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What are the most effective ways to use prospect research to identify legacy donors?

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Legacy donors are those who leave a gift to a nonprofit organization in their will or estate plan. These donors are often the most loyal and generous supporters, but also the most difficult to identify and cultivate. Prospect research is a valuable tool to help nonprofits find and engage potential legacy donors, but it requires a strategic and ethical approach. In this article, you will discover the most effective ways to use prospect research to identify legacy donors. This includes segmenting your database, prioritizing prospects, looking for data points and indicators, using screening and rating tools, tailoring your communication and stewardship strategies, and tracking and measuring your legacy giving program's performance.

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1 Segment and prioritize

The first step to identify legacy donors is to segment your database and prioritize your prospects based on their affinity, capacity, and inclination to give. Affinity refers to how connected and committed your prospects are to your mission and vision. Capacity refers to how much wealth and assets your prospects have and how likely they are to make a planned gift. Inclination refers to how responsive and receptive your prospects are to your outreach and solicitation. You can use various criteria and filters to segment and prioritize your prospects, such as giving history, involvement level, age, location, and interests.

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Jennifer Harris, Ph.D.

Senior Vice President of Philanthropy at National Park Foundation. All views my own.
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Don’t forget you need to speak with your gift officers and gain their insights. Personal insights of known donors is critical.

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Kalie Fishburn

Strategic Prospect Development Leader
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Once you've established your initial universe of potential legacy donors, some simple scoring will help the best prospects rise to the top. Consider how you would weigh criteria (adding or removing points from a total legacy score). For example, individuals who are 68-78 years old might receive more points for age than someone who is 95. Other criteria to consider: - RFM - Whether someone is a retiree from your org - Current legacy donor - Amount and type of a pledge balance - Change in donor velocity - Gift officer assessment of future propensity - Pending life event (retirement, sale of company, etc.)

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2 Look for data and indicators

The next step is to look for data and indicators that can help you identify legacy donors among your prospects. These may include previous planned gifts or bequests to other nonprofits, membership in a legacy society or recognition program, family and personal circumstances such as marital status, children, and health, professional and educational background like occupation, industry, and alma mater, philanthropic and volunteer activities such as board service, event attendance, and advocacy, loyalty and retention such as frequency, recency, and consistency of giving, and preferences and values like hobbies, passions, and causes.

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3 Use screening and rating tools

The third step is to use screening and rating tools to evaluate your prospects and determine their potential for legacy giving. Screening tools are services or software that can help you collect and analyze data on your prospects, such as wealth, assets, income, and philanthropy. Rating tools are methods or formulas that can help you assign scores or ratings to your prospects, based on their affinity, capacity, and inclination. You can use screening and rating tools to segment your prospects into different categories, such as hot, warm, or cold, or A, B, or C.

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4 Tailor your communication and stewardship

The fourth step is to tailor your communication and stewardship strategies to your prospects based on their segments, data, and ratings. You can do this by using personalized messages and appeals, offering meaningful recognition and benefits, providing information and education about planned giving options and benefits, building trust and rapport through relationship-building and cultivation, as well as asking for feedback on your programs and services. Communication strategies include phone calls, emails, newsletters, and invitations while stewardship strategies include thank-you notes, certificates, plaques, and events. Tailoring your strategies to your prospects will help you reach out and engage them in meaningful ways.

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Jennifer Harris, Ph.D.

Senior Vice President of Philanthropy at National Park Foundation. All views my own.
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This is critical but would not fall under a research team’s purview, per the topic and focus of this article. The Research team should help customize your lists. Your planned giving (legacy giving) team should lead these elements.

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5 Track and measure your performance

Tracking and measuring your performance is the fifth step in legacy giving program, which can help you evaluate your effectiveness and efficiency, identify strengths and weaknesses, and improve results and outcomes. Metrics and indicators you can track include the number and value of legacy gifts and pledges, the number and percentage of legacy donors and prospects, return on investment and cost per dollar raised, conversion and retention rates of legacy donors and prospects, as well as satisfaction and loyalty levels of legacy donors and prospects.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Kalie Fishburn

Strategic Prospect Development Leader
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When thinking about soliciting a legacy gift, consider the whole person. Who else should be involved? A spouse, a lawyer, children. Thinking about this early on increases gift likelihood and the potential for inter-generational giving. Prospect Research can provide insights to help round out the full donor profile.

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What are the most effective ways to use prospect research to identify legacy donors?

1

2

3

4

5

6

1 Segment and prioritize

2 Look for data and indicators

3 Use screening and rating tools

4 Tailor your communication and stewardship

5 Track and measure your performance

6 Here’s what else to consider

Research

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What are the most effective ways to use prospect research to identify legacy donors?

1

2

3

4

5

6

1 Segment and prioritize

2 Look for data and indicators

3 Use screening and rating tools

4 Tailor your communication and stewardship

5 Track and measure your performance

6 Here’s what else to consider

Research

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