Finding Wealth Indicators in iWave: Prospects of Wealth
iWave’s data is the best in the biz. Seriously, we are so proud of the high-quality data we’re able to provide to our clients, to help you do the amazing world-changing work you do, even better and faster!
If you’ve never explored iWave’s datasets before, it’s well worth the expedition. We have carefully selected each dataset to bring a deeper, more robust look into the wealth and philanthropic history of your prospective and current donors. This helps you to create better profiles for those key individuals that could change your fundraising game with a substantial major gift. Especially if you are looking for key elements in identifying major gift prospects, like focusing on their wealth, iWave is the place to be.
Prospects of Wealth
Our Prospects of Wealth dataset is provided by Larkspur-RiXtrema and includes over 70 different sources for gathering details on millions of high net worth (HNW) individuals. Larkspur ran through an extensive update earlier this year, so you know the info is in top form. If identifying high net worth individuals is part of your fundraising plan, this is a dataset you’ll want to pay attention to. You may be asking, why should I focus on high net worth individuals? You can check out this blog post to discover a few of the reasons why and how to focus on giving capacity.
A big driver for personal wealth information, is the fact that a person’s wealth is a good indicator of whether they can give to your organization. If they’ve given in the past and why they give are also important questions but we’ll table those for now.
There are many indicators of wealth to consider – which is why we chose to pull in this important dataset into iWave. As examples, the factors below can help build a prospect picture and help you figure out if they could be your next big donor.
- liquid assets
- real estate
- charitable giving
- foundation affiliations
How to Narrow Your Search
The Prospects of Wealth dataset pulls in information like address, contact information, estimated net worth, biographical information, profession, and income. With this information, you can identify new prospects that have the means to give.
A cool little tip within this dataset is to create mailing labels from the home addresses. That can save big time and big resources!
Filtering by Capacity
As an example, use the filter feature in this dataset to focus on either the Power Donor Type or the Power Spender Type. This unique feature allows you to focus on capacity and improves your ability to build specialized prospect lists. In addition to this, you may have also heard of iWave’s new Lifestyle Search. This allows you to search based on interests or causes supported. This is key in the search for wealthy prospects as we know there are certain interests and hobbies which may indicate wealth. The Prospects of Wealth information helped make this new feature possible.
Within this dataset, you can export a list you’ve created of key individuals and then easily upload into the iWave Screening tool. Most importantly, this will take your list building to the next level. You’ll be able to segment your prospects by their iWave score and focus on your top prospects.
Exclusive Executive Data
If a prospect holds an executive-level job at their company, it’s an excellent indication of wealth. The information you’ll find here is from a wide range of companies including smaller companies and private (non-public) organizations. Most importantly, those companies that typically don’t have publicly reported sales data. Also, if LinkedIn is a part of your search process, look no further. As long as that information is available, you can find it in iWave.
We know that women are changing the game in philanthropy. Also, more and more fundraisers are focusing on this group as a key market. Out of 1.7 million total records on high net worth women, 69,000 of them would be considered “power donors” who have made significant donations of $20,000 or more. Definitely a demographic to pay attention to!
So, if you’re looking for more information on pinpointing your search into wealthy prospects, please reach out to your Customer Success Manager. Or you can contact us here – we’d absolutely love to help. If you’d like to know more about iWave and fundraising intelligence, please click to contact us below.
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.
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