Legacy giving represents a crucial resource for many charities. This type of donation coming from a will or bequest, lets major donors continue their support after they pass away. Legacy giving also helps create a stable financial foundation for your organisation in the long run.
To succeed, it is important to create a legacy pipeline. A legacy pipeline is a clear path that helps an organisation guide potential donors. It encourages them to think about and make a legacy gift. This process includes several strategic steps, from initial awareness to formal commitment.
This article draws on Ligia Peña's talk at the IFC 2024. There, she shared her knowledge about Legacy Giving and fundraising strategies. In this article we sum up provides key insights to help organisations navigate the specifics of legacy giving and maximise their impact.
Understanding the psychology of legacy giving
4 Steps to engage prospects in your Legacy Giving pipeline
1. Identify and qualify prospects
2. Structure your legacy giving pipeline
3. Remove barriers and foster trust
4. Use measurement tools to optimise your efforts
People do not base legacy gifts solely on generosity or immediate interest in a cause. Often, a unique emotional and reflective process motivates these donations. A strong commitment grows over time. This involves what experts call System 2, a way of thinking that is analytical and thoughtful.
As a fundraising manager, your mission is to accompany the donor in this journey empathetically. Your role is to anticipate their needs. And help them overcome the barriers that may hinder their decision to leave a legacy.
The decision-making process for a legacy gift appeals to different thought systems. System 1 (emotional) and System 2 (reflective). This dual lever requires an adapted approach:
We recommend making the process as easy as possible by providing clear, quantified information. For example, providing transparent data about how you distribute the funds collected. Also make sure to provide educational resources about your cause to guide them.
We advise using storytelling that resonates with your donors' life journeys and enriching their reflection with inspiring stories from beneficiaries of your organisation. Note that for bequests and legacy gifts, your goal is not to trigger an immediate reaction, but to encourage a sustainable decision.
Developing a legacy giving pipeline relies on a structured approach. Start by identifying potential prospects among your current donor base. To do this, consider implementing a dedicated questionnaire on legacy giving on your website or during events.
This survey can help you detect individuals sensitive to this form of engagement and ready to enter the legacy giving process. Once you identify prospects, qualification becomes crucial. At this stage, guide them toward resources and events that deepen their connection to your mission.
We recommend integrating short, impactful videos that awaken donors' engagement and autobiographical memories. This memory is the ability to recall personal events and experiences, often associated with emotions, places, and people.
Here’s an example illustrating the use of autobiographical memory. An environmental organisation might want to show pictures of natural areas that volunteers have cleaned. These images can highlight the positive impact of their work.
The narration would explain the goal of preserving this place for future generations. It would invite donors to imagine leaving a healthier environment.
This type of storytelling brings back outdoor memories that donors may have. It can inspire them to protect these spaces for their children and grandchildren. Even with a small budget, these videos can emotionally connect donors to the impact of their legacy gift, using familiar scenes to highlight your organisation’s mission.
A legacy pipeline is a strategic and personalised journey to guide each potential donor toward a decision. This pipeline is divided into several steps. It allows you to track and adapt your approach according to the donor's journey map:
Many potential donors may be hesitant to consider a legacy gift due to administrative complexities or fear of discussing death. As an organisation, your role is to facilitate this process and alleviate these concerns. Here are the approaches suggested by Ligia Peña during her presentation at the IFC 2024:
We advise adopting transparent, reassuring, and pressure-free communication. Trust is a vital element in developing a sustainable legacy pipeline.
An effective legacy giving pipeline also requires analytical tracking to measure progress and adjust strategies. Use an appropriate CRM (Customer Relationship Management) solution to track interactions, engagements, and conversions of potential donors. In your CRM tool, pay attention to these KPIs (key performance indicators):
In conclusion, legacy giving goes far beyond raising funds. It offers donors the opportunity to leave a lasting impact by supporting your mission for years to come. When structuring a solid legacy giving journey and adapting each step to your donors' needs, you build a trustful, long term relationship.
Would you like to discover more strategies to increase online donations and enhance your organisation’s online fundraising efforts? Read our article: 11 Ideas to Improve Your Fundraising Strategy and meet your fundraising goals.