Perfect Your Peer-to-Peer Fundraising
Peer-to-peer fundraising is the practice of having a nonprofit’s supporters take part in an activity such as a walk, bike ride or challenge and reach out to their friends, family members and colleagues for donations. A great method for nonprofits to raise money, it converts your donors into fundraisers by allowing them to create donation pages in support of your nonprofit. Peer-to-peer (P2P) fundraising, also known as social fundraising, is used to develop a faithful community of supporters. Nonprofits create advocates out of volunteers and allow your supporters to spread the good work of your organization. Furthermore, through this fundraising donors are strengthening their relationship to you and your mission. Through P2P fundraising, your nonprofit can reinvigorate your current donor base, recruit new supporters, and increase their revenues.
The success of your peer-to-peer campaign is measured by your strategy and your ability to meet your key audiences where they are with programs that connect with them. Capitalize on the benefits of this fundraising campaign with these helpful tips to build your strategy.
Avoid charging a registration fee for your P2P events.
Supporters are wary of transactional relationships with nonprofits. Registration fees can make them feel less a part of your community and more like a customer. As a result, charging a registration fee for your event can depress later fundraising.
Nonprofits may be hesitant to do away with registration fees because they fear a decline in revenue. However, according to recent trends, peer-to-peer fundraisers without a registration fee see a higher dollar amount per participant than campaigns run with a registration fee. If your peer-to-peer campaign is more reliant on registration revenues, then your organization needs to re-evaluate how you’re marketing to your fundraisers. Be clear to your supporters that the primary goal of your P2P campaign is to raise funds. You may need to increase the visibility of how supporters can create fundraising pages. Additionally, you can provide direction on how they can further reach their networks and communities.
Take advantage of social media.
Social media has made it easier than ever for your supporters to ask their networks for donations. According to the Standford Social Innovation Review, over 50% of individuals agree that social networks allow them to support causes more easily.
Social media is one of the most common ways we communicate with friends, family, and others in your networks. These channels have the potential to spread your fundraising campaigns to a wide-reaching audience and forge connections with supporters and your nonprofit. Your peer-to-peer platform should allow social sharing options that make it easy for them to share why they feel so connected to your nonprofit and cause. This will help their friends, family, and acquaintances understand your organization better and feel more compelled to give.
1. Create a snappy hashtag to establish your brand and P2P campaign on social media. Make sure it’s short & catchy. If it trends, your peer-to-peer campaign will be a definite success.
2. Take a multimedia approach. To really get your message across, be sure to feature a story-related paragraph on every campaign page, and complement it with great photos and/or videos and a compelling call to action.
3. Encourage your fundraisers to share their stories. It’s important for supporters to demonstrate their personal connection to your nonprofit. Personal stories are a key factor in engaging their networks. Remember, just because your supporters are passionate about your cause doesn’t mean their network of peers will be. Telling your story is a way to educate individuals who may not be familiar with your organization and give them a compelling reason to support you.
4. Highlight your accomplishments. Supporters want to know how your organization is tracking towards your goals. Sharing your milestones will encourage fundraisers to stay engaged. Spotlight your fundraisers’ accomplishments too! Publicly acknowledge them for their efforts and contributions.
Get to know your supporters and their networks.
When planning a P2P fundraising event, it is important to understand who your audience is as well as the networks they will be reaching out to. Your fundraisers are the heart and soul of not just your peer-to-peer event, but of your organization. They are so passionate about your cause that they are willing to ask for donations in support of your mission. Time invested in creating personal relationships with these individuals can often yield greater fundraising results.
To make your peer-to-peer fundraising campaign more effective, use prospect research to identify the supporters most likely to become great fundraisers. Prospect research can provide valuable information on donation history, involvement with other nonprofits, and personal interests. Prospect research can tell you whether your supporters have shown particular commitment to a cause similar to yours or whether they tend to go the extra mile when dedicating their time or money to a nonprofit.
The most important thing when it comes to peer-to-peer is to keep your campaign sincere, genuine, and personal. If you let your personality shine through, your efforts are sure to bring excellent results.
Chat with one of our Nonprofit Solution Consultants to learn more about how to manage your peer-to-peer campaigns in Giveffect.