The crowdfunding market is growing rapidly; lean on the experts to get your organization’s efforts off the ground.
With so much on your plate already, it can be intimidating to think about the steps ahead to kicking off your organization’s own crowdfunding solution. In Part 2 of this series, we discussed the significance of understanding the how and why behind your chapters use of popular crowdfunding platforms. That valuable legwork can make you a powerful advocate for your chapters, but you don’t have to do it all alone.
Here are ways to benefit from the excitement already happening in crowdfunding industry:
Partner with a crowdfunding provider to make every dollar count.
Reach out to crowdfunding providers to get more information on pricing, technology and service offerings that your chapters may need. There are providers, such as CrowdChange, that are familiar with the fraternal industry and can speak to the specific needs of your chapters. They understand the challenges of working within the university framework and the legal obstacles that you should keep in mind.
Processing and services fees can get expensive (not to mention confusing) for chapters, especially when they are running small campaigns for small dollars. Connecting with partners in the fraternal industry can make every dollar count instead of going directly to a multitude of fees.
Collaborate with a database provider for online giving.
It is likely your organization is already partnering with a database provider for member management services. Ask your provider if they offer online giving functionality and how it’s working for your peers. This can be a great way to explore if you aren’t sure that your organization is ready for a full-fledged crowdfunding solution. Most providers have some level of donation functionality available and ready to integrate. Your provider may also be able to help you benchmark with organizations similar to yours that are already using the functionality. This could open doors for you to collaborate and see what’s working for chapters and what isn’t.
Leverage already established days of giving.
Aside from working with chapters, there may be an opportunity for you to test the waters for your foundation at a national level. Start your own crowdfunding campaign and see if there is traction with donors. You can pair the campaign with a day of giving, like #GivingTuesday, for a natural fit. The Tuesday after Thanksgiving is a global day dedicated to giving back and your organization may already be participating. Donors from around the world are tuned-in to celebrate giving back. Crowdfunding these donations to meet a goal is great way to make an impact and at the same time understand your donor’s appetite for online giving.
Develop an oversight strategy.
Get your team involved by designating a point-person or committee that can steer the necessary decisions for the project. Prioritizing oversight of your crowdfunding strategy can help identify potential challenges, risks or opportunities. There may be an existing role that is a good fit or you can pull in cross-functional teams for diverse perspectives. For example, your Marketing, Fundraising & Development, and Chapter Services teams will likely want to contribute. Getting together an oversight team from the beginning will make sure everyone is motivated for the project to succeed.
Connecting with industry partners, exploring your own campaign and developing an oversight strategy can lay the foundation for long-term success. We’ll cover how to build on that foundation and stay true to the core of crowdfunding in Part 4 of this series.
Part 4: Leave a lasting legacy through crowdfunding
What is your long-term crowdfunding goal? One of crowdfunding’s largest benefits is its ability to make an impact with few barriers. In the background, it’s also providing security and data that will be valuable for years to come. We’ll cover how to keep these long-term goals in mind.