For the past several years, crowdfunding, – in the age of shared economy and “pay it forward” – has become one of the best ways to fundraise for nonprofit organizations and individual causes. Crowdfunding is so effective because it allows individuals to quickly and efficiently reach large numbers of people through various social media channels. It’s that instant communication of a story with friends, family, acquaintances, and others who share similar interests, that makes crowdfunding so profound.
Social media has become the megaphone and public relations of crowdfunding. As a nonprofit organization or as an individual you must be ready to create content that will engage all possible donors.
Crowdfunding for Nonprofits
Some of the best practices to use social media in crowdfunding campaigns are:
- Be ready to engage family and friends. Let them know beforehand that you will be setting up a crowdfunding campaign and ask from them to let their networks know. If necessary, write for them the pitch: “My cousin Ernesto just had a baby which needs medical care – will you help?”
- Identify “campaign ambassadors” early on. These are the people who believe wholeheartedly on your campaign and will help spread the message of its importance.
- Be truthful when writing your campaign story. Be specific and to the point. Remember people are giving you willingly their time (to read about your campaign) and hopefully their money to help.
- Use social to your campaign’s advantage. If your campaign is about a start-up or a product be sure to be a member of interest groups / pages on Facebook as well as already follow specific Twitter / LinkedIn accounts that have an interest in what your campaign is about.
- Create a content calendar. Your campaign needs attention, just like you need air to breathe. If a campaign is left unattended and no follow-up content is created or posts written in social media, it will never thrive. Think of sharing aspects of your campaign at least three times per week.
- Be sure to discuss how this campaign will ____________ (innovate, help, secure, transform). Write the milestones and why are they important.
- Schedule your posts in social media and be sure to celebrate every milestone and thank people for their contributions. Donors who are engaged with a personalized thank you could donate more money, engage their own audience to help, or help you in the future.
- Use good visuals, video, testimonials to engage your audience.
A funding goal that is achievable is also important. For individuals who donate close to their community and many times to organizations they know, it is important to know the success of a campaign is achievable.
If your campaign reaches its goal be sure to thank the whole community that has supported you. Social networks should not only be used to fundraise but also to give thanks. Have that content ready and stay positive!
FundLatinos.com General Manager Andrew Vassallo identifies opportunities for innovative and disruptive new ventures at StartingFive. A partnership between several multi-time successful entrepreneurs, StartingFive conceived FundLatinos.com. Andrew is expert in transforming ideas into promising startups by providing all aspects of business building, including capital. His objective in co-founding Starting Five was to create a select number of innovative technology businesses that have the potential to impact industries and generate long term value. Immediately prior to launching Starting Five, Andrew was an associate at General Catalyst Partners, a venture capital firm that makes early-stage and transformational investments. His role was to focus on early and growth stage investing in the consumer space for the exceptional entrepreneurs the firm backed that were building innovative technology companies and market leading businesses. Andrew graduated magna cum laude from the Robins School of Business at the University of Richmond in Virginia.