Utilizing Wealth Screenings to Reach your Donation Goals
How Wealth Screenings work and why they are worth it
Donors are your greatest asset, and the key to your organization's long-term health. Keeping in touch with them is vital, and keeping an up-to-date, accurate database is key to building and maintaining relationships with alumni, donors and potential donors. But how can you make the most out of it?
By using wealth-screenings, you and your board can receive detailed reports that can identify the greatest giving potential and capacity from your current list of donors.
Gaining insights on a donor’s assets reduces time spent cultivating less promising targets and provides valuable information, including how much a donor might be able to give to an organization.
What is a wealth-screening?
A wealth screening is a tool used to reveal a donor's giving capacity by pulling donor records directly from national databases to reveal new wealth and philanthropic data specific to your donors. When you append your contact database with wealth attributes, you will know who within your list you should reach out to. You will also know how to spark their interest, and – most importantly – how to connect with their network to expand your reach.
How Wealth Screening Works
Wealth screening overlays your existing database with additional information about wealth, interests and other useful insights. In a matter of minutes, you get a highly curated list of targeted individuals that fit your buyer personas like a glove.
Not only is this a dramatic time savings, wealth screening also identifies which prospects you should pursue. This can save a lot of money in your outreach campaign budget. The two key components as you screen a contact for wealth are capacity and intent. The best prospects have both components, not just one.
For example:
Let’s say that your nonprofit focuses on political advocacy. You have zeroed in on a wealthy prospective donor, however based on the wealth screening, you see they have never donated to a political candidate or cause. This individual may have the capacity, or wealth, to donate, but not the intent, or desire to donate, so targeting this donor could be a waste of time and resources.
However, what if your target prospect has a history of giving to politicians who align with your mission, and also shows to have a net worth above $10 million? This wealthy individual has both the capacity and the intent to donate. The person with these characteristics is an ideal prospect for you.
How to Do a Wealth Screening
There is a wide variety of wealth screening software providers to choose from, such as GiveEffect, NPO Authority, InfoRich Group, and our go-to, DonorPerfect. Each software boasts different styles of managing operations and tools to guide you on your wealth screening process, so be sure to do your research to find which provider’s platform best suits your needs.
The takeaway?
You can drastically lower your cost to raise a dollar or generate a sale when take into account your prospects interests and spending or donation history. As a result, you can spend your precious time focusing on those most likely to generate the most for your organization.
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