5 Great Uses of iWave Credits
Here’s a question: How many iWave credits do you have?
Okay, how about this one: Are you using them?
We introduced the iWave Score and iWave Screening to make it easier for clients to prioritize and segment major gift prospects. These features are powered by iWave credits. To help you get the most out of iWave’s features, we’ve compiled five ways some of our clients leverage their credits to raise more gifts by working smarter, not harder.
Before we begin, here is a quick overview of iWave credits and how they work.
Your subscription to iWave includes a certain number of iWave credits that can be used to build automated individual profiles, to create multiple profiles, to score a prospect within your DMS, and to run iWave Screening projects. Each name that you submit is the equivalent of 1 credit.
You can refresh, add records and export your profiles without using further credits throughout your subscription.
Credits are used for two (2) different features of iWave:
- iWave Screening – 1 credit per prospect uploaded/scored
- DMS/CRM Integration – 1 credit per prospect scored/refreshed
iWave credits are reset upon subscription renewal. Additional credits purchased during the subscription do not expire as long as your subscription remains active.
For more information about iWave credits, read more here.
Build an Automatic iWave Profile When Pressed For Time
It’s Friday, and you’ve had a long week. But suddenly, you’re given a brand new prospect and asked to create a detailed profile – ASAP. Where do you start? Research takes time and energy – two things you don’t have right now.
That’s where automatic profiles can help. Log into iWave, go to the profile tab, and click Create New. Input your prospect’s name, country, state, and city. Remember: with automatic profiles, less is more. Set your preferred Confidence of Match (we recommend 4.1), and hit Next. On the next screen, you will see all the relevant records for your prospect. Select the records you want, and click Next. You should see an iWave Score for your prospect, as well as spaces to fill in additional information. When you’re all done, you can export the profile and submit to your colleagues for review. Creating automatic profiles costs just one (1) credit. You can add and delete records, refresh the iWave Score, and export the profile as many times as you like without using additional credits.
Please note: The automatic profile feature exists to get you started, but always remember to verify records and perform due diligence when creating profiles.
Prioritize Your Most Devoted Patrons
Imagine you work at a historic theater that is launching a campaign for a restoration project. If your theater is like most nonprofits, you know most of your major gifts come from less than 15% of your donors, regardless of your mission. As well, you probably know exactly who your best donors are based on records in your donor database and your own experience. After some preliminary work, you’ve come up with your top 40 major gift donors. But in light of this major restoration project, maybe those donors would be willing to give more? The Create Multiple Profiles feature will help jumpstart your research to find the answers.
T In the Create Multiple tab, follow the onscreen instructions and submit a list of your prospects. Within the hour, we will send you an email linking you to your processed profiles. Easy, right? From here, you can add and delete records, refresh scores, and export using no additional credits.
Revitalize Your Grateful Patient Program
If your hospital employs a grateful patient program, it’s a great opportunity to look for major gift donors from new and existing patients. But what if you have 5,000 names on your list? That seems like a lot of work. However, it doesn’t have to be.
iWave Screening works on much the same basis as the Create Multiple profiles feature – except this time, the number of prospects you can process depends only on the amount of iWave credits you have. Enter the iWave Screening tab to begin your project. Follow the onscreen instructions, submit, and receive your results within one working day or less. Again, no additional credits are required to add and delete records, refresh the iWave Score, and export the profiles.
Segment New Parents At Your School
For education organizations like private schools and universities, prospect screening is especially relevant and insightful. As we discussed in our previous blog post, the parents of your students have a clear affinity to your organization thus shortening their cultivation time.
Using iWave Screening’s intuitive interface, you can segment and generate scores for a list of this year’s new parents. What clues can you find about their philanthropic history and capacity to give? Even if a prospect may not have major gift potential, there are many ways to get parents involved as volunteers, coaches, and career mentors. Screening and scoring can help you connect these dots.
Host Fundraisers With Your Eyes Open
Let’s say your organization is hosting a black tie dinner. Many of the bigwigs in your local community will be there. But do you know their giving history? Do they have a connection to your cause, and the capacity to make a major gift happen?
Luncheons, banquets, and fundraising events are a major investment of time and vital resources. As such, they demand a strong return on that investment. Take a good look at your pre-show attendee list. Run these names through iWave Screening. Do any prospects stand out? You might be surprised at who could be your next major gift donor. Now when the day of the event arrives, your team can establish the right relationships with the right prospects.
With iWave Credits, You Can Do More
These are just a few ways our clients are developing their fundraising intelligence by leveraging iWave credits. How about you? What can you do with your iWave Score credits? Call your account executive, or sign up for a demonstration, and we’ll help you find out!
To learn more about the ratings that go into the iWave Score, get our new eBook today.
About the author: Ryan McCarvill is iWave’s Content Manager. He joined the iWave team in 2016. Ryan enjoys meeting and learning from nonprofit professionals, researching trends in the nonprofit community, and offering strategies for development teams to use iWave’s solutions to meet and exceed their fundraising goals.