What is peer to peer fundraising?
Peer to peer fundraising is the strategy of using already existing donors’ networks to raise support for a cause. Individual peers set up their personal fundraisers on crowdfunding platforms, and the proceeds are then directed towards the nonprofit. Because each individual has their own network of supporters, peer to peer fundraising campaigns can reach a very wide audience.
Peer to peer fundraising works the best for social causes, and is usually the most effective when it is attached to events like marathons, matches and concerts. If you are the one at the helm of the non-profit, you can even incorporate fundraising matches by getting companies to sponsor you. Platforms like Crowdfunding India can help you reach out.
However, one thing that must be kept in mind is that peer to peer (P2P) fundraising involves a lot of logistical complications, which is why it is very important to have the efficient management right from the start. There are now many P2P fundraising apps available to help you out.
Here are some ways in which nonprofits can involve existing donors in P2P fundraising:
* Choose the proper crowdfunding platform.
If you are someone managing a non-profit, you need to choose the proper platform to get the most out of P2P fundraising. Reputed platforms like Crowdfunding India are the best places to start such campaigns due to their well-established visitor base and their credentials.
Remember that P2P fundraising works by forming a community centred around a shared idea. So if you are a non-profit looking into animal research, your campaign will work only with enthusiastic animal lovers.
*· Connect with the individual donors.
This is the most important bit in P2P fundraising. And it is tricky because it involves balancing control. In P2P fundraising, while your supports get to take the lead, the control lies with you. So it calls for fine management skills.
Some ways you can establish a connection with your donors are by sending them reminders for your P2P event, keeping them motivated by putting up contributions by individual donors in your crowdfunding database or platform (also include regular updates). The best way to reach out is to provide support to individual donors who are struggling to meet their goals. You can even include elements of reward-based crowdfunding campaigns by offering some reward to the best performers of the P2P campaign. Creating healthy competition between the donors is a good idea, like having badges and leadership positions within the campaign.
- * Look into branding
P2P crowdfunding campaigns work on the connect that the individual donor establishes with the cause of the campaign. But for big and sustained campaigns, continued motivation is very important. This is where the non-profit can take charge. Not every supporter would want to share their fundraising story on their fundraiser page. So you can come up with templates to help them with the finer details. Keep in mind that these templates should be really effective in putting your message across to the potential donors, and should not cause any inconvenience to those in the existing networks.
In P2P campaigns, it is imperative that you are completely honest with your supporters. You need to be very clear how your fundraiser is going to help the cause and exactly how you plan to use the money down to the last coin. Platforms like Crowdfunding India would help you with all these and more.