Last month, we focused on identifying potential planned giving donors. Today, we will examine what those donors want and how you can move them from a potential donor to donor. A reminder that the information used to provide these tips is contained in a Giving USA report, highlights of which can be found here.
Qualifying
When it comes to learning about planned giving, 49% did so through personal visits, 40% through mail, 15% through other printed materials, and 13% through the website.
Takeaway: Include mentions of planned giving and opportunities for donors to express interest in your printed materials. While in-person visits are still the most common channel, many of these may be from donors who already have established relationships with a fundraiser. Mail and other marketing materials are a great way to whittle a list of hundreds or thousands down to a more manageable number who are expressing interest. And then once they have expressed interest, reach out for a visit!
Cultivation and Stewardship
Donor preferences vary greatly, with most donors simply wanting to be included in a list of legacy donors (41%), have membership in a legacy society (37%), or receive personalized contact (32%). Thirty-nine said they wanted no recognition at all.
Takeaway: Once someone has established a planned gift, it is important to develop a relationship and know what their preferences are in regards to recognition. While many simply want to be included in a planned giving society, others want NO recognition at all. When establishing a planned gift, educate donors about recognition opportunities, including the option to have no recognition. Ask about their preferences and be sure to document them in your database.
Giving Societies
Sixteen percent of donors said membership in a legacy society caused them to increase or plan to increase their planned gift.
Takeaway: Giving societies are generally a good strategy (even if not everyone wants to be a part of one). Similar to naming opportunities in a capital campaign, this is something you should consider offering even if some donors choose to opt out. While 16% considering an increase in their gift may not seem like a huge number, it does not account for the relationships and gifts that are solidified through a planned giving society. By building the relationship, you decrease the chances your organization will be taken out of estate plans.
Above all, always remember these decisions are deeply personal. These donors are quite literally shaping their legacy. While less personal approaches like direct mail or newsletters may help you identify donors, a personal relationship should be established with those who are expressing their interest in a planned gift.