New research in the in-memory fundraising market has revealed significant growth and fundraising opportunities:
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Charity investment for in-memory remains low, accounting for only 0.1% of fundraised income
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Despite the low levels of investment, in-memory now represents 2.2% of fundraised income and 1.5% of total income
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In-memory income for 2022/23 increased by 2.9% above the previous year
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The market is delivering strong returns, showing an average of £26 for every £1 spent on in-memory fundraising
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Religion and cultural traditions are important drivers of in-memory giving
The research was conducted by Legacy Foresight, part of the Legacy Futures group, for its In-Memory Insight programme 2022/23. Through a comprehensive audit, commissioned research, and data made available by its Consortium of 48 UK charities, Legacy Futures analysed the current state of the in-memory product landscape, identifying patterns and changes over time. Annual performance benchmarking was also carried out, covering in-memory resource and income to September 2023. The Consortium charities reported receiving £1m for each in-memory fundraiser employed, and raising an average of £26 from every £1 spent on in-memory fundraising.
The purpose of the research was a deep dive into in-memory products, understanding supporters’ experiences of engaging with in-memory product offerings, scoping out the market, understanding how it is evolving, and exploring what’s next.
Key findings highlight several areas of opportunity where additional focus is encouraged, including:
Joined up communications
Supporters with in-memory motivations are connecting at every possible interface with charities. 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.
Anna explains: “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.”
The What’s Next For In-Memory Products public briefing can be found here.