Are you looking for an easier, more cost-effective way to raise money and increase brand awareness? Try peer-to-peer fundraising. Similar to crowdfunding, peer-to-peer fundraising asks individual supporters to get help from their family and friends to raise money for your cause. It can be successful—39% of nonprofit donations are said to come from people whose friends or family simply asked them to contribute to a cause. What’s more, over 43% of nonprofits that have used peer-to-peer fundraising said it makes up 50% or more of their revenue. If you’re ready to extend your reach, start with these tips.
One of the most important peer-to-peer fundraising tips is to encourage your supporters to think creatively. Here are a few ideas they can try:
- Share stories: Stories that include facts are a powerful way to make your cause memorable. It’s estimated that stories are 22 times more likely to be remembered if they contain facts. Ask supporters to share why they chose to become involved with your nonprofit, along with a relevant fact. For example, if your cause helps people who are battling a disease, ask supporters to mention the number of people in your local community who are affected by it.
- Host a challenge: Challenges engage people. Encourage your supporters to do something fun and different to entice friends and family to donate. Maybe they will dye their hair a bright color if the goal is reached. Or they abstain from shaving until a goal is reached. Give out donor thank-you gifts, like a T-shirt or a bag of gourmet popcorn, to anyone who thinks outside the box.
- Tag team with an event: If you have an upcoming event, tie it to your peer-to-peer fundraiser. Ask donors to invite friends and family to join them at the event, whether it be a run/walk, golf tournament or something else. Give everyone who attends a set of playing cards or a small tote filled with information about your nonprofit.
- Engage with video: Record a short video describing your cause and why you are raising funds. There is no need to hire a professional—just use a smartphone. Email your video to supporters and include a call-to-action that asks them to share it with 10 to 15 people. Or ask them to share it on social media. You can provide a gift for those who share the video, like a ceramic mug or a pair of mirror sunglasses.
Make it a friendly competition
Help your supporters get in the competitive spirit by offering a premium gift for the three people who raise the most money. Consider a cooler backpack or a card wallet filled with restaurant and store gift cards as prizes. In addition, make sure to recognize everyone who reaches out to friends and family. Thank them in your newsletter, on your website and in social media.
Provide tools and resources
In peer-to-peer fundraising, supporters need to have a dedicated page set up to receive donations. Read reviews and ask others in the industry to recommend reliable, easy-to-use software. Also be sure to provide the resources your supporters need to make it easy for them to fundraise. For example, if you’ve asked them to call family and friends, provide a script. If you want them to use email, provide a template. If they’re going to use social media, provide example posts.
With these tips, your nonprofit can quickly raise awareness and increase donations. Good luck!