Developing your legacy strategy
Transcription
Developing your legacy strategy
Legacy Fundraising from scratch Graham Richards MInstF(Cert) Freelance Fundraiser Large campaigns = large costs! No one expects small, local charities to engage at this level The key is to start from where you are So why are legacies important? Potentially the largest source of voluntary income Usually, unrestricted Very low fundraising costs A measure of your organisation’s long term support base Current Figures Legacy giving 8% Av legacy worth £19k Cash & residuaries Specifics (personal effects) Across charities Danger of Trustees/Managers cutting legacy marketing budgets = suicide! Still greatest income source & best ROI Future potential 84% of Wills do not yet contain charitable bequests Baby Boomers: Affluent Sense of responsibility Positive about good causes Competition is still limited, but growing Smaller charities beginning to do better in the legacy market External Threats Future threat Effects of the recession on house prices Growing competition – more charities taking legacy fundraising seriously More shared bequests People living longer Increased care costs Fewer spinsters – more widowers Baby Boomers – peaking 2020-2035 The debt-free generation is passing Indebted generation to follow Where do you start? R.I.P. Research Investment Planning Where do you start? RESEARCH Any previous legacies How many? Values? Types? Profile of legators Your supporter database Over 50s? Widows or spinsters? Where do they live/owner or rented? How do they compare with your legator profiles? Similar causes What do they do? (i.e. activities, literature, etc) Success rate? (% of legacies as part of all voluntary income) Where do you start? INVESTMENT The value of legacies justifies investment – the ROI can be huge It need not cost much or anything – initially time rather than money You need to look medium to long term – not usually immediate or short term Where do you start? Planning Draft a legacy fundraising strategy Simple with realistic targets Who will do it? (internal or external?) Decide your budget Take into account unpredictability You can’t plan projects based on legacy income You can plan what you could do if legacies come along (a Wish List) Developing your legacy strategy Setting targets/goals Specific Measurable Achievable Realistic Time-limited Developing your legacy strategy Setting targets/goals Specific Initially, you might opt for Nos of legacies p.a. or set a marketing goal for 1st year or two Later you can budget for potential legacy income Don’t aim too high Use previous years’ income if available to gauge it Collect data year on year – part of your research Developing your legacy strategy Measurable If you use specific goals, you will easily be able to measure your success/achievement, for example: How you marketed gifts in Wills over the year? How many enquiries you received? How many legacies you received? How much income came from legacies? How many pecuniaries/residuaries/specifics? Developing your legacy strategy Achievable Don’t over-stretch yourself What can you realistically achieve in a year? Number of marketing initiatives? Achieved within budget? Staff able to cope with the response? Developing your legacy strategy Realistic We’re aiming to get at least a £million in the next 3 years! That’s OK if you’re an established hospice, donkey sanctuary or large children’s hospital It might be better to say, “We’re aiming to get at least 2 legacies in the next 3 years.” “Size isn’t important” said the actress to the bishop! Developing your legacy strategy Time-limited Gives you a milepost to check progress Don’t be despondent if after 3 years nothing’s happened. It may take 4, 5 or more years. Be patient! Useful in the future to look back at specific marketing initiatives Use codes on response forms to identify them Re-use or tweak successful campaigns Marketing your message Begin with the obvious: Newsletters & publicity materials Annual report Email footer Your website On the back of “thank you” letters (a “legacy sandwich”) Existing supporters and volunteers (are your warmest potential legators) Marketing your message Explore other mediums Direct mailing? Focus groups? Through legacy administration (to NoK or Executors) Through special events Posters Use of video via website, blogs, Web 2.0 Work on the message Messages to match the moment/time Size doesn’t matter – all gifts are valuable “You can make a real difference” Look to the future – longevity of charity Images including children speak “future” Avoid donkeys & cats unless you’re into them! Do’s and don’ts In all your publicity use: Simple words and terms E.g. “a gift in your Will” not legacy or bequest Other people’s words and real stories Good use of images says it better than words Passion again and again and again! Links to your website where you can expand your information, etc Thank you Graham Richards Freelance Fundraiser Email: tadeastman@gmail.com Web: www.serentwitterpy.co.uk “Small is bountiful”