Crowdfunding is a great way to get funding for a specific project. It takes energy and creativity,…
Crowdfunding can seem daunting, but there are lots of good reasons to give it a go. There are only a few times when crowdfunding might not be right for you.
You’ve got a specific thing you need to fundraise for
Crowdfunding campaigns work best when your supporters and donors exactly what they’re donating to. This could be something small, like a new laptop or car, or something huge like your organisations entire funding allocation for the year (it’s been done!) It means you have a specific target to work towards, so you and your supporters can create a strategy around the campaign .
It also gives your supporters something to say when they ask people
to donate to them: “I like the work this organisation does, they need
this thing, so please donate this much.” Your crowdfunder doesn’t always
have to be something concrete, like a car or an office. It can be a
staff member’s wages, or your insurance.
You’ll reach new audiences
Unlike a normal donations campaign, crowdfunding doesn’t require you to ask your supporters for money. Instead, you’re asking your supporters to ask others for money on your behalf. This means that news of your organisation’s work will reach people who you may not otherwise reach. Once they’ve donated to your cause, you may take the opportunity to connect them to your cause more directly.
Your supporters can engage with you in a new way
Your supporter base will be made up of individuals who have different capacities to give time and money. Crowdfunding opens up the opportunity for individuals to contribute to your organisation, without needing to commit a lot of money, with flexibility in when they spend their time fundraising. Crowdfunders can be particularly engaging if you coordinate teams, or host a challenge for your supporters to undertake.
You’ve got a good challenge idea
If your organisation or cause lends itself to a great challenge
theme, bringing that challenge to life in the form of a crowdfunder can
see a lot of engagement and awareness building. A challenge can be
something which targets empathy, like Live Below the Line, or something
which is physically demanding, like Oxfam’s Trailwalker, or something
simple, like the Ice Bucket Challenge.
You’ll have lots of fun
Whilst they’re hard work, crowdfunding campaigns pay off ten fold in the amount of fun they are. Unlike most other forms of fundraising, crowdfunding is a social activity, with multiple lines of communication running at the same time.
When not to run a crowdfunding campaign
Whilst we encourage any organisation to give crowdfunding a go if they’re eager, there are times when crowdfunding might not work in your favour.
- When you’re resource poor
As we said, crowdfunders require a lot of time and effort. If you don’t have one or two people who can commit themselves to ensuring your crowdfunder runs smoothly, you risk a very public fizzer, which isn’t good for morale or publicity.
- When you’ve just started acquiring supporters
Crowdfunders require at least a few committed supporters to get off the ground, so if you’re a new organisation which doesn’t have a committed supporter base, you’ll probably struggle to get people to fundraise.
- If you haven’t figured out something specific or tangible to raise towards
If you don’t decide on a specific goal for your crowdfunder, it might fizzle. It helps to give your supporters a tangible fundraising target (not just the number) to help inform their fundraising efforts with people who don’t know your organisation well.
Ready to start? Meet CrowdRaiser™ - a social fundraising solution by GiveNow!
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