We live in what is perhaps the most unpredictable time of the century. There is a pandemic out on the streets and we have been forced to abandon our ways of interaction. Businesses have been forced to adapt almost overnight, bringing about a radical shift in operations. Nonprofits have also been forced to do the same. In just the last year the importance of fundraising platforms has risen exponentially.
Fundraising has been the key to the operations of any and every nonprofit. Lately, the more commonly relied-on fundraising methods have been made redundant. A lot of nonprofits have been forced to go back to the drawing board and reevaluate ways to gather funds. Luckily the existence of an online ecosystem means that nonprofits can easily get into the middle of it and utilize the same channels to make their ends meet.
Why does online fundraising work?
The reason is simple; we live in times where people are willing to lend out a helping hand, anywhere, anytime. Nonprofits simply need to host events online and let their donors know that they are very much active and are trying to make a difference in their communities irrespective of the condition. Sending your message across and showing them the work you are doing can appeal to all kinds of donors.
Nonprofits can quickly adapt using fundraising platforms to reach out to donors and volunteers using the same methods that businesses rely upon. These channels have now become the normal way to work through and nonprofits have realized that they also need to be malleable. The pandemic has changed our understanding of what normal is and donors will be understanding. This is why hosting events, and especially fundraisers online has shown a lot of promise.
Let us look at five great ideas you can use to supercharge your online fundraising campaign.
Five great online fundraising ideas
1. Peer-to-peer fundraising
The most innovative and proven way to raise funds online is through peer-to-peer fundraising. P2P fundraising accounts for nearly a third of every online donation. The idea is to use the credibility of your donors and their contacts to gather funds for your nonprofit.
A great statistic is that ¼ emails sent by P2P fundraisers to their peers result in a donation. It might seem meager, but it is staggering when you compare it to the fact that 1/1250 emails from nonprofits result in a donation.
Nonprofits can encourage donors to raise funds and run campaigns on their behalf. They can enlist the help of fundraising platforms to build their campaigns and send emails to their peers. Nonprofits can set up these directly on their websites. They can even use a personal appeal and a social sharing button on their website for direct encouragement.
2. Email flash fundraiser
Another third of every donation made online comes through Emails. Yes, even in this day and age when instant messaging is the norm, E-mails more than do their part to raise funds. It is one of the older ways to gather funds and chances are your nonprofit has already finished its email fundraising campaign for the year. No worries, there are no limits to how many times you can leverage email fundraisers.
A great idea would be to select a day and conduct an email fundraising blitz. You should not choose a popular day such as Tuesdays. Enough organizations are running Giving Tuesdays. Instead, choose a day that has symbolic importance to your organization or its cause. Your emails should build up a narrative that highlights your cause, the day, and a call to action. Urgency is the key and the better you express the need of the hour, the more likely you are to receive donations.
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3. A drive for donation matching
The idea behind donation matching is to encourage people to contribute, knowing that in the grand scheme of things the total donated amount will be big. Use the frenzy created by your flash email fundraising campaign to launch a drive for donation matching. You can secure a match from a company and advertise it in your email campaign.
Donation matching is a good way to keep the interest afloat and to attract the younger crowd. Studies show that millennials are more likely to donate if they know companies are going to be matching their donation.
Donation matching can also be used to boost a fundraiser. If there is a noticeable decline in the donations, launch a donation matching drive amid another campaign to acquire more funding.
There is this misconception amongst nonprofits that crowdfunding is meant only for individuals. This fact could not be further from the truth. Nonprofits can use crowdfunding to amass a wealth of funds in a very short period. They can also use crowdfunding to appeal to a whole new group of donors.
Through crowdfunding, nonprofits can gather funds for specific causes and projects. Nonprofits can easily set up a page on crowdfunding sites. They also have social sharing options to further promote your cause.
PRO TIP: Before you choose a crowdfunding site, check if they have an easy-to-use UI, integration with compatible software, a mobile-friendly page, and space to tell your story.
5. Prospect research
While this may not qualify as an idea as such, prospect research can help you land big philanthropists for your donation pool. Nonprofits can conduct thorough research to identify prospective donors. Doing so can help them focus on donors that can make a difference.
Prospect research is especially important when it comes to online donors. The reason for that is online donations come in small amounts and it is hard to identify which donors can contribute in a big way. Research can help you land bigger donations.
These are just some of the ways you can maximize your donation pool through online fundraisers. By using the right tools and strategies your nonprofit will be back on its feet and perhaps, even run better than it did before.