In-memory fundraising sees average return of £26 for every pound spent, research shows
Melanie May | 30 July 2024 | News
Research on the in-memory fundraising market shows that it is delivering strong returns, with an average of £26 raised for every £1 spent, and in-memory now representing 2.2% of all fundraised income.
The data also shows that in-memory income for 2022/23 increased by 2.9% above the previous year, and now represents 1.5% of total income.
The research was conducted by Legacy Foresight, part of the Legacy Futures group, for its In-Memory Insight programme 2022/23. It included an audit, commissioned research, and data from its Consortium of 48 UK charities, which was used to analyse the current state of the in-memory product landscape, and identify patterns and changes over time. Annual performance benchmarking was also carried out, covering in-memory resource and income to September 2023.
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Strong returns but low investment
The Consortium charities reported receiving £1mn for each in-memory fundraiser employed, and raising an average of £26 from every £1 spent on in-memory fundraising.
However, the research shows that charity investment for in-memory remains low, accounting for 0.1% of fundraised income.
Recommendations
The findings highlight areas of opportunity where Legacy Futures advises additional focus, including:
Joined up communications – Supporters with in-memory motivations are connecting at every possible interface with charities. Legacy Futures says it is therefore important for different fundraising teams to work together to make sure the in-memory motivation is acknowledged, and communications tailored, giving supporters the best possible experience and encouraging them to engage further.
Products to meet supporters’ needs –The research pointed to a clear gap between the sorts of things respondents would Iike to be doing in memory of their loved one, and the opportunities charities offer them.
Offering choice – Despite differing experiences of grief and remembrance, all respondents said they appreciated being offered choices as to how they remembered loved ones. Some supporters have a need to talk, while others prefer not to. Some are very open and public about their in-memory motivation, while others like to keep this on a more private footing.
Anna Turner, Head of Research and Insight, Legacy Futures, said:
“What is clear through our insight work is that bereaved supporters are constantly seeking different ways to remember and celebrate their loved ones. We uncovered a wide range of products already being offered by charities to answer this need, but our research also showed that there is plenty of headroom for charities to offer an even greater range of in-memory products to cater for an increasingly diverse audience.”
The 2024/25 In-Memory Insight programme is currently open for charities to register their participation. The study’s focus will be In-Memory Giving in Multicultural Britain – a topic informed by the latest programme’s findings, which also found that religion and cultural traditions are important drivers of in-memory giving.
Turner added:
“The most recent research really underscored the importance of religion and cultural traditions as a driver of in-memory giving, with numerous respondents referring to their own, or their loved one’s faith. Charities that were sensitive to this seemed to benefit from in-memory donations that might otherwise have been directed elsewhere.”
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About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.