Creating a Model to Target Planned Giving Donors

One of my favorite activities growing up was putting together models.  I spent hours with my dad painstakingly putting together models. We read the directions carefully and found the pieces that matched.  We put together planes primarily, maybe that is why I like to fly!

The concept of modeling was instilled in me early on. Naturally, when I became a fundraiser I applied this to my every day.  How could I put together the best possible model to predict who will give?  Direct mail, major gifts and event giving had a group of people that were likely to give based on who they were.

The place where I found models most helpful was in planned giving. In talking to planned giving donors, I noticed some commonalities among those who give planned gifts:

• A commitment to legacy: The planned giving donors that I have worked with prioritize how the organization can continue making an impact. They don’t want anything to stop that and are willing to allocate their resources to do that very thing. Conversations with donors will help you identify those who are committed to legacy.
• A commitment to your organization:  The more donors know about our organization the easier the conversation was about planned giving. When we educate our donors and give them the tools, like The Giving Suite from LifeLegacy, to create their legacy, it helps to fulfill their commitment to your organization. You will see this engagement in many ways such as giving and volunteering.  
• Key demographics: Do the majority of your planned giving donors live in the same zip code?  Have they given consistently over 7 out of the last 10 years? Each organization is different; finding your specific demographic commonalities will help you then mine your database to find prospects that are likely to give a planned gift.  

When you combine those who have a commitment to leaving a legacy to your organization with key demographic information in your database, you find a targeted group that is likely to give a planned gift.

While not everyone has all three, you have your model and you can develop strategies for reaching out to them to bring them closer to your organization! Those who only have a commitment to your organization might need more education about planned giving to move forward in the planned giving process.  Getting those who fit the key demographics further committed to your organization will move them toward making a planned gift.  

Work smarter, not harder, and develop a model to guide you through the process of finding the likely planned giving donors (or prospects).  Using that model you expend resources and time more effectively to find those donors who can make an impact on your organization through a planned gift.