A great legacy program relies on meeting the mindsets of those you are targeting now
You, we, I … have a dilemma.
When targeting “best legacy prospects,” is it best to analyze past legators or current ones? The dead versus the living.
Since Covid I have witnessed a massive change in prospects’ profile, motivations, their preferred calls to action and the legacy causes in their Will,
Popular causes were: cancer, heart, stroke, animals and religion. Often given without thought – just led by instinct and personal experience.
Popular causes now: local, mental health, campaigning, arts, education and dementia. Led by loyalty and enthusiasm to continue their giving beyond their lifetime.
The number of big charities being removed from Wills is intriguing. This is a new generation of “thinking legators.” Actually, it is more than that.
“Now” prospects are investors not donors. They are keen to continue their giving beyond their lifetime to help find and fund the ultimate solutions they yearn for. One fact which satisfies their needs is understanding how you are funded.
Why? Because legacies are often the ONLY source of income which give financial strength to invest in new services/solutions. If supporters do not understand your “growth limitations” without legacies, why should they leave one? They won’t.
Why? They do not understand the impact of their investment in your future.
Given all these changes what treasures does “past data” hold versus “now prospects”?
Past data worries me
Legators could easily have made their Will twenty plus years ago or even only seven years ago when the world was in such a different place. The global economic situation has no certainty.
Past data is brilliant to gain leadership engagement and investment. It provides the “proof” they want—even though it can be misleading,
Given that the best legacies are usually, (but not always) driven by “length of engagement” (as a volunteer, user, donor), are current prospects more important to fundraisers than “the past”? In my view, yes.
Our dilemma is that we hate change and love it at the same time
But, little is the same. Prospects are changing fast – but are fundraisers? Many are not (in my experience), and Boards/leaders are certainly NOT!
When I was “young” I thought oldies were on another planet. As I am now proudly an oldie, I realize I was on the wrong planet.
A few questions for you concerning your BEST prospects
- Serious estate planning starts at around the age of 55+ depending on wealth. If I have wealth, am I likely to have a Will?
- If I am 85, (great and fast ROI!) what is my call to action?
- If I am 70, which channels do I want to take action? TikTok? Facebook? A letter? Legacy webpages? A brochure? An event? A phone call?
If you want to invest wisely, answer these three questions.
Accepting change is essential for legacy income growth, often requiring a shift in mindset from analyzing the past to embracing new possibilities. Leaders want past evidence. Fundraisers need current evidence to take to their leaders, but more importantly a great legacy program relies on meeting the mindsets of those you are targeting NOW, not those who decided what to do twenty years ago.
But perhaps there is a bigger problem.
Young fundraisers do not look through the lens of an older person. They can be “self-focused.” If this approach is sustained, then the results of their efforts will only be rewarded decades after they have left their charity, and the current Board/leaders have retired or died.
Do fundraisers want to be rewarded during their lifetime? If so, focus on oldies.
Richard Radcliffe FCIoF Cert. Founder. Radcliffe Consulting. What do I do? I meet donors every week. I draft action plans weekly and train staff, volunteers and others weekly. It is as simple as that. And legacy giving is so simple.
