Groupon crowdfunding presentation
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Are you interested in learning more about crowdfunding and how your nonprofit can use this platform to raise funds? These slides cover several crowdfunding platforms including Crowdrise, Start Some Good, Razoo, and Groupon Grassroots. We also discuss the benefits and challenges of crowdfunding for nonprofits. Readers will leave the training with ideas for promotional tactics and best practices for crowdfunding.
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Groupon crowdfunding presentation
- 2. Agenda • Thoughts on crowdfunding • Benefits and challenges for nonprofits • Crowdfunding platforms • Crowdfunding promotion tactics and best practices
- 3. What comes to mind when you hear "crowdfunding"...?
- 7. Benefits For Nonprofits •Supporters are engaged in fundraising •Exposure and promotion •Network growth •Corporate attention •Feedback For Donors •Due Diligence •Ease of Use •Relationships
- 8. Challenges • Requires time and effort • Limited scope • Fees • Maintaining your org's reputation • Donor exhaustion
- 10. The Basics •All or nothing model •Self-Curated •Artistic and creative projects •Cost: 5% to Kickstarter and 5% to Amazon for credit card fees •Average amount raised per campaign: $5,000 Stand-Out Features •Rewards •Tools and resources for making a good promotional video •Allowed multiple projects at once •Ability to retry projects that fail
- 11. The Basics •Keep What You Raise Model •Self-Curated •Social good projects and events •Nonprofits must be on Guidestar •Integrated with Facebook and Twitter •Cost: 5% to Crowdrise o Three Charity Account Types o Donors can choose to pay processing fees •No deadlines Stand-Out Features •Impact Points reward system •Individual and Team fundraisers
- 12. The Basics •Options: Flexible or Fixed Funding •Self-Curated •One-click social media integration •Cost: 4%-9% to Indiegogo + 3% credit card fee o NPOs receive 25% off •Average amount raised per campaign: $15,000 Stand-Out Features •Customizable campaign template •Gogofactor: Algorithm that tracks level of campaign's activity, leading to a platform boost.
- 13. The Basics •Tipping Point Model •Curated by a team •Social good projects from both for-profits and nonprofits •Goal met = 5% to Start Some Good + 3% credit card processing fee •Goal unmet: Start Some Good takes nothing Stand-Out Features •Mobilizers who act as consultants for site users •Ability to have multiple projects •No need to be a registered 501(c)3 •Tipping Model
- 14. The Basics •Keep What You Raise Model •Curated by Razoo team •501(c)3s only o Individuals, teams, and corporations can fundraise on behalf of a 501(c)3 •Must be on the Razoo Foundation List •Cost: 3% to Razoo Stand-Out Features •Thank You Video Tool •Widgets to embed on website •Tool for tracking reports and donations through Razoo dashboard or iPhone app
- 15. The Basics •Tipping Point Model w/ flexible finish •Curated by Ioby Project Support Managers •Local and environmental project focus •Screening: must submit an application •Recipes for Change toolkit •Cost: 3% for credit card processing •Average amount raised per campaign: $980 Stand-Out Features •Coaching on promotion •Webinars provide support •Opportunity to request volunteers
- 16. The Basics •Tipping Point Model •Curated by Grassroots Team •Local project focus o Nonprofits, Social Ventures, and Individuals •Must submit an application •Cost: ZERO Stand-Out Features •Support from Grassroots team including promotions and public relations guide •Access to Groupon Merchant Center •100% of donations received
- 17. Comparison of Key Traits Kickstarter Crowdrise Indiegogo Start Some Good Razoo Ioby Groupon Grassroots Keep What You Raise * * * Tipping Point * * * * All or Nothing * Curated by Team * * * * Self Curated * * *
- 18. Crowdfunding: Promotional Tactics Best Practices
- 19. New Donor Engagement Model In practice, it turns out, a person’s engagement with an organization is generally more continuous—and messy. It doesn’t stop and start with discrete levels, and with the broad range of activities available to potential supporters today, it’s actually preferable for people to be engaged on multiple levels. Stanford Social Innovation- The Permanent Disruption of Social Media
- 20. Tips for Getting Started• Framing your project o Set a specific and realistic goal o Set a deadline o Attention grabbing project title with a compelling story o Ask yourself these questions What are we going to achieve, if successful? How, specifically, will these funds be used? What date and time does the project begin and end? How will the funder know their money has been put to good use? o Follow up with your funders
- 21. Tips for Getting Started• Create an emotional and compelling page o Tell an amazing story o Use pictures and videos o Explain how much you need and why
- 22. Tips for Getting Started • Start with your own network o COMMUNITY before AUDIENCE
- 23. Tips for Getting Started • Convert volunteers into fundraisers o Just ask! o Make it easy Provide training Create sample emails, tweets, posts o Make it fun Offer rewards Create teams o Celebrate accomplishments
- 24. Tips for Getting Started • Publicize Your Campaign o Front Page of Your Website o Get Social- Facebook, Twitter, etc. o Challenge donors, post thank-you's o Reach out to local media o Events o Cross-promote through influencers o Thunderclap
- 25. Questions
Notas do Editor
- Are your staff, "Do I have to?" or "YES. Let's do this." What are their concerns/frustrations and their reasons for getting exciting about crowdfunding?
- Maximize your crowdfunding campaign: we'll talk more about this at the end *Does it work?* Pros vs. Cons
- Supporters --> Fundraisers. Rather than donating $100 out of pocket they can raise $100. Generate buzz about your org. You will have a great story. Supporters can share that story. Opportunity to connect and build relationships with donors What better way to show that the public supports your cause than through crowd-supported fundraising? Corporations are looking for engagement. If you can demonstrate that you have a group of loyal followers who share and tweet about your crowdfunding campaigns, corporations will see how important your organization is to the community. Learn more about your community of supporters through feedback. Donors are confident that their dollars are making an impact and receive updates on the projects they support. Crowdfunding also offers an easy donation platform for individuals to provide one-time or recurring donations. Donors can also build relationships with each other through social sharing.
- You can't just put up a crowdfunding site and expect it to miraculously generate donations. Crowdfunding should supplement your traditional fundraising. It should not replace it. It is important that your organization complete projects and follow through with the original terms. When you are successful in raising funds for a project but fail to complete the project, supporters may be disappointed and your organization could lose support. Donor exhaustion: it's possible that reaching out to the same pool of donors multiple times, could lead to a cessation of support from those individuals.
- Has anyone here done a Kickstarter? The Basics All or nothing model. In order to receive any of the funds, you must meet your campaign goal. Anyone including individuals and organizations can use Kickstarter. Self-curated: You are responsible for creating content, developing your page, and making a promotional video. You set the campaign deadline, but you aren't able to change it once it's launched. Project focus: all campaigns must be centered around artistic or creative projects. No formal screening of projects- community decides on a project's validity and worthiness Cost: 5% to Kickstarter and 5% to Amazon. 90% of funds go directly to your project. Case Study Counter Culture
- Has anyone here done a crowdrise campaign? The Basics Unlike Kickstarter, with crowdrise you keep everything that you raise even if you don't reach your goal. Nonprofits, individual fundraising and projects, and also volunteers seeking sponsorship Self-curated Project focus: social good projects, events, funding Screening: charities must be on Guidestar, a third-party organization that collects info on charities from the IRS Promotion: integrated with Facebook and Twitter so users can invite friends to support their cause. Featured and Royal tiered accounts are promoted throughout the website and emails. Cost: Crowdrise take 5% of donations. You have the option of choosing one of three Charity Account Types with different pricing options. Donors have the option of paying the processing fee directly. No deadlines. Fundraiser page can be edited or deleted at any time. Stand-Out Features: Impact Points system can unlock titles and Crowdrise Merchandise. Also allows you to become featured or royal status for website and email promotion. Individuals can create a fundraiser or event and allow teams to sign up to participate - participants can sign up as an individual or with a team. Case Study: Nature Conservancy has raised $369,992 through Crowdrise
- Has anyone here done an indiegogo campaign? The Basics Flexible Funding Model allows you to keep what you raise. Great for projects that can be started with any amount. Fixed Funding is the tipping point model, in which you can only keep funds if you reach your goal. This is for projects that can only be started once the set amount is raised. Self-Curated Creators set their own fundraising goal and deadline. Ability to request a one-time change to their goal or deadline. Avg. deadline is 47 days. No formal screening process: community decides project's validity and worthiness Promotion: One-click social media integration. Users can choose to offer rewards Cost: If Goal is met, 4% to Indiegogo. This is true for both options. If goal is not met with flexible funding, 9% goes to Indiegogo. 3% credit card fee charged for all transactions Average amount raised per campaign: $15,000 Each campaign page has updates tab where organizations can show their progress Stand-Out Features Customizable campaign template. Includes home page with video, progress, perks, and owner contact info. separate tabs for updates, comments, funders, and a gallery for images and video Gogofactor: Algorithm that tracks level of campaign's activity based on sharing, updating, and funds attracted. This boosts the campaign via social media. Case Study: Just Food provides meals for St. Jude's Hospital in Chicago
- Has anyone here done a Start Some Good campaign? The Basics Tipping point model. You set two goals: a tipping point goal and ultimate goal. The tipping point goal is the threshold needed to start doing good. You can only keep the funds if you meet your tipping point goal. The tipping point can be set anywhere from 25-100% of the ultimate goal. Curated by a team Project Focus: social good projects by both for profits and nonprofits Screening: Must submit an application Promotion: Campaign video, summary, and use of funds. Start Some Good Team offers social media coaching. Cost: If goal is met, 5% to StartSomeGood + 3% processing fee. If goal is not met, StartSomeGood takes nothing. Updates on venture page Stand-Out Features Mobilizers provide coaching and resources for site users Not yet registered 501(c)3s as well as 501(c)3s can use the site Tipping model allows organizations to keep goals high, while assuring backers that you have the funds to get something done. Case Study: Literacy for Low-Income Students has reached its tipping point with 29 backers.
- Has anyone here done a Razoo campaign? The Basics Keep what you raise model 501(c)3s only, Individuals have the option to make a campaign on behalf of a 501(c)3 Projects are social good focused. Nonprofits, individuals, teams, and corporations can raise funds on behalf of 501(c)3s. Curated by Razoo Screening: Must be on the Razoo Foundation List Can send a letter of determination if your organization is not already on the list and is 501(c)3 Cost: Razoo takes a 3% processing fee There is no cap on deadline Follow-up: Razoo provides you with donor contact info so you can send out emails to update and thank donors. There is also a tool to create a personal thank you video. Stand-Out Features Ability to send videos in thank you emails Provides widgets to embed on your website which allows you to share progress and accept donations directly from your website or blog Tool to track reports and donations from Razoo dashboard or on the iPhone app Case Study: Making Trails Count! **tied with existing campaign
- Has anyone here done a ioby campaign? The Basics Tipping point with flexible finish- Ioby allows you to revise your budget during the course of the campaign Nonprofits and individuals with local projects can use Ioby. Curated by a team of Project Support Managers Projects should be focused on local and environmental issues. Screening: you need to submit an application for your fundraiser to be approved Ioby provides a Recipes for Change toolkit that coaches campaign owners on successful PR. Integrated with social media Cost: 3% credit card processing fee Average amount raised per campaign: $980 Campaigns usually run for 3 months Nonprofits are required to post regular updates on project blog and submit a project evaluation and final expense report Stand-Out Features Project Support managers provide coaching on promotion Ioby hosts webinars designed to support environmental leaders On the project page - you have the option of request volunteers. Supports have the ability to give time instead of funds. Case Study: Lakshmi Community Garden
- Any Groupon Grassroots community partners here? Groupon Merchant Center: allows you to monitor performance and analyze demographics
- tiered level of engagement- start small, go big- in the "ladder model" of donor behavior is outdated new research states that donors engage with a cause up and down the "ladder of engagement"- ladder is replaced with a vortex engagement through crowdfunding and social media can move donors to act in "big" or "small" ways social media doesn't often initiate a new donor (only 9% of the time), but it serves as a way to empower donors from all walks of commitment to advocate for a cause the most effective communication is a combination of offline and online engagement- creating "surround sound"- social media is important because it's interactive, continuous, and consistent, engaging donors in ways that address their needs, allowing donor to be engaged at different entry points and move easily through the life cycle of engagement Georgetown University’s Center for Social Impact Communication and Ogilvy Public Relations Worldwide partnered to conduct a quantitative study of Americans to learn how social media has changed the ways people interact with and support the causes and social issues they care about. The survey was conducted in late 2010 with a nationally representative sample of 2,000 people age 18 and older.
- Is your project title tweetable? Actionable? Attention-grabbing? "We're looking to raise $10,000 for our charity." vs. "We need $10,000 to help 12 underprivileged families buy groceries." Your first project may be small. You might raise $1000 dollars. Be sure to follow up, inform, and thank your funders. This can help build trust and repute, and engage them in a future funding opportunity.
- To start your crowdfunding campaign, you need to create an emotional and compelling page. Be Creative! Tell your organization's story through pictures and video. Video should be short. No more than 2-3 min. Be sure to explain how much money you need to complete your project, and what your project will accomplish. Check out this video from Charity Water for inspiration.
- Many people get excited about crowdfunding with the idea that they now have access to thousands of people who are just waiting to give money to a cause. Unfortunately, it's a common misconception that results in failed campaigns. You need to build and strengthen your community before you have an audience. How can they can ambassadors for your cause? Think about the "vortex" model vs. "ladder" model of donor engagement. Example: Seth Godin funded his book, The Icarus Deception, with Kickstarter. He raised over $250,000 in 30 days. Sounds impressive, right? Seth shared that 96% of his funds came from his already existing community.
- Volunteers can be natural advocates and ambassadors for your organization. They understand your cause and are passionate about it. They have extended networks and can donate both money and time. Just ask: Your volunteers may not be able to be major donors, but they can volunteer their time to fundraise. Plus online fundraising can be a lot less intimidating than face-to-face fundraising. Celebrate accomplishments: Reward and recognize volunteers, keep them updated with campaign progress
- Take every opportunity to spread awareness about your campaign and encourage people to talk about your project. Get Social: Share your project campaign and ask your donors to share. Post milestones- challenge donors to fund up to certain level. thank them for meeting milestone. Post media mentions as status updates. Identify influencers and coordinate cross-promotion Create the "surround sound" experience that integrates messages across promotion channels online and offline Stay in touch. Share milestones with your social media networks. Keep donors engaged. Give shout outs.