and what your greater intention is for your company. There is a new trend toward “goodness-based spending.” Today’s luxury consumers want to know that you are “honest, relatable, committed to doing the right thing, and follow sustainable practices.”

Consumers value organizations that seek to have a greater impact on the world. Not only do individuals still want their needs catered to, they now want the needs of the greater good are catered to. By aligning your strategy with your mission, you will be able to find ways to appeal to potential consumers with your values.

Prospect Research Produces Positive ROI

prospect research

Prospect Research Produces Positive ROI

January 31, 2020
Nandini Singh

Prospect research creates a foundation for all fundraising programs.  Essentially, an active prospect research program produces a pipeline of qualified new donors.  So, these qualified prospects and donors are the most likely to give or increase their current giving. As a prospect researcher taking full advantage of metrics cannot be emphasized enough, using data can save you both time and money. Let’s explore how prospect research can produce positive ROI and how Prospect, in WealthEngine, can help you during this process.

Beyond the money

Although dollar returns are the bottom line,  there is more to the picture that fundraisers need to evaluate.  Consider your donors’ quantity and amount, new donors, gift increases, and the percentage of prospects becoming donors.  These numbers give you new insight into where your efforts are leading and how you can better focus your time.

Importance of Prospect Research

Not only does prospecting help you build and target a qualified donor pipeline, but it also allows you to focus your efforts, time, and money on qualified prospects and donors.  So, instead of wasting time and resources on people who are not going to give, you can focus on those who will.  Driving your costs – research, staff, time – down and bringing your revenues up, will drive a higher rate of return.

Essentially, prospecting can aid all fundraising operations – regardless of size and type.  If you are trying to raise money, you should have a comprehensive prospect research plan.  Prospect research enables organizations to raise more money, more effectively.

How Prospect Research Will Maximize My ROI

Prospect research influences multiple projects.  When managing your qualified leads, you can segment your audience for each project.  The research is done once but allows you to direct it to multiple sources, like annual giving, planned giving, and major gifts.  This research will lower your costs, drive your revenue and increase your ROI.

When calculating your ROI, prospect research will be considered an expense.  This will allow your organization to take a meaningful look at the impact the research is having on your pipeline and revenue.  You may worry that the additional expense will reflect negatively on your ROI.  Actually, the opposite is true.  With a substantial prospect research program in place, you will find that prospecting will increase your organization’s effectiveness and fundraising efforts, generating positive results.

Using Prospect in WealthEngine’s Platform

Prospect, in WealthEngine, uses data to remove the guesswork from sales, marketing, and fundraising. You can engage with individuals who are the most likely to buy, invest, or donate.

So, Prospect helps you create ultra-targeted audiences from distinct demographics. You can generate lists based on a person’s income, buying history, where they live and work, and more. Once you plug those qualities into Prospect, you’ll be able to view a list of individuals who fall within the parameters you’ve set. This all comes with their updated contact information, so you can reach out to them easily.

For example, let’s say you’re looking to find prospects who have kids and like dogs, because these individuals, specifically, are the target demographic you’re looking to engage. You can select different qualities (sifting through different bits of demographic information), as you search for prospects, narrowing your focus and the number of profiles you will sift through. This will help you hone in on individuals you would most like to engage. Then, all the profiles you see listed will be of individuals (from our database), who match the description you set.

Not only are you better able to find and contact your wealthy prospects, but you are also able to gain a greater understanding of them on an individual level through prospect research.

Uncover Your Best Prospective Donors

Do you know what qualities make your best donors unique? Discover how you can leverage modeling to find the prospects you have yet to connect with, that look just like your best.

Major Donor Cultivation: Why Modeling Is Critical to Fundraising Success

major donor cultivation

Major Donor Cultivation: Why Modeling Is Critical to Fundraising Success

January 31, 2020
Nandini Singh

Nonprofits rely heavily on contributions made by donors, to realize their intentions (or mission) in actionable ways. Fundraising, in that sense, helps secure the future impact of an organization. This all starts with donors, and how invested they are in your cause and its activities. The question is: how can you replicate past donor success to secure more gifts, not just now, but in the future? The answer is modeling. Let’s explore some insights into modeling and why it’s critical to successful major donor cultivation and your fundraising success. 

The Changing Landscape of Fundraising

Thanks to major developments made in tech and social networks, nonprofit fundraising is rapidly evolving. With the rise of AI and ML, for example, more nonprofits are adopting these technologies to strengthen their major donor cultivation. They have the tools to gather data quickly so they can be more efficient in creating positive change. These technologies also assist organizations in understanding and appealing to their existing and prospective donors now and in the future.

In that sense, the need for hyper-personalized engagement is now a necessity rather than a benefit. Since Millennials and Gen Zs are consuming tons of information at a time, it’s imperative to capture their attention. Especially in ways that are personally applicable, so they feel valued as your donors. Millennials’ median annual giving is twice as much as Boomers and Gen Xers at $13,654. Gen Z will also account for 40% of all consumers as of 2020. With their increased influence and giving capacity, it’s important to understand how they give and how to connect with them. 

Importance of Modeling

The core of successful fundraising lies in the relationships you’ve cultivated and nurtured with your donors. By enhancing your major donor cultivation strategies, you’re likely to receive substantial gifts that will push you towards your goal. But, what if you’ve exhausted your efforts? Let’s say you’ve reached out to every donor in your database. Those who have contributed major gifts and small, one-off gifts. You’ve solicited contributions from the individuals you know have the capacity and propensity to give. But, now you are left guessing who to reach out to next. That’s where modeling comes in.

Models help you understand past donor successes and identify prospects with characteristics in common with your best donors. With predictive analytics and modeling, not only can you find high net worth prospects, but you can also find those who closely resemble your best existing donors. You can evaluate their giving history and project their estimated giving capacity. In short: you can see how much they currently give and how much they’re likely to give in the future. 

How to Get Started With Modeling

Predictive analytics and modeling, when combined, allow you to gain key insights about donors and improve your fundraising efforts and major donor cultivation. Not only are you able to find prospects who have the greatest propensity and capacity to give, but you can also use models to predict when they’ll give and how much. In short: predictive modeling can help you find more donors, predict giving levels, retain your donor base, grow donor commitment, and more. 

1. Screen your donors

This is to help you understand your existing donors on a deeper level and uncover hidden potential in your database. Through wealth screening, you can attribute wealth ratings and scores and merge them with your contact data, so you get a clearer picture of your donors’ lifestyle, demographic, and affinity data. These scores help you identify and categorize (or segment) donors and prospects with the right attributes. So, not only are you gaining a general impression of an individual’s characteristics, but you are also understanding their wealth. This includes their total assets, net worth, cash on hand, their propensity to give, charitable giving, and more. 

2. Analyze your donor data

Remember: forecasting fundraising income accurately helps you reach your major gift fundraising goals. So, before you predict who will give to your organization, it’s important to understand what makes your audience unique. What, specifically, about them and their interests do they share, that inspires them to give? Using WE Analyze, you can analyze your screening data and gain a 360-view of your donor base. This gives you a clearer picture of commonalities among your donors, and allows you to tailor your communication with them in ways that are more engaging and personal. 

3. Create and use a predictive model

 After uploading your screening file, you can then create a unique, custom algorithm. This will help predict who will be most likely to give to your organization. So, in the case of fundraising, the model created will be built on strong indicators of gift-giving. These indicators may include: number of events attended, gift capacity, the existence of a family foundation, board affiliations, or other attributes. So, once your information has been analyzed, you’ll receive an API response indicating whether or not each of your prospects is likely to give. Your prospects are also prioritized in order of gift capacity and propensity. These rankings and indicators will help you target your fundraising efforts; hone in on donors who have the greatest willingness to give; and approach each of your prospects with highly personalized, tailored messaging.

3 Reasons Modeling Is Critical to Successful Major Donor Cultivation & Fundraising 

Not only does modeling help you identify and focus on the donors who have the greatest propensity and capacity to give to your organization, but it also gives you major insights into 3 key areas: 

1. Modeling allows you to gain a greater understanding of donor motivations

Since models allow you to identify and evaluate the commonalities among your existing and future donors, you gain a greater understanding of their motivations and behaviors. Which demographic of people give to your organization? Is it women over the age of 50 who own dogs? Or, is it men in their 40s who like to go camping? By analyzing your donors and prospects, and creating a donor persona, you can identify the ways prospects will want to interact with your organization. This will help you bring in more gifts as time goes on, instead of waiting idly by to see if your donors will give. 

2. Modeling drives personalized campaigns

Fundraising success comes down to well-timed and optimized asks. The best way to do this is by cultivating and nurturing personal connections with your donors. If some part of their narrative or their experiences are being addressed by your organization, they’ll feel more inclined to give. Why wouldn’t you give to an organization that understands and acts upon your values? Refined donor segmentation, in that sense, helps you tailor your messaging and communication. You can divide your donors and prospects into smaller groups based on their interests or giving ability, and subsequently generate personalized messages that resonate. Not only does this enable you to tailor your messaging, but it also helps you notify donors about experiences that match their interests. This presents them with added incentives to give. 

3. Modeling helps you uncover hidden gems

Not only can modeling help you understand which types of donors are most inclined to give to your organization, but you can also identify prospects you may have never thought to approach. This is especially helpful when it comes to major donor cultivation.

Let’s say you’ve based your model on your top 100 donors, but have a list of 5,000 constituents. These constituents represent individuals who have contributed small gifts. Although it’s important to learn about the top hundred donors, it’s even more important to compare your model to the 4,900. This will help you uncover hidden gems. So, when sifting through those constituents, you can identify which of them closely resemble your best supporters, but who aren’t making major gifts. Even though they have the propensity and capacity to. You can then determine which donors to cultivate and nurture further. This allows you to deepen relationships with donors who may want to contribute more, but haven’t been inclined to give because they were not presented with the right ask. 

Leverage Modeling to Boost Your Major Donor Cultivation

Do you know which of your donors & prospects have the greatest propensity and capacity to give? Discover the ways modeling can help you unearth hidden gems and discover new donors with major gift potential.

Not only can modeling help you target donors and prospects who have the greatest propensity and capacity to give to your organization, but it also enables you to tailor your fundraising efforts and outreach to appeal to them best. This will help you develop a loyal community of donors who will give now and in the future.

Software Industry Leader Edward Hughes Joins WealthEngine as President

Software Industry Leader Edward Hughes Joins WealthEngine as President

January 21, 2020
WealthEngine

The company prepares for rapid growth in 2020 and releases the next version of its flagship machine learning-based prospect intelligence platform – WE9.2.  

January 21, 2020 – Bethesda, MD – WealthEngine, the leading machine learning-based prospect intelligence platform, has appointed Edward Hughes as the company’s new President and member of its board of directors. Hughes will work with WealthEngine’s leadership team to expand deeper into existing markets and enter new ones. 

“We are excited to have an instrumental leader like Edward take on the role of our President as we enter our next phase of growth,” said PV Boccasam, CEO of WealthEngine. “Edward brings an amazing track record of successfully scaling multiple Software as a Service (SaaS) companies from the early stages of evolution to going public. His thoughtful and disciplined approach will play a critical role in growing WealthEngine while executing on our customer’s mission.” 

Prior to joining WealthEngine, Hughes spent 9 years as the Senior Vice President of Global Sales and Operations at Appian Corp. In this leadership capacity, he integrated strategic processes which enabled the company to boast well over $250M in sales and a $3B+ valuation. In his new role as President, Hughes intends to build and support WealthEngine in similar ways. 

“WealthEngine provides organizations with deep insights into their customers and donors, allowing them to know clients in highly-personalized, actionable ways”, said Hughes, WealthEngine’s newly appointed President.  “I am excited to work with the WealthEngine team and to drive growth as we deliver exceptional wealth intelligence to the for-profit and non-profit market.”   

About WealthEngine

WealthEngine empowers more than 3000 higher education, healthcare, advocacy, financial services, and high-end luxury brands to capture tens of billions of dollars of money-in-motion™. Fueled by our proprietary WealthSignal™, derived from a trillion data points, our customers measurably improve their campaign lift across fundraising, marketing, and digital engagement with their target audience.

Rooted in machine learning, our WealthEngine 9 cloud-based platform boasts an entirely new user experience to provide wealth, demographic and lifestyle indicators that come together to formulate powerful scores available via API in real-time. The company’s Engagement Science™ platform embeds predictive models, identifies and prioritizes segments, and activates digital audiences so customers know what motivates individuals to save, invest, spend, donate, or bequeath.

WealthEngine is an active participant in Pledge 1%, regularly giving back to the community it serves through time, product and donations. Based in Bethesda, Maryland, the company has offices throughout the US. Learn more at www.wealthengine.com.

###

Wall Street Bonus Schedule 2019: How Nonprofits Benefit

wall street bonus schedule 2019

Wall Street Bonus Schedule 2019: How Nonprofits Benefit

January 17, 2020
Nandini Singh

In the first quarter of each year, the financial industry celebrates Wall Street bonus season. That’s when the previous year’s bonuses are paid to Wall Street workers.  Depending on the firm, Wall Street bonuses may be paid anytime from late December through the end of February. The 2018 bonus pool, paid in early 2019, was $27.5 billion, which amounted to roughly $153,000 per worker. Although down 9% from the previous year, the Wall Street bonus is twice the average salary of a New York City worker. This year, however, the 2019 Wall Street bonus schedule, based on last year’s performance, is expected to be lower overall. Yet some Wall Street workers will see a slight increase in their bonus. 

Some fixed income traders could see 5% less and corporate management could see 10% less. The Wall Street bonus for commercial bankers looks to be about the same. But investment banking advisors and hedge fund managers may see a 5% higher bonus. Let’s explore the impact of these payouts in the 2019 Wall Street bonus schedule and how your organization, and your donors, can benefit from them.

Wall Street Executives Bonuses: Impact of Payouts

Regardless of whether Wall Street bonuses are up or down slightly, a lot of money will flow into New York. The financial sector represents 5% of New York City’s private workforce, according to Moira Boyle, Director of WealthEngine’s Luxury Sales Strategy. “Those large year-end paychecks have a disproportionate effect on the local and regional economy.”

Wall Street bonus time has been described as inciting a type of “March madness” in terms of its exhilaration.  Part of that elation is tied to some big spending. “People are going to spend most of that money where they live,” commented New York State Comptroller Thomas DiNapoli in a Newsday.com article. Not only New York City, but Long Island, the northern suburbs and the entire state profit. Wall Street bonuses also contribute a significant amount of tax revenue to the city and state.

The Nonprofit Share of the Wall Street Bonus Market

The question for nonprofits becomes, how will Wall Street bonus recipients spend that money? And even more importantly, how much of their Wall Street bonus may be donated to charitable organizations?

Including salary and bonus, the average compensation of Wall Street workers was $399,000 in 2018. As Boyle pointed out, the more senior executives receive the largest payouts, several times larger than their salary. “That’s enough to finance a high-priced investment,” she said. “Approximately 177,000 individuals will be buying real estate, cars, watches, bags, trips, and donating to their favorite charity.” 

If you’re a nonprofit, this is your opportunity to get a share of that Wall Street bonus spending.  ”We know from human nature that their attention will gravitate to what caught their attention most recently,” said Boyle, “so marketing and visibility are key. Charities should also take note of the time of year—this is a time when a major gift campaign can have a large impact on an organization.”

Getting Donors to Respond Positively

When it comes to major donor fundraising, you want to be able to pinpoint which potential donors are worth pursuing and build relationships with them. Your existing donor data is your starting point. Here are some questions that can help you target Wall Street bonus donors:

1. Who are your current donors?

Use your donor data to create profiles. Conduct a wealth screening. Screenings will help you determine key attributes, like income, lifestyle and interests. In doing so, you can identify common traits, along with each type of individual’s tendency and ability to donate. Build statistical wealth models of your best donors. You can segment top prospects and create personalized offers.

2. What type of donor fits the Wall Street bonus category?

To bring in new donors, you have to know as much about them as you can. Once you know what your major donors look like, you will gain a clearer picture of whom to target. WealthEngine data, combined with your database, can help determine who would most likely contribute to your organization.

3. How do they prefer to communicate?

How are you engaging your donors, based on what you know about their donation influencers? To encourage a positive response, always consider donor communication preferences. Then send your donors and prospects personalized messages that highlight their interests and align with their values.

4. Are you following up and keeping in touch?

Thank donors for their contributions and show them how their gift will be used. Continue communicating with your qualified prospects who have not yet donated. And keep in mind the “quality over quantity” motto. Besides standard donations, some donors may make choose to make a legacy gift through a will. 

A Look At Millennial Wealth

Download WealthEngine and Coldwell Banker’s A Look at Wealth 2019 to understand the motivations, behaviors, and trends of millennial millionaires.

Understanding your current donors will help you determine who are your best prospects and how to engage them. The above steps are more complex, but have been simplified here. WealthEngine can assist your organization in targeting the most likely Wall Street bonus donors. Then it’s up to you to keep them donating. 

Wall Street Bonus Schedule: Leveraging Luxury Spending

wall street bonus schedule

Wall Street Bonus Schedule: Leveraging Luxury Spending

January 17, 2020
Nandini Singh

The first quarter of the new year is when financial industry workers in New York City receive their Wall Street bonuses. This Wall Street bonus schedule, or these payouts, represents the performance of workers and the market in the previous year. Wall Street bonuses tend to be higher in years when the market does well. 

Depending on the firm, employee bonus distributions may be paid anytime from late December through the end of February. This Wall Street bonus schedule time has been described as creating a sort of “March Madness” in terms of its euphoria and spending. After all, who wouldn’t want to celebrate such a financial reward? The 2018 bonus pool, paid in early 2019, was $27.5 billion. That amounted to roughly $153,000 per worker. Although down 9% from the previous year, that bonus is twice the average salary of a New York City worker. Let’s explore the impacts of these bonuses on the luxury market and how they can benefit your business. 

Impact of Wall Street Bonuses on the Local Economy

This year’s Wall Street bonus schedule, based on market performance in 2019, is expected to be a bit lower for some Wall Street workers. However, for others, they may experience a slight increase. That’s according to Bloomberg. For example, investment banking advisors and hedge fund managers may see a 5% higher bonus. The Wall Street bonus for commercial bankers looks to be about the same. Fixed income traders could see 5% less, corporate management 10% less. And the Wall Street bonus for equity traders could dip as much a 15%.  

Still, even if bonuses are down slightly, that’s a lot of money to be pumped into the area. The financial sector represents 5% of New York city’s private work force, according to Moira Boyle, Director of WealthEngine’s Luxury Sales Strategy. “Those large year-end paychecks have a disproportionate effect on the local and regional economy.”

It’s easy to see how Wall Street bonuses boost the economy of New York City. “People are going to spend most of that money where they live,” commented New York State Comptroller Thomas DiNapoli in a Newsday.com article. But Long Island, the northern suburbs and the entire state profit, he pointed out. Wall Street bonuses contribute a significant amount of tax revenue to the city and state.

Wall Street Bonus Purchasing Power

Spend it, save it, or donate it? Just what are the recipients of those Wall Street bonuses likely to do with that extra cash? “A prudent employee would treat it as salary,” replied Boyle.  “However, history has shown that non-discretionary spending and real estate transactions increase during the first quarter of the year. “r

As Boyle pointed out, the more senior executives receive the largest payouts, several times larger than their salary. That’s enough to finance a high-priced investment. The average compensation, including salary and bonus, of Wall Street workers, was $399,000 in 2018. “Approximately 177,000 individuals will be buying real estate, cars, watches, bags, trips, and donating to their favorite charity,” said Boyle. 

DiNapoli concurred. Wall Street bonus income is often spent on vacation homes in the Hamptons and on the North Fork. Or for luxury items such as boats and jewelry. East End restaurants and tourist attractions also benefit from stockbrokers’ spending.

The Luxury Market Is Growing

The luxury market grew 5% worldwide in 2018. That growth represents the sales of three major items: luxury cars, luxury experiences and personal luxury goods. Luxury experiences grew by 20% in two areas, high-end food and wine and luxury cruises.

Luxury product marketing targets consumers who have both the propensity and capacity to buy your luxury product or service. It may be apparent Wall Street bonus recipients have the capacity for a luxury purchase. But what about their interest? Are your targeted consumers interested in what you have to offer? It’s not enough to know that your prospect can afford it.

How well do you really know your customers and prospects? Consumers expect more from luxury brands. They want to do business with companies that know enough about them to provide a relevant and personal shopping experience. Luxury marketers must respond to consumer desires for those customers to take them seriously.

Getting Your Share of the Wall Street Bonus Market

If you’re a luxury marketer, this is your opportunity to get your share of Wall Street bonus spending. How are you engaging your customers, based on what you know about their purchasing influencers? ”We know from human nature that their attention will gravitate to what caught their attention most recently,” said Boyle, “so marketing and product visibility is key.”

To bring in new luxury customers you have to know as much about them as you can. And your existing customer data is your starting point. Understanding your current customers will help you determine who you want to reach and how to engage them. Here are some steps you can take to best identify your luxury buyers:

  1. Gain knowledge and insight on your customers. Segment them through analytics such as profiling and cluster analysis.
  2. Make evidence-based decisions on where to allocate your resources and the strategies to use to target prospects.
  3. Identify the data that supports your initiative. Determine the data you need to further understand your customer and create compelling offers.
  4. Approach prospects who have both the financial ability and behavioral characteristics to join your exclusive circle of customers.

A Look At Millennial Wealth

Download WealthEngine and Coldwell Banker’s A Look at Wealth 2019 to understand the motivations, behaviors, and trends of millennial millionaires.

Leverage wealth data to reach luxury consumers. And Wealth Engine can help you build a customer profile to target Wall Street bonus recipients.