Marketing Technology Q & A with Leo Scott: Putting the Intelligence in Wealth Intelligence
At WealthEngine, we understand that our customers care a lot about understanding data and gleaning the actionable insights necessary to move the needle. We also know that they care a lot about privacy and data security. So does our Chief Technology Officer, Leo Scott.
Recently, Leo took the time to answer questions we’ve heard are top of mind for our customers from a technologist’s point of view. We’re sharing these as a series here on the WealthEngine blog weekly.
This week he’s talking about our approach to wealth intelligence as it pertains to a person’s propensity to give.
While other wealth intelligence platforms focus on donation history first and wealth factors second, WealthEngine looks at wealth first and then propensity to give. Why?
The findings we have are that wealth is a particularly important predictor when trying to maximize donations from a campaign. We have a propensity to give score that actually factors in wealth along with other factors and have found this score to be strongly predictive of whether somebody is going to be a significant donor.
It’s common among the industry and other competitors to use donation history as the key driver for future campaigns, but we have found that this is not necessarily the best way to maximize the amount of donations collected from campaigns.
This can be simply explained.
Just because somebody has given $25 to one organization doesn’t mean that they are the best person to talk to when raising money for another organization. But, if you know that somebody has a net worth of $100M, there is a good chance they will be somewhat philanthropic. And, if they have any affinity at all toward your cause, there is a good chance they will give something that would be significant for your organization. Therefore, by including data about a person’s wealth and their past donation history and interests, WealthEngine can developer highly predictive scores and models for our clients.
If you’re considering investing in a predictive analytics and wealth intelligence platform, make sure you ask all of the solution providers you are considering their approach to wealth intelligence. Want a demo of WealthEngine to see how WE can help you with audience development, marketing personalization and wealth insights? Share your contact information and we’ll be in touch soon.
Leo Scott is the Chief Technology Officer at WealthEngine. As an accomplished business executive who founded a number of startup ventures and has worked with a variety of large public companies, Leo has spent the last 20 years building technologies that harness massive amounts of data and enable businesses and consumers to more easily interact with that data through Internet and mobile technologies. Over the years, he has maintained a hands-on level of experience with the latest technologies, not only tracking the latest trends and tools, but working to develop a deeper working knowledge of new technologies allowing him to see technical approaches and opportunities in unique ways rarely seen by other individuals.