FIVE Reasons Why You Can’t Ignore Crowdfunding this End of Financial Year
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Donation appeals are no longer limited to traditional mail outs. As a charity or not-for-profit you may already be harnessing the power of online donations. However, to maximise your donation income, it is essential that you use an integrated approach. An integrated online crowdfunding campaign is best practice to achieve maximum reach and engagement for your appeal.
Crowdfunding is more than just an online payment gateway - it has the power to make your EOFY campaign stand out. The ‘donate button’ may be a method for collecting donations online, but it is incredibly limited when it comes to raising funds for a project or campaign.
A ‘donate now’ button simply collects funds and does little to stimulate donations or spread the word about your campaign.
Here are five reasons why you can't ignore an integrated crowdfunding campaign for your End of Financial Year appeal.
1. Project Scope
One of the standout features of any crowdfunding campaign is the campaign/project approach. Instead of collecting donations for your organisation as a whole (like the donate button), mycause crowdfunding focuses on individual projects and campaigns which address a specific issue or cause. For example a charity which addresses the issues around homelessness,might use an approach such as - “We are crowdfunding for 30 beds for our shelter due to an increase in the number of homeless persons in our city” AS OPPOSED TO "Donate to help our charity who help the homeless at EOFY.”
2. Reach more crowds
Your campaign has the potential to engage people and make them emotionally invested in your cause, provided that you include a compelling story and powerful images. Engage with supporters in a conversation by using comments on your campaign pages and social media. Donors will feel more compassionate and obliged to donate when they receive your key messages through social channels and recommendations from their friends and other networks (their crowds). In return you will also grow your database significantly, as supporters share the campaign to new crowds through social sharing channels and other new media platforms.
mycause crowdfunding facilitates two-way communication between your organisation and your audience.
3. Low entry costs
The costs associated with traditional fundraising are a significant hurdle in any charity appeal. Mail outs, traditional advertising, events and collections cost a substantial amount of time and money. The fees with a mycause online fundraiser are incurred on the donations raised.
4. Build and test support
It’s easy to set up and personalise a crowdfunding campaign. It doesn’t require months of lead time like traditional marketing. WIth a mycause campaign, you can measure the communities’ response to your campaign, then leverage this support for future campaigns.
5. Segment and adapt
When you promote fundraising for your charity or cause online, you can change your strategy as appropriate to re-define elements of your campaign. By segmenting your audience, you can tailor your messages specifically to what you know will appeal to them. For example, you may wish to use a NSW case study or charity project for your NSW crowdfunding campaign - and adjust accordingly when approaching or addressing an issue/project to a demographic elsewhere.
Crowdfunding is simply redefining how charities raise money at this time of year, and it’s a phenomenon which you can’t ignore. Create your crowdfunding campaign today to capture donors, reach crowds and help your cause this End of Financial Year.
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mycause partner charity Chloe Saxby and Vanishing White Matter Disease raised more than $150,000 in three months with a well planned and designed crowdfunding campaign.
“We do a lot of grass roots offline fundraising such as chocolate drives, donation tins and events, but creating an online campaign has been the most successful avenue so far, thanks to the reach we got with social media. It puts a massive market at your doorstep and reaches the greater community, press and a national audience,” said Chloe's mother Nyree Saxby.
Laura Prout from the Currumbin RSL Club used crowdfunding as a way to gauge the support from the Australian community, raising over $15,000 to save the ANZAC Day Dawn Service.
“We thought the popularity of our Dawn Service in the community would generate interest,” she said.
“Crowdfunding offers a way to capture a large and varied audience at once and showed the wider community how much an event of this magnitude costs. My advice...is to be clear of your message and objective to your audience.”
Find out more on how to setup your campaign with our article Top 10 Tips for a Successful End of Financial Year Campaign.