A crowdfunding campaign helps you magnify the efforts you put in to raise money for a certain goal. When you start crowdfunding, you can collect a bigger corpus than a traditional fundraising campaign could ever do.
Crowdfunding doesn’t make your fundraising efforts any simpler. You will have to put in the same amount of hard work and dedication to raise funds for your goal as you would with a traditional fundraising campaign. In this post, we’ll walk you through the entire process of crowdfunding.
What can you crowdfund?
Crowdfunding allows you to raise funds for a variety of causes and goals. Each crowdfunding campaign has one of these three things in common-
A product- If you have a product idea that you’d want to scale up, a crowdfunding campaign can be a great option. You could crowdfund for equity or debt and make your donors your business partners. There have been many successful products that have been crowdfunded, especially by inventors who worked on a shoestring budget.
A campaign- Are you passionate about helping to change the status quo for someone or something for the better? You could crowdfund for a campaign to fund someone’s treatment, fund someone’s education, or do much more. Crowdfunding is a great way to create an atmosphere of trust in a campaign. For instance, you could run a campaign fundraiser to fund cancer-affected people or conduct a vaccination drive against a disease in a particular area.
An event- If the entry barrier is too high for you to attend a competition or event, you could crowdfund to help fund your participation.
Planning your crowdfunding campaign
Only meticulous planning can help you reach your goals. For a crowdfunding campaign, you will need to plan extensively to make sure you can reach your fundraising targets on time and that you’ll have enough money to cover the costs of the goal.
Estimate the finance you’d need- To start with, you will need to have a break-even funding goal. This is the minimum amount you’d need to raise. For instance, if you’re fundraising for your cancer-stricken grandma, the minimum amount you’d need would go towards hospital bills for chemotherapy and cancer-removal surgeries. Ask the hospital how much the surgery, chemotherapy, and other expenses would cost, and list that as your fundraising goals.
Here, your fundraiser wound run continuously, and you’ll need to continuously channel your efforts to raise funds for their treatment.
Set timelines- You are working against the clock for your fundraising efforts. The cause may require urgent funds or you may have little time at hand to raise funds enough to meet the goals. Based on this, you’ll need to publicize the fundraising effort for a greater chance of reaching your fundraising goals. This, in turn, may mean additional expenses for advertisement, marketing, hiring, and other related expenses. To make things easier and more effective, you could use the services of an Online Fundraising Platform for the best effects.
Implementing your crowdfunding campaign
Once you have your fundraising goals and timeline in place, you could then move toward implementing your crowdfunding campaign. Here, you’ll need to dedicate some time every day to marketing and communicating with potential donors.
Set up your crowdfunding campaign- Once you have the fundraising target and goal in place, you can then set up your fundraising campaign on fundraising platforms like GivingX. Add your fundraising goals and requirements in detail and submit the documents and other requirements that they need. Once done, you now have an official fundraising campaign that people can actually trust.
Promote it- This will take a lot of time. To start with, you could spread the word amongst your friends, family, and professional networks. Also, contact a journalist or influencer to spread the word. Besides this, you’ll also need to invest money into advertising and marketing, to get more people to donate to your cause.
Personalize communication with leads- When someone has shown interest in donating but wants additional details, it is best to personally communicate with them to show you’re passionate about the cause and their money is to be used for a noble deed. This could be an e-mail, chat, or call. Personalization will make the donor feel special and could motivate him to donate to you.
Post campaign works- Once the fundraising campaign ends, you will have to keep in touch with your donors as they would like to know how their money has impacted the cause. You could send them the records stating the purchases made with their funds or the expenses incurred to achieve the goal. Maintain a list of all your donors so that you can contact them in case you need additional funds.
In the end
Crowdfunding gives everyone the platform to collect funds for a cause they believe in. This could be anything from collecting money to fund your pet dog’s treatment or funding the research and development toward finding a cure for a life-threatening disease.
Your crowdfunding campaign can see various levels of success. To ensure you meet your funding goals within your deadlines, you need to make sure you are giving the campaign your best. For this, you will have to promote the crowdfunding campaign well and use every trick in the trade to convince people to donate to your cause. Yes, you will need to spend some money to reach your goals. Once you do, you’ll realize what a great impact you’ve made for your cause. If you need any help in crowdfunding, do contact GivingX. This is a dedicated crowdfunding website that’ll guide you throughout the process.