What is Wealth Screening – and How to Use it to Generate More Money
In this age of data driven marketing and fundraising, reaching wealthy people requires a very personalized strategy. Wealth screening can completely change your ability to generate more money. It enables you to pinpoint the best prospects with laser-precision accuracy.
Here’s how to use wealth screening to generate millions of dollars.
What is Wealth Screening?
Wealth screening is the process of applying wealth-related information to a list of contacts to understand their giving and spending capacity and propensity.
When you append your contact database with wealth attributes, you will know who within your list you should reach out to. You will also know how to spark their interest, and – most importantly – how to connect with their network to expand your reach.
How Wealth Screening Works
There’s a good chance that you have millionaires in your database of contacts already. Wealth screening overlays your existing database with additional information about wealth, interests and other useful insights.
This results are astonishing. In a matter of minutes, you get a highly curated list of targeted individuals that fit your buyer personas like a glove.
Not only is this a dramatic time savings, wealth screening also identifies which prospects you should pursue. This can save a lot of money in your outreach campaign budget. The two key components as you screen a contact for wealth are capacity and propensity. The best prospects have both components, not just one.
For example, let’s say that your nonprofit focuses on political advocacy. What if a rich prospect that you are targeting has never donated to a political candidate or cause? That means that they may not be the best prospect for you. They have the money, but not the intent. Going after them is a waste of your time and resources.
However, what if your target a prospect has a history of giving to politicians who align with your mission? More so, what if they have a net worth above $10 million? This wealthy individual has both the capacity and the intent to donate. The person with these characteristics is an ideal prospect for you.
You can drastically lower your cost to raise a dollar or generate a sale when take into account your prospects interests and spending or donation history. As a result, you can spend your precious time focusing on those most likely to generate the most for your organization.
How to Do a Wealth Screen
While there are a few vendors that provide wealth-related data, only WealthEngine’s data includes extensive profiles on 250 million Americans and is updated regularly.
Screening for wealth is a fairly straight forward process. You simply upload your list and select which attributes to apply. WealthEngine runs the screening and provides you with new information about your contacts. You can also reach out to WealthEngine’s support team for guidance.
You can also use WealthEngine’s API to connect with your customer relationship management (CRM) tool. Another option is to connect an online contact or donation form to the API. This way, anyone who fills out a form can be screened on the fly. This allows you to show each prospect different information on the subsequent web pages or alert you if they are a strong match.
Interested in learning about the spending trends and lifestyle attributes of millennial millionaires? Download A Look at Wealth 2019.
Hidden Advantages of Wealth Screening
Doing a wealth screen can be a game changer for your organization.
Here’s another common use of using wealth screening. It’s quite likely that at least one of your best donors or customers is on the board of an organization. A wealth screen can reveal which boards or organizations they are involved with.
You can then quickly get a list of the other board members and run a wealth screen on them, too. You might find that there are some who match your ideal prospect profile. To bring in new qualified prospects into your pool, all you have to do is reach out to your current donor or customer. Ask them for a warm introduction to their fellow board members.
Wealth screening provides insights like this that allow you to connect to the right people well beyond your network.
Prospect Modeling: Going Beyond Basic Wealth Screening
Wealth screening can be taken to a much higher level. You can create a model of your ideal prospect profile to find new prospects who match. This is known as predictive prospecting.
Using the concept of look-alike modeling, WealthEngine data scientists create a profile of your best prospects. Next, they match it against WealthEngine’s database of 250 million contacts. This generates a list of brand new prospects that look just like your best ones. Finding new people you should talk to becomes easy when you use a look-alike model. It takes the guess work out of prospect research. By implementing this data-driven process, you save a tremendous amount of time and money in finding your next big donors or customers.
If you pursue contacts without knowing both their capacity and propensity, you waste your precious time and marketing budget. Wealth screening and modeling saves you time, money and can help generate millions of dollars in more revenue.
Speak to a WealthEngine consultant to see how wealth screening and modeling can help you find your next best prospect.