Longing to change up your fundraising strategy and find new donors to support your mission? Changes within your organization and the world of fundraising at large may have you wondering how new wealth screening tactics can enhance your strategy.
Let iWave take you through some of the ways we can assist you in finding donors through all phases of your fundraising journey.
At the heart of many of the most successful fundraising campaigns, you’ll find comprehensive wealth screenings. Traditionally, wealth screenings have been used to help your organization determine which prospective donors have the ability to donate to your cause.
Now used hand in hand with prospect research, wealth screenings scan wealth, philanthropic, and biographic records to provide a holistic view of your prospects and donors.
Wealth screenings enable development departments to segment hundreds or thousands of individuals you know very little about into a prioritized list of prospects with the greatest capacity and inclination to donate a gift to your organization. This data is then used to estimate the gift amount your team can ask for, ensuring no money is left on the table!
Now that you understand what a wealth screening is, you may be wondering how this can be used to empower your nonprofit. There are many different ways wealth screenings can assist you, some of which include:
Of course, major donors are always vital to your fundraising goals. With wealth screenings, you’ll be able to uncover who could potentially become a major donor.
A major donor may be part of a legacy gift program (in other words, a planned giver) or make large annual gift donations to your organization. iWave will help you identify those with the wealth capacity and inclination to give. We’ll even provide insights such as who your Hidden Gems are or who might be a more viable option later on.
Matching gifts are often an underutilized resource but can double the gift amounts you are receiving. The premise is simple: Certain companies pledge to match their employees’ donations—usually up to a fixed amount.
Use prospect research to determine which supporters work for companies offering this program and then run a wealth screening to determine the gift ask. Matching gifts also allow you to reach out to those with a lower wealth capacity to give with a big return for your organization.
In the past, gathering a comprehensive understanding of your donor base took a tremendous amount of time. Now, you can put together an accurate and wide-ranging portrait quickly. This saves you precious time you can dedicate elsewhere in your organization!
What good is data if you’re not sure how to use it? iWave’s fundraising intelligence is all about actionable data, so you know what to do with the information you learn from your wealth screenings. In particular, iWave provides Cultivation and Engagement Analytics so you understand which channels and messaging to use as you cultivate prospects.
Once you’ve performed wealth screenings and have determined a few potential major donors, you will then be able to build an accurate and attainable fundraising goal. Use this research to build out your fundraising plan for the year and work your expenses around this number. This will help you stay on track and keep your nonprofit organized.
Wealth screenings can also help you plan more personal asks. They give you a sneak peek at the donor and what their interests may be, helping you tailor your gift ask to the specific prospect.
All donors prefer to feel like individuals instead of mere demographics. A tailored ask fosters this sense of individuality.
This is just the tip of the iceberg for wealth screenings. Whether you want to support your annual fund or host a successful gala, wealth screenings can help secure the results you’re looking for.
When performing a wealth screening there are two main indicators that you should look at first: philanthropic indicators and wealth indicators. These indicators are then broken down into smaller, more specific data sets.
The more factors a wealth screening scans for, the more complete of a picture you’ll receive, helping you save time and easily find the right supporters for your cause.
When performing individual look-ups or individual research you have two main options: Do it all manually or use advanced fundraising solutions to streamline your work.
Having your team perform this research by hand is very time consuming. They’ll have to spend a lot of time manually searching through billions of data points to gather the same type of information that a wealth screening can provide in minutes. However, if you choose a next-generation fundraising platform to assist, the process can speed up considerably.
Your team works hard, and you want to make sure they have enough time to perform critical work in your community. The time saved with a platform like iWave can help them do just that.
Even with iWave’s help, it takes an incredible team of researchers and nonprofit team members to build the better world you desire. It’s their vision of the world and their passion for the cause that will make the biggest difference. iWave is just here to help them along by providing them the support to utilize our customizable platform to the fullest.
Having the right tools will empower your team further and make fundraising a total success.
One way to make your wealth screenings more effective is to build profiles. Comb through your current donor data to find commonalities between your supporters. If you find that many of your major donors own two or more homes, for example, this will be a key factor to scan for.
Segment these donors into more specific groups, as well, for the most accurate information possible. For example, annual donors may have different wealth indicators than event donors. By understanding what type of donor a prospect can be, you’ll have a more targeted gift ask to yield stronger results.
Every nonprofit is unique, so your supporters are bound to be unique as well. Discover what sets them apart to lead you to new supporters with a strong affinity for your cause.
Have you heard about our latest feature? It’s not just new to iWave—it’s new to the entire industry—and it provides you a chance to take advantage of donor affinity in ways you never have before.
As you perform wealth screenings, you can apply different lenses (hence Multi-Lens Scoring) to the same campaign. This allows you to segment viable donor prospects into categories that, while very different, all demonstrate a likelihood to support your cause.
Our Multi-Lens scores provide a holistic view of the donor that ensures fewer good prospects are overlooked during wealth screenings.
As you’ve seen in this guide, wealth screenings have the ability to launch your nonprofit to a new level of funding. If you’re using iWave, you want to make sure you’re performing your wealth screenings in a way that aligns with your nonprofit’s goals.
Following these wealth screening best practices can help you do just that!
When it comes to wealth screenings, it’s vital that all the information you’re scanning is accurate and up to date. To make sure your results are the best they can be, have your team do the following:
Create a timetable in which to clean your database by. This number will reflect how many donors you have. Larger databases should be cleaned out monthly, while smaller ones can be revisited annually.
In the modern day, wealth screenings should not and cannot be a one-size-fits-all solution. To get results that are right for your organization in terms of capacity, propensity to give, and affinity, you need to be able to customize your wealth screenings.
Today, iWave is the only platform that allows you to customize the way you segment your lists, screen and score prospects, and more. This high level of customization creates a more accurate, complete picture that takes fundraising to the next level.
Speaking of customization and affinity, did you know that iWave is the only platform that also gives you an affinity score so you can measure how passionate a donor is about your cause? Scores and ratings are a big part of wealth screenings, but most neglect the all-important affinity score.
When the passion for your cause is lacking, the support will be too. Make sure to account for affinity during wealth screenings. With iWave, that affinity score will be factored into the overall prospect score. That way, you’ll have a more complete view of capacity, propensity, and affinity.
Break down wealth screenings into smaller, specialized categories to help create more targeted results. Some of the categories you can target include:
The more personalized your categories are the more likely you are to uncover the right supporters. Each donor type has specific characteristics that make them unique. Take the time to analyze commonalities, for example between existing first-time donors, to help you find future ones.
Philanthropic indicators are another great indicator that someone is willing to support you. Make sure a prospect has an affinity for your cause, as well as a history of supporting likeminded charities and missions.
By combining wealth indicators with philanthropic ones, you’ll be more likely to cultivate a major donor who will be willing to support your cause for years to come. Affinity for your specific cause ensures an interest and a passion, so make sure you’re using these philanthropic indicators to forge a stronger connection with prospects.
In the past, many organizations have used wealth screenings exclusively to find major gift donors. However, the modern capabilities of wealth screenings allow organizations to fuel all fundraising strategies. You can find annual givers and many other vital donors spanning the breadth of your donor pyramid.
Remember that industry-exclusive Multi-Lens Scoring we mentioned earlier? You can even use that to determine which lower- and mid-level donors, such as annual donors, have the means and affinity to upgrade to a higher tier of your pyramid!
When choosing a fundraising platform, look for one that can be used on the go too. Mobile use allows you to scan through data on the train or airplane before a meeting so you can quickly check for any changes. The more information you have when heading into an ask, the more likely you are to secure a targeted gift with no money left on the table.
Using next-generation fundraising solutions is one of the easiest ways to streamline your wealth screenings.
At iWave, our next-generation platform quickly scans billions of data points to provide you with a clear and organized picture of how likely someone is to support your cause. This means your nonprofit will save time, energy, and resources, and even potentially find donors you had never considered before.
Our platform can also help uncover what we call “Hidden Gems.” These are potential major donors who may be often overlooked but have great potential. Additionally, our platform can be accessed via your mobile device, putting the power in your hands at all times.
The best way to see how iWave can help is to view us in action. Contact us today to schedule a free demo or a fundraising assessment and get started on wealth screenings. Our team will also be here for you through every level of fundraising. We’ll grow alongside you and show you how our software can adapt to all your needs. Finding major donors has never been easier—learn more today!