In partnership with First Republic Bank, Gravyty was proud to be featured together with our great friend iWave in a recent webinar, “How Fundraising Technology Can Bridge The Giving Gap.” It was an amazing opportunity to hear from so many nonprofit organizations working to increase philanthropy giving in a single venue. After the webinar concluded, we circled back to our two hosts, Dawn Galasso and Chris Campbell, to see if they could provide us some answers.Check out their answers below!
Q: Artificial Intelligence is a phrase we are hearing a lot about these days - how does it fit into nonprofit fundraising?
Chris: Gravyty’s AI platform automates the most time-consuming processes that get in the way of fundraisers doing what they love -- developing, cultivating, and stewarding relationships with donors. By empowering fundraisers to efficiently personalize outreach, build new relationships faster, steward and deepen existing relationships, our customers expand their workforces without making new hires and increase revenue from giving. Our tools have been proven to expand fundraising workforces by 4x, without making new hires and drastically increase revenue from giving.
Q: I’ve never heard of fundraising intelligence before. What exactly is it, and how can my nonprofit incorporate it into our fundraising?
Dawn: Fundraising intelligence is a proven strategy for nonprofit organizations to develop an understanding about donors individually and as a whole. Using fundraising intelligence, nonprofits segment hundreds or thousands of individuals they know little about into an actionable list of prospects who have capacity to give, are philanthropic, and are giving to organizations similar to yours. iWave’s fundraising intelligence platform is built on next-generation architecture that leverages a modern design and intuitive layout to help nonprofits identify, cultivate, and retain donors in order to raise more major money, faster.
Q: How does Gravyty work with iWave? Is this technology included with an iWave license?
Dawn & Chris: The way we’ve always described the Gravyty and iWave partnership is “Gravyty, powered by iWave”. What we mean by this is iWave provides fundraising intelligence data for organizations and Gravyty uses artificial intelligence (AI) to turn that data into action for frontline fundraisers. The solutions are two separate platforms requiring their own subscriptions that integrate together both via technology and the way teams naturally function — although, when you have the best data in the industry fueling Gravyty’s AI, we like to describe that as transformative.
Q: This looks like a big system operation change – how quickly can an organization adjust to this? Also, do you have recommended segments that we should be looking at?
Chris: Gravyty will look at pre-existing segments within a donor database and then use these to support logic for our AI algorithms to follow. For example, we might look at donors who give some years (SYBUNTS) or those who gave last year but not this year (LYBUNT) and help our users reach these folks with personalized outreach at scale — so they can grow that relationship into one that produces Major Gifts. Depending on the overall strategy of the advancement shop, Gravyty can surface different donor and prospect segments that address those outcomes. For current Gravyty customers, this process typically takes just a few hours.
Q: If I’m introducing another team member onto iWave – how do I make sure they’re trained and up to speed?
Dawn: iWave has a fantastic Client Support team that is ready to introduce and train new team members at any time. Even if you have or you are an in-house expert, don’t hesitate to connect with the iWave team to help bring new users up to speed. You might even want to join in and hear about the latest features that you haven’t had a chance to learn yourself.
As you can see, fundraising intelligence and artificial intelligence go hand in hand. In an industry that has been historically passed over by advancements in technology, fundraisers are now being empowered to perform at a higher level, providing better outcomes for their communities.