How to Personalize Engagement: 10 Key Takeaways From WE Prosper Summit 2019
The power of personalized engagement is undeniable. WealthEngine’s WE Prosper Summit 2019 brought together industry experts. They discussed the importance of personalization across industries. Speakers explored how data, AI/ML, and other technology drive tailored outreach and positive social impact.
Experts at the WE Prosper Summit 2019 spoke from their varied perspectives. From those talks, we found that the following key principles exist across industries:
Personalized Engagement can Deliver Exponential ROI
1. Personalized Engagement is more than just a trending topic.
The WE Prosper Summit confirmed that personalization is more than just a buzzword. Speakers confirmed that it is at the epicenter of all successful fundraising and marketing.
For fundraisers, personalization could be the difference between receiving $50 from a donor or $50,000. For marketers, it enables them to stay informed on customer life stages. So, this means you can predict purchases and keep customers, thereby increasing LTV.
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2. There is a fine line between personalized and creepy.
When you completely rely on technology to drive personalization, you may end up crossing a fine line. Stalking, profiling, and chatbots aren’t effective methods in learning more about your clients. In short, organizations need to find a way to make communication feel personal without losing sight of scalability.
This leads us to our next set of takeaways…
Technology Needs to be Balanced with the Human Touch
3. Data and AI are making huge strides in both the nonprofit world and in marketing.
AI is always exploring the frontier of what is possible. It is a great tool to test and refine your personalized engagement strategy. So, when data is combined with machine learning, it can predict behavior. This can help you be proactive in your outreach.
4. The value of the human touch cannot be undervalued.
It’s important to not be overly-reliant on technology when you’re personalizing your outreach. There are several cases where technology has been used as a substitute for a personal touch. Your donors and customers want to be engaged in authentic ways. They must sense transparency and relevancy in your communications with them. So, you can achieve this by balancing scalability with the human touch.
5. Your data strategy cannot just be to collect lots of it.
Basically, volume does not equal value.
Mathematician, Clive Humby has said that “Data is like oil…”
So, you have to refine data and process it correctly for it to be valuable. Moreover, data collection and insights must add value to your overall business strategy.
6. Combine your data with data from other sources to personalize engagement.
Your data is unique to you but you can increase it’s value to supplementing it with information from other sources. For instance, WealthEngine customers have access to wealth, demographic, lifestyle, and affinity data. These help them gain a more holistic view of their contacts. Similarly, data and machine learning can generate unique insights.
Combining your data with machine learning technology can generate insights that no one else has. These insights can then help you drive personalized engagement. Furthermore, you can use this technology to refine your analysis over time.
7. AI is not out of reach for nonprofits.
By understanding the technology, you can reduce repetitive tasks. Additionally, you can test your strategy and learn from it so that you are constantly refining your outreach.
Impact is Going to be the Next Industrial Revolution
8. Impact is going to affect all organizations.
All stakeholders have an interest in corporate social responsibility. Thus, usher corporations towards public good.
9. Millennials are going to be major influencers of the economy.
They will buy from brands, work at companies, and give to causes that are closely aligned with their principles. Thus, understanding them will be key to driving personalized engagement.
10. Donor-Advised Funds (DAFs) can add to fundraising bottom lines.
DAFs have been growing at a rate of 20%, almost 4X the rate of overall giving. With this being the case, all nonprofits have to do is facilitate receiving funds through them.
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