How small charities can compete with large charities when in comes to legacy fundraising
Legacy fundraising, the act of encouraging supporters to leave gifts to charities in their wills, has become an increasingly vital source of income for nonprofits. Recent trends indicate a significant rise in legacy giving, presenting a unique opportunity for charities of all sizes. For instance, more than one in five charity donors aged 40 and over have included a charitable gift in their will, up from one in seven in 2010.
However, small charities often face challenges when competing with larger organizations that have more resources and visibility. Despite these obstacles, small charities can effectively engage in legacy fundraising by leveraging their unique strengths and adopting strategic approaches.
1. Highlight Your Unique and Local Impact
Supporters are often drawn to organisations where their contributions can make a tangible difference. Small charities can emphasise their local presence, personalised services, and the direct impact of donations. By showcasing specific stories and outcomes, you can demonstrate how legacy gifts contribute significantly to your mission. Do not underestimate the power of being a tangible local presence in your community - something large national charities cannot compete with. And this is backed by market insight, in my time at Cancer Research UK, I saw an increasing shift to supporters wanting to support local organisations.
2. Build Personal Relationships
Developing strong, personal connections with supporters is a hallmark of many small charities. Engage with your supporters through regular communication, personalised updates, and invitations to events. These relationships can foster trust and loyalty, making donors more inclined to consider leaving a legacy gift.
3. Educate Your Supporters
Many existing supporters may not be aware of legacy giving or how to include your charity in their wills. Provide clear, accessible information about the process and benefits of legacy gifts - always include it an a way of giving support. This is especially importance in times like a cost of living crisis and legacy giving is not an out of pocket expense. Consider hosting informational sessions or creating easy-to-understand materials that guide supporters through the steps of planned giving.
4. Collaborate with Professional Advisors
Establish relationships with local solicitors and financial advisors who can inform their clients about legacy giving options. By educating these professionals about your charity’s mission and impact, they may be more likely to recommend your organization to clients interested in charitable giving.
5. Leverage Digital Platforms
In the digital age, having an online presence is crucial. Utilize your website and social media channels to share stories, testimonials, and information about legacy giving. Digital tools can help you reach a broader audience and engage with supporters who prefer online communication. As noted, digital channels are becoming increasingly effective for initiating conversations about legacy fundraising.
6. Join Legacy Giving Consortia
Consider partnering with other small charities to create joint legacy giving campaigns. Collaborative efforts can increase visibility, share resources, and reduce costs. Collective campaigns can also provide a platform to share best practices and learn from each other’s experiences. There are also lots of forums to learn from peers and gain support such as Remember A Charity and the CIOF’s special interest group.
7. Invest in Training and Resources
Equip your staff and volunteers with the knowledge and skills needed for effective legacy fundraising. Training can help your team feel more comfortable discussing legacy gifts with supporters and understanding the legal and ethical considerations involved. Legacy fundraising isn’t just one person’s (or part of a person’s) role, it requires a cultural buy in from the whole organisation and given the same - if not more - emphasis than other fundraising streams. This is the income stream which will provide long-term stability to your organisations mission and goals.
Embracing the Opportunity
The landscape of legacy giving is evolving, with an increasing number of donors considering including charities in their wills. Small charities, with their close-knit communities and personalised approaches, are well-positioned to engage supporters in meaningful conversations about legacy gifts. By highlighting your unique impact, building personal relationships, and utilising strategic approaches, your organisation can successfully compete with larger charities in the realm of legacy fundraising.
Remember, legacy fundraising is a long-term endeavor that requires patience, persistence, and genuine engagement with your supporters. By focusing on these strategies, small charities can secure vital funding to sustain and grow their missions for years to come.
If you’d like to know more about any of these areas, I can help you build out a strong strategy that’s right for your organisation and play to your strengths. I’d love to help, so drop me a message.
