Predictive Prospecting: Profiling Your Best Clients to Find New Prospects
The world of marketing is evolving. Instead of just wanting a high-quality product with high-quality service, consumers want more. But, what exactly do they want? How do we find out? Learn how different organizations use predictive prospecting to connect with donors and consumers.
What is predictive prospecting?
Predictive prospecting creates a profile from your existing clients’ interests and other information. This information is the basis of a model to identify your next best prospects. It’s the first step in the sales process where you’re identifying potential consumers or “prospects”. The goal of prospecting is to create a database of potential consumers who have a greater propensity & capacity to give. By recognizing and communicating with these individuals, you’re more likely to form a loyal customer base.
But, predictive prospecting and predictive marketing aren’t new developments. They’ve been used in the past, but only now have companies funded their development. Currently, large sums of money are being poured into sales and automation technologies. These systems allow you to compile information on all your customers. They also provide you with tools that drive leads to become more aware of the market you’re breaking into. In other words, predictive prospecting helps you harvest and nurture your client base.
What do you need to do predictive prospecting well?
In order to do predictive prospecting well, it’s important to use the new data you have to create a positive impact on consumers. For instance, by using wealth intelligence and publicly available data, you can find unique ways to appeal to different people. So, after evaluating their propensity and capacity to give, you can talk to them in ways that highlight their interests. By doing this, you’re forging a deeper connection with consumers in such a way that makes them want to keep giving. Predictive prospecting, in that sense, is all about creating measured and personalized campaigns.
By using wealth data to engage in predictive prospecting, you have the tools to:
- Measure the cost of acquiring a given prospect
- Determine the lifetime value of individual prospects
- Create a deep, lasting connection with prospects
- Check your campaign lift for individual prospect engagement
Not only is it important to appeal to each prospect individually, but it’s crucial to get the entire social network to participate in what you’re doing. That is to say, by going through and making sense of this information, you’re able to engage all clients. But, you’re not simply engaging them on a superficial level. You’re finding ways to connect in ways that highlight their values in relation to yours.
Examples of Predictive Prospecting
The National Aquarium wanted to build a new wing, and focus their fundraising efforts on conservation and development. But, who was going to support the creation of this new wing? Who would want to help? After creating a capital campaign, the National Aquarium was able to personalize their outreach. By using WealthEngine’s data to help them look for donors, the National Aquarium was able to find and segment potential and existing donors into several audiences and create targeted messaging.
They were able to identify individuals with investment and interest in marine life who felt compelled enough to donate. By creating personalized messaging, they developed a successful campaign. Not only did they connect with their new and existing donors, but they ended up acquiring one in the process. This donor, who was one of their largest contributors, is now their CEO. In that sense, successful prospecting and personalization don’t just allow you to find donors. They also help you forge deep connections with individuals, who want to invest their time, energy, and intention into your projects.