What if we told you there’s one thing you could do that would increase your donation dollar amount? Well, that one thing is wealth screening.
Wealth screening can help you identify current and potential donors who have the capacity to give larger donations and who are most likely to give to your organization. If you’re not already doing wealth screening, this may sound like just one more thing you have to manage and spend hours doing manually. The whole reason you probably chose a software like Salesforce was to have a lot of features all in one place.
If that’s the case, then as a Salesforce user, there’s good news! You can integrate wealth screening directly into your already existing Salesforce software with a few essential apps. We’ll help you get acquainted with the wealth screening and how it can help you, and then we’ll highlight the key tools that can help you get started:
- What is Wealth Screening?
- Wealth Screening for Salesforce: 4 Tools
If you’re not already performing wealth screening, our best practices and Salesforce app recommendations will get you started in no time!
What is Wealth Screening?
Wealth screening is a powerful tool that nonprofits can use to help determine donors’ capacities to give. As a subset of prospect research, wealth screening looks at top indicators of wealth like real estate ownership, business affiliations, and stock holdings in public companies. These screenings use data to unveil an estimate of a potential donor’s wealth. The process helps fundraisers locate major gift prospects that may be hidden in the crowd.
Wealth screening can help determine if a prospective donor has the following:
- Capacity to give. This is simply an individual’s ability to give based on their wealth indicators. Those include factors such as real estate, income, stock holdings, and more. This information is important when looking specifically for major donors.
- Likelihood of donating. If someone has a strong track record of giving to similar organizations or has been very engaged with your organization in the past, those are strong indicators that they may be more likely to give to your organization.
- Relationships to other prospects. If your donors are affiliated with any other major supporters or with businesses that you’d like to partner with, wealth screening can help you determine that. Not all supporters will contribute financially, but having this information can help you make connections with other people who can help your organization.
There are several other ways to use wealth screening, including:
- Determining matching gift eligibility
- Creating realistic fundraising goals
- Planning out direct asks
Wealth screening does provide you with wealth-related information about donors but it also gives you much more insight and information that can inform your future decisions. Making this a regular part of your donor best practices is a great way to ensure you have all the useful information you need about your donors.
Wealth Screening Best Practices
If you’re doing any wealth screening, that’s already a great start. However, to ensure that your organization is getting the maximum benefit from your wealth screening efforts, there are a few best practices you can follow:
- Clean your database. In order to properly analyze your donor information and add to it in an organized manner, you’ll first want to make sure that you don’t have duplicate data and inconsistent entries. Cleaning this up can be done by hand, but many CRMs have database cleaning features that can help.
- Create segments. You likely already have some donor information that can be used to break your donor database into segments. You can do this by demographics, past giving, past involvement, or some wealth indicators you may already track.
- Prioritize philanthropic markers. Just because someone has money does not mean that they are strongly inclined to donate to nonprofits. Prioritizing philanthropic markers will help ensure that you are identifying not only donors who have the ability to donate, but donors who are more likely to become long-term supporters of your organization.
- Verify wealth screening results. As with any other process, there is room for error. If you are working with a prospect research professional, they should already be verifying the results themselves. However, if you’re not, then ensuring that you have software that enables verification of wealth screening results is important.
- Use a dedicated wealth screening tool. Using a tool specifically designed for wealth screening will help tremendously to make the process more streamlined and efficient, as well as enable you to verify the results, as mentioned.
Keeping these tips in mind as you start wealth screening your donor database or work to improve your wealth screening practices will help your organization increase funds and improve donor relationships as you get to know donors better and use that information to guide future decision-making.
Wealth Screening for Salesforce: 4 Tools
Now that you know what wealth screening is and how to best utilize it for your organization, you can get started with some tools that will integrate directly into your existing Salesforce software.
- Brickwork by iATS
Each of these four tools offers different capabilities that can be of use to your organization. Familiarize yourself with them to determine which will best fit your needs!
Top Wealth Screening App for Salesforce: DonorSearch
Overview of This Essential Salesforce App for Nonprofits
DonorSearch has the largest and fastest-growing giving database that can be plugged right into your existing Salesforce software. With their app integrated into Salesforce for $209 per month, you’ll be able to perform high-quality wealth screening on your existing database with customization options and easy data syncing.
Why This Prospect Research App Stands Out
Some of the features of the DonorSearch app for Salesforce include:
- Philanthropic indicators. Gauge donor affinity through giving history to other organizations.
- Comprehensive wealth capacity. Capacity for giving, real estate, business, and SEC holdings are all accounted for in the wealth screening features of the DonorSearch app.
- Quick and simple profiles. In-depth prospect profiles are created and imported with just one click.
- Manage records from within Salesforce. DonorSearch 360io can run the list of prospects you select as a campaign, screen them, and automatically load the results with no limits.
When it comes to wealth screening, DonorSearch offers many key features and most importantly, an extensive giving database to make your wealth screening both simple and accurate.
Recommended Salesforce App: Salsa Engage
Starting at $349 per month, the Salsa Engage app for Salesforce will help you better engage with donors while getting to know them better and improving data management. They use a bidirectional interface that syncs data in both directions to remove the hassle of manually importing and exporting data.
Why This Salesforce App Stands Out
Salsa offers lots of different features through its app including:
- Ability to sync supporters, activity, and engagement data
- Easy segmentation and automation
- User-friendly configuration and interfaces so anyone can set up and manage the sync.
Salsa Engage is a great app for managing lots of different kinds of functions and automatically syncing data from various engagements.
Recommended Salesforce App: 360MatchPro
360MatchPro is a leading provider of matching gift software that enables you to bring in more funds for your organization without acquiring new donors. For only $500 a year, their Salesforce app will help you identify donors with matching gift eligibility and drive more completed matches.
Why This Salesforce App Stands Out
360MatchPro for Salesforce will give you the ability to:
- Automatically assess matching gift eligibility
- Drive more matches to completion
- Easily sync data to 360MatchPro and to Salesforce
Donation records automatically flow into 360MatchPro and company data from 360MatchPro flows back into Salesforce so your gift matching insights are in one easy-to-manage place. This makes the 360MatchPro app a great tool for not only identifying matching gift opportunities but also for managing matching gift data and receiving more matching gifts over time.
Recommended Salesforce App: Brickwork by iATS
The Brickwork by iATS app integrates into salesforce to help you securely receive payment information while also managing your contact data to reduce duplicate records. This app will help you keep your data clean for more accurate wealth screening.
Why This Salesforce App Stands Out
- Built-in contact matching features to eliminate duplicate records.
- Full reporting capabilities.
- Secure payment information capture.
Being able to securely receive donations and store the user data that is entered will help you fill out your database and keep it clean. The best part is that this app is free!
As you start working to integrate wealth screening into your existing workflows or to improve your current methods of performing wealth screening, these additional resources might be of interest:
- Affinity to Give, Propensity to Give, & Capacity to Give: Learn more about how each of these factors will affect if and how much your supporters will be willing to donate.
- Major Donor Fundraising: Effective Strategies for 2022: Improve your strategies for securing major donations.
- 5 Important Prospect Research Best Practices: Make sure you’re performing prospect research as effectively as possible.
- Leveraging Your Financial Data to Find The Right Donors: Find out more about how financial data can help you improve future fundraising efforts.