June 13, 2018 |
Peer-to-peer fundraising, a form of tiered crowdfunding which turns your supporters into fundraisers for your organization, is a trendy topic in the nonprofit world. While many nonprofit fundraisers are still hesitant to jump on the bandwagon, peer-to-peer fundraising is here to stay and it’s a great way for nonprofits to engage with donors from nontraditional demographics that may not be reached by other nonprofit marketing tools. These are 5 reasons to stop hesitating and start raising more money and expanding your donor base through peer-to-peer fundraising!
1. Attract new, younger donors
It is no secret that the giving habits of millennials and younger baby boomers differ from the generations preceding them, who make up a large portion of the traditional nonprofit fundraising base. Many nonprofit fundraising programs still struggle to effectively engage these modern donors, who are less likely to be engaged by tactics like direct mail and telemarketing. A recent report found that only 9% of younger donors report that their first gift was prompted by receiving promotional materials from a nonprofit, and 20% listed talking to friends or family as the way that they first became interested in donating. Younger donors are more likely to rely on the trusted recommendations of their personal networks when it comes to supporting a cause or organization, and peer-to-peer fundraising campaigns are a great way to harness the strength of the word-of-mouth, turning your supporters into advocates and fundraisers on your behalf.
2. Expand your reach to new audiences
Your existing contacts, such as email list, donor phone list, and social media following can always be targeted for fundraising outreach, but unless you are also doing constant outreach to add new names to those lists, you’ll generally be talking to the same group of people. There’s nothing wrong with that—after all, these are your supporters—but they can only give so much every year, so you’ll also want to find ways to connect with new people who support your mission but aren’t in your general contact base. Peer-to-peer fundraising is a great solution to this issue, because it allows you to tap into networks that you may have previously not had contact with. In fact, the average peer-to-peer fundraiser raises $568 from 7 donors—4 of whom will be new to your organization!
3. It's fundraising that you don't have to do!
Nonprofit staff are constantly stretching their capacity and skills, maximizing the impact created with small staff sizes and limited budgets—and there’s probably always more work that you wish you could do. Peer-to-peer fundraising turns your supporters into volunteer fundraisers and brand ambassadors for your organization, allowing them to multiply your efforts with minimal work on your part. Your members likely already discuss the causes that they care about and the organizations that they support with their friends and family, and peer-to-peer fundraising means making it work for you.
4. Engage current donors in new ways
Although they understand the importance of fundraising, no donor wants to feel like a walking ATM. Donors give because they care deeply about your mission and are (literally) personally invested in your nonprofit’s success. Peer-to-peer fundraising campaigns are a great way to engage your current donors outside of fundraising asks, because it show your donors that you value their commitment to your work and appreciate the respect that they command within their communities. Giving donors a way to engage with your organization besides simply writing a check increases their loyalty and can help keep them on your donor rolls for the long term.
5. Build your brand
Not everyone who your supporters ask will donate to their campaign, but money isn’t the only benefit that you’ll gain from peer-to-peer fundraising campaigns. Having vocal members who talk to their personal networks about your organization increases your name recognition, and shows the public that your supporters are enthusiastic about your mission. Your members are some of the best advocates and storytellers that you have, because they are respected and perceived as authentic messengers. Getting the message about your nonprofit's mission out through grassroots communication is a great way to build your visibility and image, and peer-to-peer fundraising is an easy way to help your members start spreading the word.
Are you ready to get started with a peer-to-peer fundraising campaign at your nonprofit? Here are some instructions on how to use EveryAction’s tools to get it set up!