This is a quick heads up on one of the tests we've been involved with on the effect of directly talking about the credit crunch in DM packs. 

Same packs, same projects, same asks – but one version placed emphasis on the effects of the economic downturn. The other pack simply ignored it.

I can't give too much detail at this stage, but it seems mentioning the credit crunch is depressing response and average gift. On the high value cash segment, the credit crunch copy reduced response by 0.3% and reduced average gift by £30. On the low value segment the credit crunch copy reduced response by 0.5% and average gift by 60 pence.  Breaking down the broad segments to individual cells gives a less certain answer but the combined results show a downward trend.

Hopefully I'll be adding more details at a later date.