Is There a Generation Gap to Planned Gifts?
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If you knew there'd be $266 billion in planned gifts available would you change your marketing strategy? Millenials are changing the way we do everything!...... that should include how you think about your planned giving program.
There’s a lot of buzz and talk about Millennials and wondering when is a best time to think of them as planned giving prospects? You may not be surprised to hear that the answer is now!
Millennials will reach 81 million people age 56 or older by 2036—larger than the Baby Boom generation we have now. This generation of consumers and current philanthropists are just starting to acquire assets – many marrying later, many choosing a childfree lifestyle - Millennials may, indeed, have a bevy of assets to distribute both during their lives and at end-of-life as well.
Think of it this way: If there are 81 million Millennials and 7% of them make a planned gift – that’s nearly 6 million legacies! At today’s average of around $40,000 per planned gift, we’re looking at $230,000,000,000 in philanthropic giving from this donation method alone. That’s not counting the billions – nay trillions – our younger cohorts will donate during their lifespans. That said, you can’t afford to put off marketing planned gifts that are bound to secure your organization’s future.
I’ve just stumbled upon a terrific blog called “Impact Stories” hosted by Impact Communications, Inc. Maybe I was the last one to find this and it’s already well-known to you. I won’t repeat their post on this topic, but it’s where I got my idea to talk about it.
As a fundraiser and consummate gatherer of knowledge, you may be wondering how to find your best Millennial prospects from a Target Analytics modeling project or from your prospect research findings in ResearchPoint (RP) or your CRM. I’ve got a few thoughts to guide you in finding Millennials that may already have assets or higher compensation now – perhaps already thinking making a legacy gifts that pays-off well into the future:
There’s a lot of buzz and talk about Millennials and wondering when is a best time to think of them as planned giving prospects? You may not be surprised to hear that the answer is now!
Millennials will reach 81 million people age 56 or older by 2036—larger than the Baby Boom generation we have now. This generation of consumers and current philanthropists are just starting to acquire assets – many marrying later, many choosing a childfree lifestyle - Millennials may, indeed, have a bevy of assets to distribute both during their lives and at end-of-life as well.
Think of it this way: If there are 81 million Millennials and 7% of them make a planned gift – that’s nearly 6 million legacies! At today’s average of around $40,000 per planned gift, we’re looking at $230,000,000,000 in philanthropic giving from this donation method alone. That’s not counting the billions – nay trillions – our younger cohorts will donate during their lifespans. That said, you can’t afford to put off marketing planned gifts that are bound to secure your organization’s future.
I’ve just stumbled upon a terrific blog called “Impact Stories” hosted by Impact Communications, Inc. Maybe I was the last one to find this and it’s already well-known to you. I won’t repeat their post on this topic, but it’s where I got my idea to talk about it.
As a fundraiser and consummate gatherer of knowledge, you may be wondering how to find your best Millennial prospects from a Target Analytics modeling project or from your prospect research findings in ResearchPoint (RP) or your CRM. I’ve got a few thoughts to guide you in finding Millennials that may already have assets or higher compensation now – perhaps already thinking making a legacy gifts that pays-off well into the future:
- Check out your planned giving likelihood (PGL) scores for those with Class Years within the past 15 years. You may be surprised to see a few hundred or even a thousand or more with average or higher likelihood (501-1000). Don’t ignore that!
- If you’re not an educational organization, use the Experian birthdates in the Biographical Data section of RP or your AgeFinder results in Raiser’s Edge (or CRM).
- Put in some research findings for incomes over $100,000 annually – you may find them in the Larkspur income indicator code field or for some, in the compensation section of the Reuters findings if an insdier at a public-traded company
- How about the occupation field in Biographical Data section of the Bio Tab in RP; your CRM database may already have a title such as Owner, Director, President or VP.Look for C**s as well (meaning: CEO, CIO, CTO, CFO, CDO, etc.) in contact information. If you dont' - start adding them!
- Education (college or higher)
- Accumulated assets
- Higher incomes
- Smaller family units
- Philanthropic giving
- Political contributions
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ARCHIVED | Blackbaud Target Analytics® Tips and Tricks
09/29/2015 6:57pm EDT
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