Download pdf - Nonprofit Crowdfunding - How to Win Friends and Influence Donors

Nonprofit Crowdfunding -‐ How to Win Friends and Influence Donors

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Our guest presenter »

Rachel Ramjattan, CFREFounder and principal of Nonprofit Plus, LLC.

Before becoming a consultant, Rachel served Catholic Charities of the Archdiocese of Miami by managing donor development, fundraising events, social media, website administration, grant reviews, and Salesforce-based constituent relationship management systems.

@RachelNPP

How to Win Friends and Inf luence Donors

NONPROFIT CROWDFUNDING

Hello!

Rachel Ramjattan, [email protected] @RachelNPP

Proud business partner of

Live Tweet #Bloomerang @RachelNPP @BloomerangTech

Which of the following best describes your

experience with crowdfunding?

A) Never done it

B) Tried it but wasn’t too successful

C) Implemented at least 1 campaign that

raised more than $5,000.

Quick Poll

1 What is crowdfunding?

2 Crowdfunding tools

3 How to win friends

4 Turning new friends into long term donors

What We’ll Cover

Live Tweet #Bloomerang @RachelNPP

@BloomerangTech

Live Tweet #Bloomerang @RachelNPP

@BloomerangTech

Crowd sourcingSocial fundraising

Peer‐to‐peer fundraisingRaising $ from a large number of people usually via the Internet.

Earliest Crowdfunding Campaign ‐ 1884

Joseph Pulitzer got 160,000 New Yorkers to donate $100,000+ to build the

pedestal of the Statue of Liberty.

What is Crowdfunding?

#Bloomerang @RachelNPP @BloomerangTech

• $5.1Billioncrowdfundingraisedin2013• Crowdfundingrevenuesgrew60%from2012to2013andby70%from2013to2014

• Peer‐to‐peergivingis23%ofallonlinegiving• Averagenonprofitcampaignraises>$9,000percampaign

By the Numbers

Sources: Craig Newmark: Cracking the Crowdfunding CodeNetwork for Good: Digital Giving Index 2014


Source:CraigNew

mark,CrackingtheCrow

dfundingCode

1. Largenumbersofdonorscangivesmallamounts2. Individualscansupportspecificprojects3. Providesregularupdatesandfeedbackonprojectprogress4. Platforms’givingpagesoptimizedtogeneratedonations5. Leveragesexistingpersonalrelationships6. Projectseasytofindonsocialmedia,email&digitalchannels7. Givinglevelsandrewardsmotivatepeopletodonate8. Peerrecognition(folkslovetoshowofftheirphilanthropy!)9. Easytogiveviaamobiledevice

Why Crowdfunding Works

Source: Bloomerang – 9 Reasons Why Peer‐to‐Peer Fundraising is so Effectivehttps://bloomerang.co/blog/9‐reasons‐why‐nonprofits‐should‐consider‐crowdfunding/

1. Projectthatneedsfunding2. Peopleinterestedinthatproject3. Platformthatconnectsthetwo

Crowdfunding Recipe


1. Narrowscope‐ $10,000orless,urgent,specific2. Shortandfixedduration‐ 8to10weeks3. Specifictargetaudience

- Ex: Social Media savvy millennials

4. Quantifiableunitsofimpact- Ex: $50 = 1 day of housing for homeless

5. EmotionalandpersonalsuccessstoriesEx: Formerly homeless now self-sufficient

Ideal Project


1. CapitalCampaigns2. Appealsforgeneralfunds3. Projectsthatcost$10,000+4. Fundsforlongtermprojects

What Doesn’t Work


1. Individualsages24‐35*2. Currentdonors,board,&staff3. Studentsearningservicehours.4. Beneficiaries5. Peoplewhoknowsomeone

impactedbyissue/cause

Interested Supporters

*Source: https://www.fundable.com/crowdfunding101/crowdfunding‐statistics


• In2012,morethan536onlineplatformsofferingcrowdfundingservicesworldwide

• Eachsiteoffersdifferentfeatures,costs,andbenefits.

Crowdfunding Platforms

Source: Massolution Crowdfunding Industry Report (2013)http://www.crowdsourcing.org/editorial/crowdfunding‐industry‐trends‐and‐statistics‐infographic/25662


Crowdfunding isn’t new, but its popularity has changed the fundraising landscape.

1. Accesstodonordata2. Fees3. Paymenttypes4. Remittancerules5. Easeofuse‐ branding,automatedreceipts,personal

pages,video,progressupdates…6. Socialmediaintegration7. Tax‐receiptingconsiderations

Choosing the Right Technology


Choosing the Right Technology

The technology really doesn’t matter.

Success depends on how well you market your campaign to your

network of supporters.

Choose the platform that supports your needs, goals and available

resources.


Whatpercentageofcrowdfundingcampaignsfailtoraiseatleast20%oftheirgoal?

A) 26%B) 50%C) 81%

Quick Poll

• Crowdfundingcampaignsthatdon’traise30%ofgoalinthefirstfewdaysaremorelikelytofail

• 81%ofcrowdfundingcampaignsfailtoreach20%oftheirgoal*

• Successdependsonyourabilitytomarketthecampaign

Avoid Disappointment

*Source: Kickstarter Stats 2014http://www.crowdlifted.com/news/2014/1/crowdfunding‐flops‐kickstarter‐campaign‐failure‐rates‐by‐category#


• Determinehowyou’llthankdonors• Createtopnotchtemplates• Usepowerfulstories,images,andvideo• Write“HowTo”documents• Findclientswillingtocreatepersonalpages• Automatereceipts,thankyou,notifications• Planhowtoincludeofflinedonations

Do Your Homework


• Makesureyoucanaccessdonorinfo• Determinehowyouwilladddatatoyourexistingdonorrecords

• Createsegmentsforparticipantsinyourcrowdfundingcampaign

• Testdatadownloadprocess

Plan to Retrieve your Data

• Noonewantstogofirst• Fairweatherfans• Bandwagonjumpers• Liketobetreatedas

investors• Knowlittleaboutyou

Know Your Crowdfunding Donors


1. They’renotthatintoyou2. Givebecauseafriendasked3. Notnecessarilyinterestedincause4. Wanttoknowtheimpactoftheirgift5. Maygiveagainifremindedhow

they’reconnectedtoyourcause6. Highattritionrate

Know Your Crowdfunding Donors


• Empoweryourchampions• Identify them early, help them start• Show them easy ways to fundraise• Tout their success on social media/email• Encourage them to recruit others• Create a leader board and publish it often• Provide frequent updates & fundraising tips• Reward them with prizes

How to Win Friends


• BuildMomentum• Identify donors to give early• Invite others to jump on the bandwagon• Thank you/motivation calls• Thank early donors ASAP and show them

how to increase their impact• Keep them updated on their fundraiser’s

progress.

How to Win Friends


• Makethemfeellikeheroes!• Thank them – fast• Thank them – often• Thank them - publicly

How to Win Friends


• TomAhernsaysfirst‐timedonorsthatreceiveapersonalthankyouwithin48hours ofmakingtheirgiftarehowmanytimesmorelikelytomakeasecondgift?

a) 2 timesb) 4 timesc) 8 times

Quick Poll


“ShowinggratitudeisOneofthesimplest

YetmostpowerfulthingsHumanscandoforeachother.”

‐RandyPausch

Make Gratitude Your Attitude


1. #DonorLoveRelationships- Surprise them- Make them feel amazing- Welcome series- Progress updates that show impact- Stories, stories, stories- Get to know them

Love them into a long term friendship

“You’re Amazing!Just the way You are…”


2.Makethemfeellikeinsiders- Don’t bait and switch- Remind them of their connection- Communicate on their preferred channel- Show impact and communicate needs- Invite them for a tour- Let them set the pace- Make them feel loved

Love them into a long term friendship


• SoleBrothersHelpingOthers• Sole Brothers on Channel 7 News• Children’s Movement of Florida Feature

• St.Patrick’sPre‐SchoolDream

How I’ve Used Crowdfunding


• Basics&MoreFundraisingcourses• DepositaGift11‐videoseries

• How to Prepare to Launch a Crowdfunding Campaign

• Volunteermatch.com• Slideshare.net (Searchforcrowdfunding)

Resources


We’llshowyouhowtosuccessfullylaunch(andcrush)yourcrowdfundingcampaign.

WeekOne: AdvancePreptoYourBestCampaignEverWeekTwo: Storytelling,YourCampaign’s‘SecretSauce’WeekThree:Marketingandrunningyourcampaign

WeekFour: FollowupforLastingSuccess

1. Step‐by‐stepguidefromsetupthroughdonorappreciation2. Insidertipstomarketyourcampaign,energizesupporters,&attractnewdonors3. Secretsaboutcrowdfundingdonorsthatcanmakeorbreakyou4. Templates,‘insider’secrets,andbonuses5. PrivateFacebookgroup‐ getadviceonyourcampaign

Ready to raise $10,000 or more this year? Join me & one of America’s top 50 fundraisers, Pamela Growwww.nonprofitplusteam.com/bloomerang

Rachel Ramjattan, [email protected]

Tweet @RachelNPPwww.facebook.com/nonprofitplusteamwww.linkedin.com/in/rachelramjattanwww.pinterest.com/rachelnpp

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