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Q&A: Prospect Lists

Last updated: July 19, 2022

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Last month we launched iwave’s new Prospect Lists. This exciting new feature reimagines prospecting in the nonprofit space by using AI technology to develop customized lists of new prospective donors. Our users were delighted to learn that it’s included with every iwave subscription at no extra cost.

We’ve had many questions roll in since the launch. Sebastian Belu, Senior Product Marketing Manager, and Kristin Daye, Director Product Management, have taken the time to provide answers. Please find them below.

What is the cost of this feature? All iwave users can generate an unlimited number of prospect lists at no extra charge.

Who has access to this feature? This feature is now available to all iwave users.

How does iwave generate prospect lists? iwave users have access to two methods of generating a prospect list:

  1. Affinity search: selecting a desired search category and location
  2. Look-alike prospecting: selecting top existing donors and using their attributes to find other similar donors

Regardless of the method selected, iwave uses proprietary algorithms to evaluate billions of philanthropic and wealth data points against the search criteria and build customized prospect lists.

Can I access contact information for my prospects? Yes, prospect lists include address information. You can also uncover additional contact information by screening a prospect list.

What makes Prospect Lists different from other prospect list generators? The following points make Prospect Lists a unique feature:

  • Regardless of the method used, prospect lists are custom generated based on the unique characteristics and needs of an organization
  • Results aren’t based on a simple database search; iwave generates a custom list of prospects for every search
  • iwave utilizes unique algorithms and dependable data sources to ensure that contact information is reliable
  • iwave exclusively focuses on serving nonprofit organizations

Can we use Prospect Lists with an integration?  Currently, there is no direct method of sending a prospect list directly into a DMS; we are exploring potential enhancements to address this. However, if your integration supports the “Send to CRM” function, you can screen your prospect lists, generate profiles based on your screening project, and then use the “Send to CRM” function to push a prospect list into a CRM.

What is the EIN? Do you need to enter this number to generate a prospect list? EIN stands for “employer identification number” (also known as a Federal Tax Information Number) and is used to identify an organization. While it’s not required, it does help iwave better match prospects to your organization’s mission. Your EIN will likely already be pre-populated in iwave.

Can you build a prospect list based on multiple cities and states?  To develop a multi-city prospect list, you will have to generate multiple prospect lists. We are exploring new enhancements that will enable search results by geography.

How long does it take to generate a prospect list?  Most lists will be generated within 24 hours.

Can this technology be used to find prospective corporations or institutions?  This feature is currently applicable to individuals.

Do I have to screen my prospects?  Screening is highly recommended to prioritize prospects, gain additional contact information, and discover new intelligence that will help with cultivation efforts.

See how your organization can raise more donations by leveraging Prospect Lists

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Written by Bre

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