Loss of emotional connection = loss of donors
December 10th, 2008 Posted in Communications, Community, Philanthropy, Uncategorized
We talk about the importance of connections a lot. I’ve just come across some quantitative proof that they really do matter and wanted to share it with you.
Nearly 60% of wealthy households who stopped giving to a charitable organization did so because they were “no longer feeling connected to the organization.”
Wow! Maybe it’s not just the economy that’s making it so tough on so many organizations. As individuals we can’t do a whole lot to turn around the economy. However, we can do a lot about staying connected to people we care about.
This news comes from initial findings in the 2008 Bank of America Study of High Net-Worth Philanthropy. It reflects the opinions of folks in the U.S. with household income greater than $200,000 and/or net-worth of at least $1 million. And while it’s focused on philanthropy, there are good lessons for those of us in business too. Here are some key insights:
· Wealthy donors are giving more strategically, proactively integrating philanthropy into their wealth management strategies, and are increasingly turning to legal and financial professionals as primary sources for advice about charitable giving decisions
· Desire to “give back to the community” is the leading motivation for giving, while “public recognition” essentially a non-factor
· Donors believe charitable contributions have a greater impact on their personal fulfillment than on the organizations they support
· Transparency, accountability and protection of privacy are primary expectations of the non-profit organizations
· During turbulent economic times, people are more actively involved in deciding what they give, to whom and when.
You can read more about the 2008 study, along with a 2006 study that has become a leading resource for understanding philanthropic behaviors of wealthy donors, at IU Center on Philanthropy. The full report will be released in the first quarter of 2009. Stay tuned.
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