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 your friends at iWave take you through some of the ways our platform 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. Wealth screenings are a vital tool in that they help your organization determine which prospective donors have the ability to donate to your cause.
Used hand in hand with prospect research, wealth screenings scan key wealth indicators to paint a clear picture of capacity to give. This data is then used to estimate the gift amount your team can ask for, ensuring no money is left on the table.
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 certain 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.
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.
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.
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 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:
Break down wealth screenings into smaller, specialized categories to help create more targeted results. Some of the categories you can target include:
Though wealth screenings focus on wealth, philanthropic indicators have proven to be the biggest 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.
Take the time to scan over the results of your wealth screenings and ensure they are accurate. No fundraising platform can be 100-percent accurate since data is constantly changing. Choose software that makes regular updates and then designate a team member to perform data checks before you head into your ask.
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When conducting a wealth screening you have two main options: Do it all manually or use an advanced fundraising platform to streamline your work.
Having your team perform this research by hand is very time consuming. They’ll have to scan through numerous data points to produce a wealth screening. Additionally, they may have to double- or triple-check their work to ensure nothing was missed. If you choose fundraising software like iWave provides, we’ll help you speed up the process.
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.
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!