Wealth Screening Basics
Why do you use wealth screenings for fundraising?
How can you determine who is eligible for matching gifts?
Major donors are a crucial source of funds for any nonprofit.
How much can a given prospect realistically donate?
The more you know about your supporters, the better!
With the insight that wealth screening provides, you’re better equipped to accurately segment donors for targeted communications and design ask strategies around the ideal gift amount for each prospect.
Simply put, tailoring your asks to each prospect makes it that much harder for them to say no.
What data should you have in a wealth screening?
Philanthropic indicators speak to a prospect’s affinity for charitable work and your organization. Logically, a donor who has given in the past and who has been involved with your nonprofit recently and frequently is a strong candidate for becoming a major gift donor.
The strongest indicator of future giving is past giving. Donors who have given between $5k and $10k to a nonprofit are 5 times more likely to make a charitable donation than the average person.
Involvement in a nonprofit demonstrates that a prospect has a vested interest in philanthropy and understands the process better than the average donor.
Political giving, traceable through publicly accessible databases, can provide a window into a donor’s wealth and inclination to give.
These indicators are what typically comes to mind when people think about wealth screening. Above all else, wealth markers are simply signals of someone’s financial capacity to give — just as philanthropic markers are a good indication of a prospect’s willingness to donate to charity.
Real Estate Ownership
Real estate ownership is a great indicator of wealth. An individual that owns $2+ million worth of real estate is 17 times more likely to give philanthropically than the average person.
Stock ownership can give you an idea of a donor’s relative wealth and potential ability to give.
A two-fold indicator, business affiliations say a lot about a prospect’s own wealth and giving capacity while also revealing potential professional connections for your nonprofit. In addition, if you incorporate an automation platform for matching gifts, you can identify those who are eligible for matching gifts based on their employer email address.
Using Wealth Screening
What are wealth screening best practices?
Clean Your Database
Prioritize Philanthropic Markers
Screen in Segments
Verify Your Wealth Screening Results