Three Ways to Stimulate your Data Collection
We all know the finest prospects are those who align themselves with your mission, have great wealth and donate – the perfect trifecta. However, when shopping for new prospects, how do you know who will meet this criteria?
By using multiple data collection strategies, you create an efficient prospect pool. Using the tools available to you can maximize your gifts and streamline your campaign. In a WealthEngine survey, 92% of all organizations, responding, indicated they use some proactive research practices. This figure leapt to 100% among high-performing organizations; 65% of these high-performing organizations use all three of these techniques.
These three methods will help you gather new data and information about potential prospects: predictive modeling, peer screening, and wealth screening.
Predictive modeling is the creation of a model to predict the probability of an outcome. It sounds complicated, but the truth is we use predictive modeling every day. Your email spam folder uses a model to predict if an incoming email is spam. Your FICO score (a commonly used credit score) is a predictive model. Your organization can use predictive models and analytics to:
- Identify new prospects
- Define optimal “ask” levels for next gifts
- Develop inclination and/or affinity ratings
- Segment constituents for multiple fundraising purposes and prioritize prospects within segments
Peer screening is a technique that leverages your organization’s VIPs. Your VIPs review lists of their peers to rate their ability to donate, their connection to the organization and their interest in its mission. A few of the potential benefits include:
- Discover new prospects and feed the prospect pipeline
- Qualify and quantify current capacity and inclination ratings
- Educate and generate support among volunteers and stakeholders developing a “culture of philanthropy”
- Create organization-wide buy-in for fundraising priorities among internal constituencies
Wealth screening is the practice of comparing a prospective list to one or more data sources. This information helps you:
- Qualify ratings on prospects
- Qualify lesser known prospects
- Identify new prospects
- Determine capacity and inclination ratings for all prospects
Wealth screening, peer screening and data modeling are three ways to help you build a winning fundraising strategy and find that perfect trifecta criteria in your donors and prospects. Check out our workbooks Growing Individual Gifts: An Analytical Approach to Data-Driven Success.