iWave has come a long way in 27 years. From delivering data on CD-ROM via snail mail, to introducing feature-after-feature on our easy-to-use platform, it’s been quite a ride. And we’ve learned quite a bit during that time. One of our biggest lessons and points of pride over the years has been to take the feedback of our amazing clients and put it into practice. We’ve made adjustments to our platform based on real feedback from real users.

We were so excited to announce our new feature, Insights, to you all a few months ago. We believe it will improve the way you do wealth screening, and most of all, identify key donor groups to help in your fundraising efforts.

Wealth Screening 101

iWave’s wealth screening isn’t just your run-of-the-mill wealth screening. Here’s what you can expect:

  • A 360-View of Your Prospect: focusing not only on an individual’s capacity but also their propensity to give, and affinity to your cause
  • Transparency And Customization: we show you how scores are derived and what records were matched
  • Fast Results: returned in minutes or hours rather than days or weeks
  • Current Data: you can add new information and refresh your results at any time

To find out more, download our ‘Wealth Screening 101’ ebook here!

Find Your Hidden Gems

Do you ever feel overwhelmed with wealth screening results? Do you question what the first step should be? You’re not the only one. Though the steps to take after a wealth screening vary from nonprofit to nonprofit, wouldn’t it be wonderful if you just knew exactly where to begin? We agree.

Guess what? You’re in luck.

iWave’s new Insights feature places your prospects into four categories or segments.We’ve combined your own 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 prospects capacity, affinity, and propensity to give) to give you a fresh, new look into your prospects. Below are the categories and some recommendations for each.

Example for illustrative purposes only
Hidden Gems

(Top left) You’re going to want to start knocking on some doors! These are your prospects who have high potential to be your next major gift donors. They’ve got capacity, they are philanthropic and they give to other organizations. Right now however, they aren’t giving much to yours. Now, we won’t tell you how to do your job. But, this might be an excellent first step in “what to do with your wealth screening results”. Focus on those gems!

Distinguished Philanthropists 

(Top right) These are the people in your database who love your organization, give to your cause, and give to others too. They are proven philanthropists, and could possibly have more capacity to give in the future. These are great prospects to keep in mind and keep on your list.

Your Champions 

(Bottom right) These prospects love you. They give to your cause, and they give exclusively! These are donors that do not currently appear to be giving to any other nonprofit organization. A great opportunity for this group is to place them in a stewardship program. Make sure they know you appreciate them!

Not Now Prospects 

(Bottom left) Just because these prospects are “not now” doesn’t mean they are “not ever”. Keep them in mind, but maybe put them on a separate list. They do not appear to be philanthropic with you or with other nonprofits.

Prioritize

Now that you know more about your prospects, you can be more confident about what to do next. And not only that, but this all took far less time than manually researching and figuring out how to prioritize your list.

We’ve heard from so many users about how Insights has changed the way they do meetings, prepare their prospect lists, and strategize.

“I love the new insights feature and especially the Hidden Gems. I used to spend hours doing research to try and uncover these individuals but now iWave does it for me. Sometimes I recognize the names of the Hidden Gems but with many of them, I had no idea they had capacity and were philanthropic.  This is extremely helpful in meetings with leadership and our board as it helps them better understand our prospect pool.” -Kelly Schoenberger, Chief Development Officer, Seminary Ridge Museum

Remember we’re here to help! If you ever have any questions about Insights, wealth screening, or iWave in general, don’t hesitate to reach out to us!

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.