Justin is Funraise's CEO, a co-founder, and a bad-ass, experienced nonprofit fundraiser. Like a true fundraiser-turned-founder, he breaks down the concepts behind Funraise's mission everywhere he can make nonprofits' voices heard.
We've gotta stop fundraising like it's 1995.
In this week's Nonstop Nonprofit NOW episode, tech meets personalization.
Have you ever...
- 👉 Ignored a low-dollar donor only to find out years later they had the capacity to be a major donor?
- 👉 Asked a donor for too much or too little?
- 👉 Looked at a dashboard and asked: "Now what?"
If you answered YES to any of those questions, it's time to "tech-up."
Let's dive into three technology platforms that'll make you smarter and more efficient at donor prospecting and reveal how your fundraising data holds the keys to your growth.
Enjoy the show!
Can't listen to the video? Scroll down to read the transcript.
Hey, everyone, welcome back to Nonstop Nonprofit NOW. Today, I am very excited to talk about three critical tools I think it's important for you as a fundraiser to be using. It's all going to center around data because if we make data actionable, then we can get more from the existing donors that are giving and can be smarter and more efficient about the way we fundraise.
So there's three technologies I'd like to jump into today. The first is a company called boodleAI. The second is called WealthEngine and the third is Fundraising Intelligence. So let's dive into the first one right now.
So this is boodle.ai and they are a people-focused, predictive analytics, engine. And so basically what this means is let's say you have a major donor file of 50 donors who make up your ideal donor. These are the people that you would like to find more of. And let's say you have thousands of low dollar donors that have come in from peer-to-peer fundraising, online giving recurring donors, and you want to find from that group of donors who is the most likely to give a major gift based off of what we know from our top donors. This technology basically allows you to compare your files and we'll give you a predictive score for which donors are the most likely to be like your ideal donors. So if you're thinking about wanting to be more efficient boodle.ai is an amazing tool to be smarter at your fundraising activity. The second technology that I'd like to talk about is WealthEngine. A lot of organizations are not mining the critical data they need to better understand who their donors are. WealthEngine provides all sorts of demographic and wealth data that will allow you to understand your donor’s capacity, the propensity to give and important information like net worth real estate value, so you have a better indicator as to which donors you should target and cultivate as major donor prospects. WealthEngine is incredible. I've used it and many of my past fundraising jobs and we've integrated it into the Funraise platform.
Which brings me to my third and final piece of technology, Fundraising Intelligence. This is a reporting and dashboard feature that my company has built, and as I mentioned, we've basically taken WealthEngines API, we've baked it into our payment flow, and so this allows you to get real-time insights on your donors the moment they give. And so a dashboard to make all this data actionable and to understand what the next step should be to take you have a dashboard like this that will summarize that data for you. And so what we're looking at here is net worth. How many donors make up a difference. Brackets of the net worth, one to five, all the way up to 10 million. The number of donors and also the total donation amount this cohort of donors has given. So just helpful information to understand and to categorize your donors based off of their wealth. Then you have gift capacity. So someone may have given $100 online, but we know that their capacity could be far more. So mining this data helps us understand what's the appropriate ask. And here you can see our donors who have the capacity to give the most, are today giving the most, but maybe they haven't given at their maximum to your organization. So this is another insight that allows you to understand is donor X, Y and Z, are they giving at their fullest capacity? And if not, what can I do to really compel them to give? Lastly, it's the propensity to give. So the likelihood that someone will give to your organization, it's a proprietary score from WealthEngine that gives you an idea around the intent, around the individual's ability to make a larger, more significant contribution to the organization. And then finally, just a spreadsheet of all of these donors, and they're giving history to the organization. So you can better time when that next ask should be.
So, today I hope you found these three pieces of technology useful. I hope that you apply them to your fundraising operations because I can promise it will lead to more significant and greater fundraising outcomes. And that's it for today's episode, thanks for tuning in.
And before I officially sign off, I wanted to mention we've got a lot of content coming this summer for our Nonstop Nonprofit Podcast, and the first episode of the summer series has dropped. So make sure to check that out on all of your favorite podcast streaming services and/or go to my LinkedIn profile to sign up for email updates whenever we release new video and podcast content. Thanks so much for tuning in. Have a great week. Stay safe and peace out!