Make It Rain with your crowdfunding campaign
Should we crowdfund? It’s a question charities are often asking themselves. The term ‘crowdfunding’ has become a buzzword, among charities and non-profits but there is a common misconception that implementing a crowdfunding campaign is a low-cost, high-reward way to raise funds for a charity’s cause.
So... what is crowdfunding?
Crowdfunding is a way of raising funds by asking a large number of people to fund a business, project, or venture.
The internet and social media enable individuals and organisations to appeal to hundreds and thousands of potential funders for support, alongside traditional networks of friends, families and business partners. Projects that might have previously depended precariously on a few individuals’ large donations are now able to secure backing by smaller donations from a wider network of supporters than ever before.”
Before you even get started, there are vital questions you need to ask, such as is the project your charity will crowdfund for clearly defined? And if so, does it have the all-important mass market appeal? If not, it’s important to be realistic and undertaking market research to find out if the project is likely to be welcomed by the masses.
- Make sure your messaging is perfect – compelling, concise, and informative
- Know your audience, and tailor your campaign to appeal to them
- Articulate your goals – why is this your target? Justify this to your supporters
- Consider doing a ‘soft launch’ – no one wants to be first to the party
- Try to secure as much press/media coverage as possible before the launch of campaign
Be clear about what your crowdfunding project is so that donors know what they’re supporting. As with any fundraising, it’s vital that donors know exactly what they are supporting and have all the information they need before making a donation.” Daniel Fluskey, Head of Policy and Research, IoF
So is crowdfunding right for your organisation? Take a look at Social Misfits Media handy infographic below...