In today's world of information, the challenge isn't whether the data exists; it is whether one can gain access to and interpret the information correctly. Unfortunately, many fundraisers have a deep trove of givers, many with major donor-level possibilities, but they do not take advantage of their own donor databases. In this article, I share how to unlock the power of wealth screening to move your fundraising to the next level.
Both big and small nonprofits are constantly trying to attract more donors, especially major donors. Their fundraising efforts are stretched thin, and they do not know which prospects in their database to prioritize in their outreach. A wealth screening allows nonprofits to identify potential major donors already in their CRM or email list through wealth indicators and past philanthropic history.
You need an individual's first and last name and physical mailing address. This cannot be a P.O. Box or a business address, as those are not linked to an individual’s personal wealth, which is a foundational piece of a wealth screening service.
What if my CRM offers a wealth screening service? CRMs like Virtuous, Bloomerang, and Blackbaud’s Raiser’s Edge all have upgraded wealth screening integration services that can give a high-level wealth score (less helpful) or detailed wealth screen (very helpful with analysis). Some of these features can be advantageous, especially those that offer automation and live wealth screens for new donors. However, it helps to have those who do wealth screening often provide expert analysis to pull the metaphorical diamonds out of the rough from your donor database.
What if you don’t have their physical mailing address but have an email address? Hire a qualified and trusted firm (such as AmPhil) to do an address data append.
What’s an address data append? This service uses an email address to pull from public data to link to both a first and last name along with a physical address. As a bonus to a wealth screening, you also can increase the size of a direct mail acquisition list of potential donors who are at least somewhat familiar with your brand.
Why append?
Compared to other acquisition list options, those who are familiar with your nonprofit’s brand can potentially be better acquisition prospects and are more likely to open your mail.
Even if you are not trying to acquire new donors, mail is a great donor and supporter cultivation medium.
Wealth screening helps you provide a clear answer to a common question nonprofits face: how do I acquire new donors, especially major donors?
Wealth screening in combination with an address data append can be a particularly powerful combination if you are looking to send out an acquisition mailing to a non-donor audience that is already aware of your brand.
Do not only get the raw data if you do not have the expertise to analyze and prioritize your leads. Expert analysis and coaching will help you save a lot of time in the long run.
Before coming to AmPhil in 2021, Boaz worked 6 years at Americans for Prosperity and Americans for Prosperity Foundation. He most recently served as the Deputy State Director for the Arizona chapter, winning the Arizona Capitol Times’ “Breakdown Breakout” award. Boaz holds a B.S. in both Political Science and Economics through Arizona State University’s Barrett Honors College. He also has two master’s degrees: the first in Public Administration (M.P.A.) from Arizona State and the other in Christian Apologetics (M.A.) from Biola University.
Boaz currently volunteers as an Ambassador for Phoenix Rescue Mission and serves on the Board of Advisors for Faithful Presence. In his free time, Boaz enjoys hiking in the Greater Phoenix area and spending time at home with his wife, daughter, two dogs, and cat in Mesa, Arizona.
Learn more about Boaz here, ask him a question about wealth screening, connect with him on LinkedIn here, or contact him anytime at bwitbeck@amphil.com.