Why not engage your family and friends in raising funds for your nonprofit? This approach to fundraising multiplies not only building awareness of your mission, but also raising money to support your programs. It can also be a fantastic tool for donor acquisition and retention.
Peer to peer fundraising is a version of crowdfunding but it is a multi-tiered approach to fundraising. It is really about engaging your biggest fan in leveraging their circle of influence. Crowdfunding typically is calling for small level donations from a large group. It works well when trying to raise money for a special project. Whereas peer to peer networking is led by individual leaders in raising money for a nonprofit by having their own campaign.
In a crowdfunding scenario, there is one donation portal where everyone donates. With peer-to-peer fundraising, individuals have their own page to share with their network to seek donations. This approach helps build social proof and trust because donations are generated in response to a familiar person’s request. In most cases, your nonprofit’s website holds the donation portal so donations come directly to you.
A peer to peer approach can either be year-round or time-based.
The process is easy to set up:
- Determine what the focus of the campaign is.
- Recruit team leads.
- Train team leads as fundraisers for the campaign.
Of course, making certain that you have all the materials and assets required to properly execute the campaign is important:
- Set your financial goals.
- Steward your relationships with your volunteers and supporters to identify potential team leaders.
- Brand a special page for the campaign on your website.
- Determine what software you will be using.
- Use compelling photos and videos.
- Create templates and assets for use on various social media channels.
- Updates on the campaign maintain the momentum.
- Recognize and celebrate your team leaders’ efforts once the campaign is completed.
Using peer-to-peer fundraising requires more planning but the impact of donations will multiply in different ways that typical campaigns. When considering this unique approach, consider the following:
- You need enough staff to support your team leads.
- You have a pool of dedicated ambassadors willing to serve as team leads.
- You have time to properly plan.
- You have team leads who are comfortable working online.
- You invest in strong donor retention activities.
In closing, peer to peer networking is about multiplying impact. By engaging your biggest supporters in rallying their individual communities, you can generate interest and funds for your nonprofit. Even if your fundraising department is just being set up, keep track of those rock stars you can later engage in this important work. This approach can yield very favorable results.