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FINZ The Ultimate Bequest Plan

Presented for the Fundraising Institute of New Zealand Conference in Nelson in May 2010.

Christiana Stergiou

on 6 May 2010

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Transcript of FINZ The Ultimate Bequest Plan

w: http://www.scribblybark.com.au
e: christiana@scribblybark.com.au
t: @scribblybark
m: +61 420 907 977
http://creativecommons.org/licenses/by/2.5/au/ Greenpeace Australia Pacific featured on http://www.sofii.org http://www.bushheritage.org.au/getting_involved/getting_involved_bequest Featured on: http://www.sofii.org Supporter Surveys:
the ultimate lead generator Ultimately, measure the opportunity cost of not doing this stuff! If you have 10,000 donors and
average bequest of $50,000 Mild bequest program
= $500,000 of future bequests (0.1% x $5ok) Medium bequest program
= $2.5 million (0.5% x $50k) Hot bequest program
= $12.5 million (2.5% x $50k) Opportunity costs — the gains you would have made if only you'd done things right.
- Mal Warwick

What's lost if you don't improve your bequest fundraising? Bequests online! Ultimately, it's all in the follow up:
Talking death The Ultimate
Bequest Pack http://www.wordle.net/ bequest take up rate - all donors
(by charity - de-identified) sources of individual giving 2008 average bequest:2008 "80 % of bequest success is in the follow-up."
- Christiana Stergiou targeting Ultimately: develop your bequest proposition The Donor Journey to Bequest

1. Have an up to date Will
(many over 65 do - in Oz 90%)

2. Include a charity
(barriers: inertia, family, cost, complexity)

3. Include your charity

testimonials: stories about your impact on real people, animals or the environment (aka case studies Ticked boxes on donation forms mini phone surveys
Four Ways to Generate Leads the ultimate bequest a letter that asks for a bequest the concept of conversion conversion is the act of taking a lead and turning it into a real bequest (a sale!)
a lead is nothing without further action and follow up on your part
you must work with your donors to help them to make that bequest
send them information that motivates them to bequest
keep in touch with them by phone to see how they are going with their bequest plans
Measuring your Success 1. greeting 2. thank for past support 3. establish the beqeust
relationship 4. make the ask 5. set up the next contact 6. check contact details 7. thank and close call On the phone, you've got 4-6 seconds
Focus on a friendly tone of voice
Smile, even if you're on the phone
If you're following up a bequest enquiry, you need to speak to the right person You need to know how long the person has supported you, what type of gifts and other interactions with your nonprofit
Thank for past support. be specific. explain impact of thier past gifts
If the donor has made an enquiry about bequests, thank them for considering it
Explain a different way of giving
Explain how important bequests are to your organisation
Or in response to an enquiry, thank them for asking for information about bequests and that you'd like to have a chat with them about that

Questions to ask
Is including a gift in your will something you might consider?
Are you still intending to include us in your will?
What sort of bequest might you be leaving (a percentage of your estate, or a set amount?
Have you been to see your solicitor yet?
What is your timeframe for making/revising your will?
Can I help you with any further information? I'd like to give you a call back in x months to see how you're going, and see if I can help in any way
I'd like to keep in touch from time to time to see how you're going with that. Is it ok if I give you a call in x months? Can I check that I still have the correct mailing address for you
Do you have an email address?
Is this your preferred phone number? You can never thank enough
If they've made a bequest, make sure you don't forget to thank them for that
If it's in response to an enquiry,thank for considering bequest
Thank for past support Explain what a bequest will achieve (your proposition)
Explain the importance of residuary bequests
Share stories of beneficiaries who you've helped
Share stories of other donors who have left a bequest (testimonials) omg! what if
they say yes? Objective: your call must have an outcome
Donor confirmed bequest
Donor confirmed percentage/residuary
Still intending to bequest
Still considering a bequest
No longer a bequest prospect the seven step bequest conversation Annual bequest value:
The potential value of all the new bequests that you generate each year Conversion rate:
% of leads that are turned into real bequests Bequest take up rate:
% of donors who are confirmed bequestors "Eighty per cent of success is turning up."
Woody Allen Stage 1: Generating leads
Stage 2: Conversion (mail & phone)
Stage 3: Life-long donor care

Extras: Online & measuring
Life-long Donor Care free news and tips for
the effective wired fundraiser http://www.scribblybark.com.au subscribe The Ultimate Bequest Plan
Full transcript