how the right marketing strategies can enhance your planned giving program part 1: how to identify...
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How the Right Marketing Strategies Can Enhance Your Planned Giving Program
Part 1: How to Identify Planned Giving Prospects
Part 2: How the Right Marketing Strategies Can Enhance Your Planned Giving Program
Lawrence Henze, J.D.
Managing Director
September 11, 2008
Lawrence C. Henze, J.D. | Page #2© 2008 Blackbaud
Finding and Marketing to Planned Giving Prospects
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Our Agenda
Planned giving in recessionary times Planned giving review
– Planned gift types– Donor development and planned giving myths– Planned giving profiles
Planned giving marketing– Ideas that work
Summary
How the Right Marketing Strategies Can Enhance Your Planned Giving Program
Planned Giving in Recessionary Times
Now Is Not the Time to Stop Your Efforts
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Finding and Marketing to Planned Giving Prospects
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Recession? Stagflation?
Or is it “troubling times” or “a lot of uncertainty”?
Regardless, difficult economic times affect fundraising
How does a recession affect planned giving?
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Finding and Marketing to Planned Giving Prospects
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Recession and Planned Giving
February 7 edition of The Chronicle of Philanthropy– Several articles on this and related topics
Basically two points of view:– Contract marketing efforts and avoid long-range gift maturity dates,
or– Planned giving, particularly bequests, fit in conservative economic
times
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Finding and Marketing to Planned Giving Prospects
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My Thoughts on a Recession and Planned Giving
No, I do not like recessions
But I like planned giving opportunities, particularly bequests and annuities, during these times
Do not forego future opportunities for current savings – 2007 study reports that 50% of bequests are first inked between
the ages of 40-60
Act intelligently based on strong market research, that is the best way to become cost effectiveness
How the Right Marketing Strategies Can Enhance Your Planned Giving Program
Planned Giving Overview
What Is Planned Giving and Who Are Your Prospects?
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Finding and Marketing to Planned Giving Prospects
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What is Planned Giving? A planning process that considers the effects of a gift to charity
and the donor's estate (technical) A giving process that honors the donor’s desire to do something
special and to give back (emotional) Most common (or popular) types of planned gifts
– Bequest– Charitable Gift Annuity– Charitable Remainder Trust– Charitable Lead Trust– Donor Advised Fund– Private Foundations– Life Insurance– Life Estate– Pooled Income Fund
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Finding and Marketing to Planned Giving Prospects
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Planned Giving – Ways to Give
Bequest – A provision in your will to pass money to a charitable organization upon your death or the death of a spouse. Typical clauses include an outright amount, a percentage of the assets, or the residual of the estate.
Charitable Gift Annuity – You give money to a charity, which promises to pay you a fixed amount regularly for life. Although part of the annuity payments are taxable, you’ll also receive an upfront income tax deduction for the amount estimated to end up with the charity
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Finding and Marketing to Planned Giving Prospects
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Planned Giving – Ways to Give
Charitable Remainder Trust (CRT) – an irrevocable trust pays a specified annual amount to 1 or more people for a fixed period of years, or for the life of an individual(s). At end of the term, remaining trust property is distributed to charity.– CRAT: fixed annuity– CRUT: fixed percentage of trust value (varies annually)
Charitable Lead Trust – Essentially the reverse of a charitable remainder trust. You transfer assets to a trust and a charity receives a payment stream. And the end of the trust’s term, what’s left goes to heirs.
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Finding and Marketing to Planned Giving Prospects
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Planned Giving – Ways to Give
Donor-Advised Fund – You give a lump sum to a charitable fund and get an immediate tax deduction. The fund legally controls the money, but the donor recommends how it is distributed and to which charities.
Private Foundation – You set up a charitable entity, with funds that usually come from your family, rather than the public. It makes grants to support a charitable mission. You’ll have a lot of control over the foundation’s decisions, but private foundations can be expensive to run and have less favorable tax rules than public charities.
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Finding and Marketing to Planned Giving Prospects
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Planned Giving – Ways to Give
Life Estate – The donor gives her house or farm to the charity and retains the right to live there through the remainder of her life. An immediate income tax deduction is available to the donor. Charity may sell property upon donor’s death.
Pooled Income Fund – donors contribute to a fund, proceeds are shared based on percentage of contributions. Operates like a mutual fund. Appreciated property contributions benefit from capital gains protection. When income beneficiaries die, their shares transfer to the charity.
How the Right Marketing Strategies Can Enhance Your Planned Giving Program
A Little Bit of Knowledge
What You Know About Planned Giving Prospects Will Increase Your Marketing Effectiveness
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Finding and Marketing to Planned Giving Prospects
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Steps in the Donor PyramidPlanned Giving is at the top
of the pyramid, but is not
necessarily a last gift
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Finding and Marketing to Planned Giving Prospects
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Ultimate Giving
Every individual has an “ultimate gift” Ultimate gifts may be any level, any type (including $0) Ultimate giving does not place a higher value on “major”
gifts Find ultimate giving profiles, develop appropriate
marketing strategies, close more gifts! Most major donors are also planned giving prospects, not
true in reverse!
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Finding and Marketing to Planned Giving Prospects
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Donor Profiling
Highest scores and high assets
Further qualification and research
Immediate individual cultivation
Lower likelihood scores, but high target giving ranges and assets
Need to be sold on your mission
Longer term cultivation
High likelihood scores and mid-level target giving ranges
Implement targeted upgrade, mid-level major gift strategies
Increase annual giving
Low likelihood scores and low target giving ranges
Minimize investment Consider reduced
resource application
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Finding and Marketing to Planned Giving Prospects
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Planned Giving Facts
Bequests constitute almost 90% of all planned gifts made– More than 80% of these are unknown at present
Annuities constitute another 5-6% of all planned gifts
You can have a successful planned giving program without focusing on trusts (the complicated stuff!)
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Finding and Marketing to Planned Giving Prospects
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Planned Giving Facts
You may have more dollar potential in planned giving than major giving
Why people give (NCPG survey)– 97% say they care about the charity– 87% desire to do something special– 35% tax planning– 22% know charity’s representative
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Finding and Marketing to Planned Giving Prospects
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We often consider planned giving to be a second-tier strategy
Extremely passive solicitation methods
Appeals are broad based and require request for more information
Expectations are unreasonably low– 1% response rate to planned giving mailings
Planned Giving Facts
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Finding and Marketing to Planned Giving Prospects
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Age and Planned Giving
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Finding and Marketing to Planned Giving Prospects
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Planned Giving Propensity
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Finding and Marketing to Planned Giving Prospects
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Planned Giving by Gift Type
Bequests:– Two primary age groups: late 40s to late 50s, and 65-78.– Loyal donors, lower amounts– Comfortable with debt– Mid-to-upper middle income– Tend to live in one home for longer times– Children in college or have education-related debt– Charitably inclined– Volunteers
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Finding and Marketing to Planned Giving Prospects
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(Traditional) Charitable Gift Annuities:– Ages: mid-70s and older– Retired– Fiscally conservative– Uncomfortable with debt– Not wealthy (or do not think they are)– Are or were loyal donors, usually very low amounts– Charitably inclined– Worried about outliving their resources– Frequently single (widowed females
Planned Giving by Gift Type
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Finding and Marketing to Planned Giving Prospects
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Charitable Remainder Trusts:– Ages: mid-50s to 70– Fiscally savvy and often aggressive investors– Very comfortable with debt– Wealthy or very affluent– Less likely to be loyal donors, but average gifts are high– Charitably inclined, often are major donors as well– Likely to have retained financial counsel
Planned Giving by Gift Type
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Finding and Marketing to Planned Giving Prospects
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Personal follow up and cultivation, note overlap with other PG types and annual/major potential as well
More specific direct marketing, segmenting by gift type
Send appropriate marketing material for general “seed planting”
Bequest Annuity CRT
Excellent Likelihood 927 413 236
Very Good Likelihood 2,513 1,134 384
Good Likelihood 3,436 2,185 858
Segmentation and Cultivation…
…of Planned Giving Prospects
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Finding and Marketing to Planned Giving Prospects
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Profile Summary
Strong correlation with annual giving loyalty and planned giving
Do not let giving amount control decision to solicit for planned gifts
Do not let cash rule the day
How the Right Marketing Strategies Can Enhance Your Planned Giving Program
Planned Giving Marketing
Let Common Sense Prevail
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Finding and Marketing to Planned Giving Prospects
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Planned Giving Marketing – Basic Axioms
Certain types of planned gifts are more “marketable” than others– Annuities– Bequests
Highly technical gifts very difficult to market
Just starting? Small staff?– Bequests and annuities, or just bequests, will be enough
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Finding and Marketing to Planned Giving Prospects
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Simple Ideas Everyone Can Use
Many new marketing initiatives will have little budgetary impact
Better targeting, reduced mailings, and comprehensive and integrated communications are within your reach!
Avoid falling into the trap of duplicating the efforts of others without evidence that it works!
Thinking outside of the box:– The limitations of “we have always done it this way”
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Finding and Marketing to Planned Giving Prospects
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Making the Case for Planned Gifts
85% of respondents to a national survey said that they found out about charitable gift annuities through one of several informational channels initiated by the organization including:– written materials, – a visit with a representative, and – financial seminars
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Finding and Marketing to Planned Giving Prospects
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Business Card Marketing
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Finding and Marketing to Planned Giving Prospects
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Business Card Marketing
We know you use your cards to “win” free lunches
They make great bookmarks
The back is great for shopping lists, and
The back is great for estate planning information!!!
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Finding and Marketing to Planned Giving Prospects
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I give ($) (%) of my estate to the Lost in Space Foundation, P.O. Box 1727,
Lafayette, CA 94549 to provide funding for the ongoing activities of the Foundation
as determined by the board of trustees (or for the purpose of _________________)
Tax ID 00-0000000
Business Card Marketing
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Finding and Marketing to Planned Giving Prospects
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Annual Reports and Newsletters
Probably numerous organizational publications that may be used to promote planned giving
Donor recognition– Loyalty giving clubs
Donor stories and testimonials important– Do not forget that smaller gifts are important– Not just the mega-gifts!
Do not try to accomplish too much with each publication– Coherent simplicity
Consider different versions by audience type– Targeted issues will boost interest and response
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Finding and Marketing to Planned Giving Prospects
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Donor Stories
We know you have to use the mega-gift stories
However, these stories are “relative” to only a small number of prospects
Find the stories in which your donors are thrilled to do something special, and happy that a planned gift made it possible
Appeal to their highest calling, move their hearts
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Finding and Marketing to Planned Giving Prospects
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Advertising and Newsletters
• In the RPF tri-annual Members-only newsletter, The Key and in Regional in Nature, a bi-monthly newspaper insert guide to Regional Parks
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Finding and Marketing to Planned Giving Prospects
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More on Cultivating Loyalty
Loyal donors give at least 60% of the time
Often exhibit habitual giving patterns
Habitual giving offers opportunity to reduce solicitations and create more donor-centered environment– Anniversary date giving
Look at all types of loyalty:– Volunteerism– Membership– Ticket buying
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Finding and Marketing to Planned Giving Prospects
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More on Cultivating Loyalty
Survey loyal donors to determine their interests, wants– Why do they give?– Which programs do they like the most?– What would they like to change about their relationship
with your organization?– Act upon the information
Also survey other individuals on your database to determine their interests and feelings
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Finding and Marketing to Planned Giving Prospects
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Direct Mail and Messaging
Remember importance of annual giving to planned giving success– Multiple opportunities to spread the word
Set sights on higher response rate by employing a better targeting method– 1% unreasonably low
Direct mail is passive by nature– Plan follow-up for highly-rated prospects– Asking is not the sole purpose
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Finding and Marketing to Planned Giving Prospects
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Messaging
Creating interest and appeal Making that interest and appeal personal A clear, easy-to-understand message Keeping it simple
– Remember, most attorneys are unable to explain the difference between giving instruments
Few words Tell stories, capture hearts
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Finding and Marketing to Planned Giving Prospects
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Messaging
Eliminate technical language:– CRUT – is it a unitrust or a terrible skin disease?– CRAT – is it an annuity trust or litter box residue?– NIMCRUT – is it a net income with makeup charitable
remainder unitrust or the current trendy term for numbskull?
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Finding and Marketing to Planned Giving Prospects
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Messaging
Discuss one subject at a time
Don’t provide a marketing menu
Disclaimers– Yes – We recommend that you consult with an attorney
or financial planner prior to finalizing your gift plans– Our research indicates that most individuals who give
bequests or annuities outlive actuarial lifetime projections by 12-13 years!
– Yes, it is true, but this is not a smart marketing approach!
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Finding and Marketing to Planned Giving Prospects
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How to Write a Direct-Marketing Piece
Pick one subject
List all the attributes of that gift
Divide into two groups:– Motivators– Details
Pick the motivators for your marketing piece
Details do not work well for marketing
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Finding and Marketing to Planned Giving Prospects
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Motivators and Details - Bequests Deeply care for your mission Want to leave a legacy No current financial impact May designate use of gift Revocable, maintain control of assets Reciprocal benefits May designate amount, percentage, or residual Simple to do Opportunity to make a significant gift Private Create it and forget it
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Finding and Marketing to Planned Giving Prospects
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You Choose the Motivators
Deeply care for your mission Want to leave a legacy No current financial impact May designate use of gift Revocable, maintain control of assets Reciprocal benefits May designate amount, percentage, or residual Simple to do Opportunity to make a significant gift Private Create it and forget it
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Finding and Marketing to Planned Giving Prospects
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Ideas That Work
Give substance and meaning to planned giving– Reciprocal giving– Generational giving– Annual gift endowment
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Finding and Marketing to Planned Giving Prospects
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Ideas That Work
Sell big, write small– Use few words to market a big concept– In marketing materials, it is the giving concept, and not
its technical operation, that will promote interest
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Finding and Marketing to Planned Giving Prospects
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Use website to share information
Provide calculation tools
Testimonials
Use email to drive prospects to website, invite to seminars, thank
Email and the internet may be very effective with the younger bequest prospects
Internet and Email
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Finding and Marketing to Planned Giving Prospects
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Seminars
Invite prospects who benefit from the information
Remain a valuable marketing tool
Focus on a few key items
Donor participation
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Finding and Marketing to Planned Giving Prospects
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Finding and Marketing to Planned Giving Prospects
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Employing a Marketing Consultant
What are you able to do?– Important to look like your organization
Question everything– Set your own goals
Less can be more
Concentrate on the big picture– Integration of all fundraising messages
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Finding and Marketing to Planned Giving Prospects
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Organizational Publications & Stand Alones
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Finding and Marketing to Planned Giving Prospects
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The Best for Last – Personal Cultivation
See “How To Talk with Donors about Planned Gifts”, a new white paper by my colleague, Katherine Swank, J.D.
Free time to cultivate relationships– Evaluate time management– Prioritize– Manage these priorities
How the Right Marketing Strategies Can Enhance Your Planned Giving Program
So You Think You Are Ready to Market More Effectively?
Checklist
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Finding and Marketing to Planned Giving Prospects
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Checklist
Integrated campaign? Investigated all communication streams? Planned giving is a Tier 1 emphasis? Know your planned giving prospects?
– By type of giving vehicle?
Donor relations recognizes loyalty? Staff is aware of planned giving? Marketing materials emphasize emotion and commitment
and mission? Volunteer expertise arranged?
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Finding and Marketing to Planned Giving Prospects
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Danger Will Robinson!!!!!!
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Finding and Marketing to Planned Giving Prospects
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Avoid Becoming “Lost in Space”
Planned giving marketing success requires PATIENCE! Encourage interaction with donors Take the time to do this right and good results will follow Planned giving is not a quick cure! If you are just starting a program, prepare key players for a
long-term commitment Set expectations accordingly!
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Finding and Marketing to Planned Giving Prospects
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Motivate the Reader to Respond
Give a reason to notify:“If you have made an estate provision for the Gardens, or a planned or deferred gift, please let us know so we can welcome you into the Perennial Friends Society and make sure your gift intentions are properly carried out.”
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Finding and Marketing to Planned Giving Prospects
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Planned Giving Marketing Success
Prospect identification is the science
Relationship building is the art
Marketing is the practice
Patience is more than a virtue, it is a necessity
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Finding and Marketing to Planned Giving Prospects
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Summary and Questions Contact me:
Lawrence [email protected] 843-991-9921
New Book: Building a Planned Giving Program from the Ground Up http://www.blackbaud.com/bb/desktopreference/boostgiving.aspx
White Papers: http://www.blackbaud.com/company/resources/whitepapers/whitepapers.aspx
Check out: www.leavealegacy.org