Identifying Mid-Level Prospects With Affluence Insight™ From Blackbaud Target Analytics®
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I am in the midst of a blogging series on utilizing your Target Analytics data for identifying mid-level gift prospects. My first blog introduced the series and includes a helpful question from a client as well as a reply back on ideas to help nonprofits define their mid-level donor levels. My second blog discussed thoughts on how to utilize your ProspectPoint® modeling results to identify and rank your best mid-level prospects. My third blog discussed utilizing your WealthPoint® data within ResearchPoint™ for mid-level giving prospect groups as well as utilizing these data points to refine your modeling scores.
Continuing on my blogging series – I am now going to discuss how to identify prospects for mid-level giving opportunities for those clients with Affluence Insight™ data. If you are new to Affluence Insight™ from Target Analytics, here is a link to more information at via our Blackbaud.com website, and my colleague David Lamb provided an incredible helpful blog entitled, “Where do Target Analytics Affluence values come from?” that will be helpful in understanding this analytical data set.
I am finding that our Affluence data provides several ways to uncover annual, mid-level, major and planned gift opportunities – So with our objective on identifying potential mid-level giving prospects, let’s look at ways that the Donor Categories of A-E (13 sub-segments) as well as Wealth Attributes of Annual Income, Net Worth, Invested Assets, and Discretionary Spending can help by isolating both philanthropic persona as well as mid-level wealth segments.
If you wish to utilize some of the wealth attributes for mid-level giving prospecting, I suggest reviewing all four Wealth Attributes and choose wealth attribute ranges that fit your organization’s mid-level dollar category. As an example, you could create a query in ResearchPoint, Raiser’s Edge or other CRM system with the following criteria:
You can narrow or expand your results by revising the range of income, net worth, invested assets and discretionary spending, in particular by tweaking annual income and discretionary spending depending upon geographies (i.e., incomes and available discretionary spending can vary for more metropolitan areas or coastal cities vs. more rural or Midwestern cities).
Next you can look a philanthropic personas as identified by the various Donor Categories. Below is an example query with criteria that will looks at specific sub-segments for upgrading your smaller annual donors to mid-level giving levels – by looking at all ‘A3’ Upwardly Mobile Philanthropists, ‘B1’ Steady Humanitarians, ‘C1’ Middle Class Casual Donors or ‘D1’ Affluent Enigmas in conjunction with donors over the past year to your organization who are giving at the level underneath your organization’s definition of mid-level:
I have a caveat to the donor categories selected above in that I’m recommending that your organization begin your major gift identification process by first segmenting and verifying those who have donor categories of ‘A1’ or ‘A2’ High Net Worth or Financially Secure Philanthropists. Upon reviewing these prospects and determining that they are not your top major gift prospects at this time, you may determine that inclusion of some of these top tier Philanthropists in your mid-level giving segmentation process makes sense in the aforementioned query above and below is a screenshot of what the donor categories would look like instead:
Be sure to read the philanthropic persona descriptions and they are readily available by going to the Analysis functional area and clicking on each of the five main donor categories under the Target Analytics Affluence Dashboard. Looks for ways that you can customize your organization’s messaging to these prospects so that it resonates with these segmented donor personas, such as:
One other way you can utilize Affluence Insight™ results is a way to sub-segment and prioritize your ProspectPoint™ custom modeling results. Please refer to my second blog in this blogging series where I discussed thoughts on how to utilize your ProspectPoint® modeling. Depending upon the identified mid-level giving range at your organization, you can utilize the Affluence data to customize your messaging with the various philanthropic categories above.
You could also look at being slightly more aggressive in your upgraded ask to the identified Target Gift Range from the modeling with the ‘A’ Philanthropist group since their Affluence results indicate wealthy people with a willingness to give larger gifts, in conjunction with your top mid-level modeling prospect group. Below is an example of this via query in ResearchPoint with the caveat that the top-scoring mid-level prospects have MGL 701-1000 and TGR 6-7, which indicates prospects likely to make major gifts but have an annual potential of $1,001-$5,000 to your organization:
As you query within your CRM system with this data, the level at which their last or largest gift amount – as well as the date they last gave – may vary, and a series of more distinct queries may be advised. For example, you could include those whose latest annual gift was at least $100 or do something at a higher level with a minimum of $500. If someone’s last gift is just below $1,000 but their TGR is 6 ($1,001-$2,500), you could customize your appeal to upgrade them to the higher end of their Target Gift Range of $2,500. As I mentioned, it may take various queries to accomplish what you’d like to do. I strongly recommend with this very distinct group of mid-level prospects that your method and message be as personal as possible given your budget and staffing levels. As is true with any mid-level program, you will most likely not have the bandwidth to assign them to a gift officer or prospect manager at your organization.
My hope is that so far you’ve found this blogging series helpful in that it provided either a few insights on using your various Target Analytics solutions to isolate your best mid-level prospects and learn about how our analytics services can be helpful to your organization with this endeavor. Next month I will conclude this blogging series with a brief post on various mid-level strategies that some of my clients have utilized with some measured success.
Continuing on my blogging series – I am now going to discuss how to identify prospects for mid-level giving opportunities for those clients with Affluence Insight™ data. If you are new to Affluence Insight™ from Target Analytics, here is a link to more information at via our Blackbaud.com website, and my colleague David Lamb provided an incredible helpful blog entitled, “Where do Target Analytics Affluence values come from?” that will be helpful in understanding this analytical data set.
I am finding that our Affluence data provides several ways to uncover annual, mid-level, major and planned gift opportunities – So with our objective on identifying potential mid-level giving prospects, let’s look at ways that the Donor Categories of A-E (13 sub-segments) as well as Wealth Attributes of Annual Income, Net Worth, Invested Assets, and Discretionary Spending can help by isolating both philanthropic persona as well as mid-level wealth segments.
If you wish to utilize some of the wealth attributes for mid-level giving prospecting, I suggest reviewing all four Wealth Attributes and choose wealth attribute ranges that fit your organization’s mid-level dollar category. As an example, you could create a query in ResearchPoint, Raiser’s Edge or other CRM system with the following criteria:
You can narrow or expand your results by revising the range of income, net worth, invested assets and discretionary spending, in particular by tweaking annual income and discretionary spending depending upon geographies (i.e., incomes and available discretionary spending can vary for more metropolitan areas or coastal cities vs. more rural or Midwestern cities).
Next you can look a philanthropic personas as identified by the various Donor Categories. Below is an example query with criteria that will looks at specific sub-segments for upgrading your smaller annual donors to mid-level giving levels – by looking at all ‘A3’ Upwardly Mobile Philanthropists, ‘B1’ Steady Humanitarians, ‘C1’ Middle Class Casual Donors or ‘D1’ Affluent Enigmas in conjunction with donors over the past year to your organization who are giving at the level underneath your organization’s definition of mid-level:
I have a caveat to the donor categories selected above in that I’m recommending that your organization begin your major gift identification process by first segmenting and verifying those who have donor categories of ‘A1’ or ‘A2’ High Net Worth or Financially Secure Philanthropists. Upon reviewing these prospects and determining that they are not your top major gift prospects at this time, you may determine that inclusion of some of these top tier Philanthropists in your mid-level giving segmentation process makes sense in the aforementioned query above and below is a screenshot of what the donor categories would look like instead:
Be sure to read the philanthropic persona descriptions and they are readily available by going to the Analysis functional area and clicking on each of the five main donor categories under the Target Analytics Affluence Dashboard. Looks for ways that you can customize your organization’s messaging to these prospects so that it resonates with these segmented donor personas, such as:
- Philanthropists: Seeking mass scale improvements with positive-potential messaging
- Humanitarians: Grass roots issues with messages of need
- Casual Donors: Responsive to positive messages of need focusing on making a better world with their part of it
- Enigmas: Positive or need-based messages with convincing arguments
One other way you can utilize Affluence Insight™ results is a way to sub-segment and prioritize your ProspectPoint™ custom modeling results. Please refer to my second blog in this blogging series where I discussed thoughts on how to utilize your ProspectPoint® modeling. Depending upon the identified mid-level giving range at your organization, you can utilize the Affluence data to customize your messaging with the various philanthropic categories above.
You could also look at being slightly more aggressive in your upgraded ask to the identified Target Gift Range from the modeling with the ‘A’ Philanthropist group since their Affluence results indicate wealthy people with a willingness to give larger gifts, in conjunction with your top mid-level modeling prospect group. Below is an example of this via query in ResearchPoint with the caveat that the top-scoring mid-level prospects have MGL 701-1000 and TGR 6-7, which indicates prospects likely to make major gifts but have an annual potential of $1,001-$5,000 to your organization:
As you query within your CRM system with this data, the level at which their last or largest gift amount – as well as the date they last gave – may vary, and a series of more distinct queries may be advised. For example, you could include those whose latest annual gift was at least $100 or do something at a higher level with a minimum of $500. If someone’s last gift is just below $1,000 but their TGR is 6 ($1,001-$2,500), you could customize your appeal to upgrade them to the higher end of their Target Gift Range of $2,500. As I mentioned, it may take various queries to accomplish what you’d like to do. I strongly recommend with this very distinct group of mid-level prospects that your method and message be as personal as possible given your budget and staffing levels. As is true with any mid-level program, you will most likely not have the bandwidth to assign them to a gift officer or prospect manager at your organization.
My hope is that so far you’ve found this blogging series helpful in that it provided either a few insights on using your various Target Analytics solutions to isolate your best mid-level prospects and learn about how our analytics services can be helpful to your organization with this endeavor. Next month I will conclude this blogging series with a brief post on various mid-level strategies that some of my clients have utilized with some measured success.
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ARCHIVED | Blackbaud Target Analytics® Tips and Tricks
06/27/2018 3:22pm EDT
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