By Tanya Graham on 31 May 2017
In light of Fundraising week last week (22-26 May), we thought we would follow-up with a focus on crowdfunding.
Did you know the base of the Statue of Liberty was paid for by crowdfunding?
Crowdfunding in the digital age has grown in popularity with many charities using it to raise funds quickly for emergency relief campaigns or special projects. As of May 2017, Just Giving has seen over 1,668 campaigns set up and last year charity crowdfunding campaigns on the same site raised £12.3m.
Crowdfunding has many practical applications for charities, chief of which is the transparency it allows because you can see how much has been raised, and the ease with which charities can keep donors informed about the impact of their donation through updates on the crowdfunding page.
Crowdfunding also offers charities the opportunity to give their campaigns a more personal focus, which as research has shown resonates more deeply with donors. Charities such as Muscular Dystrophy UK have set up Family Funds, which are set up in a family’s own name and offers them a choice over which of the charity’s projects their fundraising goes to. The charity looks after the admin, accounts and Charity Commission paperwork leaving the family free to concentrate on fundraising and time with their family. Since their inception, the 65 family funds have raised more than £2m for the charity.
6 Crowdfunding Tips:
- Have a clear pitch – Explain who you are, what you’re raising money for and most importantly be specific with what the money will be spent on.
- Use video – According to Just Giving, on average campaigns with video raise 370% more than those without.
- Keep the campaign updated – Campaigns that are updated at least 3 times on Indiegogo raise 239% more than campaigns that are updates less frequently.
- Be proactive – Have an email outreach strategy, a strong social media strategy and good strong PR if possible.
- Build a Team – Crowdfunding is a great opportunity to get everyone involved, be creative and spread the word through their social networks.
- All or Nothing Campaigns – Campaigns where a funding target must be reached before the money is released. These tend to be more successful in raising funds due to the sense of urgency they give to the timeframe, but it is important to remember to set yourself realistic targets.
At TPP, our Fundraising and Development team recruit fabulous fundraisers and other charity professionals in London and across the regions. Get in touch with our TPP Fundraising & Development team today on 020 7198 6040 or send an email to firstname.lastname@example.org if we can help you find a fundraising role or recruit a fundraiser.