Contributed by: Liz Corney, iWave
You may have read the exciting announcement in October about iWave and Give Back Nation’s collaboration. At iWave, we were so happy to be selected by Give Back Nation as their Expert Sourcing Partner for wealth screening. But, if you’re one of those people asking, “so, what is wealth screening?”, have no fear! We’re going to dive into what wealth screening is and why you should care about it, right now.
If you’re working at a nonprofit organization in the fundraising, development, or advancement department, you probably know that good intel is crucial to success. Every decision from planning a fundraising event to asking a donor for a major gift, should be rooted in research and data. And that’s what we’re all about. iWave is the industry’s top-rated fundraising intelligence platform. That means we bring “business intelligence” into a fundraising focus by narrowing in on the data that enables you to make the right ask to the right person at the right time.
It’s about helping you find your next major gift donors by focusing on what makes them a great prospect; their capacity to give, their history of giving, and their connection to your cause.
Is Your Fundraising Strategy Working For You?
You may work in a small nonprofit shop with limited resources. Or you may be a part of a large nonprofit working on focusing your fundraising efforts. No matter where you are in the journey, investing time and resources into your fundraising strategy is a no-brainer. Sometimes though, we get into ruts and patterns because let’s face it, the nonprofit daily grind is hard! Taking some time to evaluate how you could be working more efficiently will help you raise more money, faster.
What Is Your Donor Database Telling You?
Picture your donor database and consider what is missing. When you look at your database, do you see a list of donors that have given to you - but you’re not really sure when they gave, why they gave, or if they could give again or give more? Does your gut ever tell you that there are hidden gems just sitting in your database who have the potential to donate a major gift? Or maybe you have exhausted all the names in your donor list already. If that’s the case, maybe it’s time to dive into creating a new list of prospects. But how?
Both of these approaches take you to a similar place: the realization that you need more intel and of course, we could always use more donors! If it’s new donors you’re after, a great place to start is to combine the analysis of your internal donation data and wealth and philanthropic intel that is not in your database. Sounds complicated, right? Wrong, it’s actually very simple.
Wealth screening is a prospect identification process that highlights individuals with the greatest potential of contributing large donations to a particular nonprofit. Basically, it’s all about running a list of names through billions of points of data, to find out more about them. Seems simple, right? We think so! With the right tool, a wealth screen can save you time and energy by prioritizing and scoring a list of individual names; and results in an actionable list of donors. This puts a list of prospects in front of you to verify, vet, and action right away. And in iWave, this is all done in a matter of hours.
You can choose any number of lists to input into our system. Maybe it’s a donor list from years ago that you’re thinking could have potential, a list of all of your ticket purchasers this year, or you have a brand new list of prospects you received from a board member. Or maybe you simply want to know more about your current database. Any of these lists have the potential to uncover hidden gems you didn’t see before and ultimately lead to more major gift prospects and more money for your organization.
Insights and Finding Your Hidden Gems
iWave’s wealth screening goes above and beyond to segment your list for you. We do that with our new iWave Insights feature which categorizes your donors into prospects into four key buckets: hidden gems, your champions, distinguished philanthropists, and “not now” prospects to set aside for future development. This categorization is done based on the RFM score (a relationship score that visualizes how much a particular person loves your cause based on internal donation data) and the iWave Score (based on a prospect’s capacity, affinity, and propensity to give). Marrying these two scores gives deeper insight into whether a prospect is a good match for your organization.
Fundraise with Confidence
It is becoming increasingly important to be proactive in the fundraising space. Philanthropy is constantly evolving and donor trends are changing. In fact, the number of individual donors has been declining over the last few years. That means fundraising dollars are still coming in, but from fewer people. And what does that mean for you, the nonprofit professional? It means you need to work smarter. You need to find more ways to identify new donors or donors that could give more to your organization. By using wealth screening as a tool to segment, sort, and cultivate donors, you can have confidence in that next major gift ask and in your priorities.
About the author: Liz Corney is iWave’s Content Marketing Manager. She has a degree in Journalism, is a fiercely positive team-player and a creative self-starter. She has experience working in software technology, video/mobile games, learning & development, social & traditional media, and communications. Liz is also the co-founder of a local nonprofit organization working to better the lives of homeless women in her community.