2020 Vision: What to Look for When Choosing a Fundraising Intelligence Tool
The world of fundraising has changed drastically over the past few years, and we can expect even more changes in 2020. With advancements in technology, changes in giving motivations, and cultural and societal shifts, it is vital for nonprofits to equip their fundraising team with tools to confidently identify prospects and raise major gifts. This is where fundraising intelligence comes in.
Fundraising intelligence fuels an organization’s major gift program with the information needed to analyze data, identify top prospects and make more educated gift asks. This begs the question – what should you look for in a fundraising intelligence tool? The Content Team put together a few suggestions for key features to look for when choosing a fundraising intelligence platform.
No two nonprofits are the same. You are working toward different goals, supporting different missions, with different tools and resources. Because of this, your fundraising intelligence tool needs to be customizable to fit your fundraising strategy while helping your organization find ideal prospects.
There’s no denying that artificial intelligence (AI) is here to stay. And although it sounds kind of intimidating, it’s already powering many of the products, services, and activities many of us use every day. So it’s no wonder that the discussion around harnessing AI in fundraising is becoming more prominent.
When fundraising intelligence partners with artificial intelligence, nonprofit organizations are able to strategically identify high-potential prospects. Not only that, AI will ensure you’re delivering custom communications to prospects at the ideal time in the donor cultivation cycle. At iWave, we’ve partnered with Gravyty to join forces and offer a more sophisticated way for nonprofits to uncover and connect with their next major gift donor. You can learn about iWave’s partnership with Gravyty here.
Transparency and Trust
Last month, we looked at the role transparency plays in prospect research. This cannot be stressed enough. To effectively and efficiently make confident major gift asks, you must be able to trust the information you gather. More often than not, donors are expecting to be asked and expecting you to know how much they might be willing to give, so it’s important to have access to up-to-date, reliable data to help understand you accurate information about donors. When you are prepared with the right information, then you can also be prepared with the right gift ask, at the right time.
One of the main reasons to invest in a fundraising intelligence platform is to make your research and your job easier! You should ensure your fundraising intelligence platform offers time-saving features that will help you easily and efficiently find accurate wealth and philanthropic information on your prospects. In 2020, the ability to perform on-the-spot wealth screenings and understand the propensity, capacity, and affinity of your prospect is a must-have.
When researching a prospect, wealth and philanthropic history is important, but how do you know if they feel connected to your cause? Having a tool that can prioritize affinity is considered the most important element of a prospect rating scorecard. Knowing a prospect has a proven interest and passion in your cause can give you a head start in finding the major gift donor of your dreams.
Finding ideal donors for your organization’s cause is difficult with all the time and effort you and your team put into searching, facilitating interactions and raising awareness. Implementing a fundraising intelligence tool can simplify your research and help you make informed major gift asks to the right person, at the right time.
About the author: Madelyn Deveau is the Acting Content Marketing Manager at iWave. She has a degree in public relations and has found her niche in the behind-the-scenes aspects of her field. A social media enthusiast and communications specialist, Madelyn uses her skillset to create engaging content and brand awareness. Madelyn is creative, curious, and constantly motivated to learn from her experiences and the people around her.
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