Lúgh Studio’s Ultimate Guide To Peer-To-Peer Fundraising
Peer-to-peer (P2P) fundraising is a popular and effective way to raise money for a cause or organization. Indeed, with the rise of social media and technology, P2P fundraising has become increasingly accessible and easier to implement.
In this ultimate guide, we’ll cover everything you need to know about P2P fundraising. This includes an explanation of what it is, why it’s important, and the most common mistakes to avoid. We will also go over ten tips you can follow for P2P fundraising success, as well as a guide for further resources. Let’s get started!
What Is Peer-to-Peer Fundraising?
P2P fundraising involves enlisting the support of individuals to help raise funds on behalf of a charity or non-profit. This allows individuals to take an active role in raising money for a cause they care about.
Instead of relying solely on traditional donations from individuals, P2P fundraising involves supporters using their personal networks to reach potential donors. The result? Organizations tap into the power of social networks and leverage the relationships and connections of their supporters to raise funds.
P2P fundraising can take many forms. This includes various campaign forms like walk-a-thons, fun runs, charity auctions, and even online campaigns (to name just a few). In each case, supporters are encouraged to reach out to their friends, family, and social networks to encourage them to support the cause. Ideally, this creates a ripple effect of engagement. Each new supporter recruits others to join the campaign, and the results snowball from there.
P2P fundraising is often referred to as crowdfunding. While there are certainly similarities, strictly speaking, crowdfunding almost always involves raising funds for personal projects or ventures. P2P fundraising, on the other hand, is specifically focused on raising money for a non-profit or charitable organization.
Overall, P2P fundraising is a powerful tool for non-profit organizations looking to build support and raise funds for their cause. By engaging supporters and leveraging the power of social networks, organizations can achieve their fundraising goals while also building a sense of community and connection among their supporters.
Why Peer-to-Peer Fundraising Is So Important
Peer-to-peer fundraising has become an increasingly important tool for non-profit organizations looking to engage their supporters and raise funds. But to maximize its potential for your own organization, you must first understand why it’s so important. Here are just a few:
Increased reach and visibility. Peer-to-peer fundraising allows non-profit organizations to tap into the networks of their supporters to reach a wider audience. By empowering supporters to share their support for the cause with their own network, organizations can significantly increase their reach and visibility.
More engaged donors. P2P fundraising encourages donors to take an active role in supporting the cause they care about. The result? More excitement among supporters, leading to more committed donors who are more likely to support the organization over the long term.
Higher donation rates. Research has shown that P2P fundraising campaigns can result in higher donation rates compared to traditional fundraising methods. This is because supporters are more likely to donate when asked by someone they know and trust. Compare this to a big organization asking directly — much less of a connection.
Cost-effective. P2P fundraising can also be (when done right) a cost-effective way for organizations to raise funds. By relying on their supporters to do the fundraising on their behalf, organizations can save on marketing and advertising costs. This is in comparison to massively expensive ads that aren’t even guaranteed to be a success.
Builds community. This type of fundraising can also create a sense of community and shared purpose among supporters. By working together to reach a common goal, supporters can build lasting relationships. This can make them feel a sense of belonging — to both the organization and the cause. Plus, it’s simply a lot of fun.
Scalable. Lastly, P2P fundraising is a scalable model. This means that it can be adapted to organizations of all sizes. Whether a non-profit organization is just starting out or has been around for years, P2P fundraising can be an effective way to engage supporters and raise funds.
Overall, peer-to-peer fundraising is an important tool for non-profit organizations looking to engage their supporters, increase their reach and visibility, and raise funds in a cost-effective and scalable way. By understanding the importance of P2P fundraising, organizations can leverage the power of their supporters to make a meaningful impact on the causes they care about.
Common Mistakes Organizations Make
Before we dive into our main advice for making P2P fundraising work for you, let’s first cover some of the most common mistakes. Avoid these at all costs, and you will set yourself up for effective implementation of our tips.
Lack of clear goals. Without a clear fundraising goal, it’s difficult to motivate supporters and measure success. While this is true in any marketing activity, it’s especially vital for a people-based approach to fundraising. Remember this before starting any campaigns: you need both specific and achievable goals for your campaigns.
Poor communication. Effective communication is key to any successful fundraising campaign. Organizations should make sure to provide their supporters with the tools and resources they need to fundraise effectively and to keep them informed about the progress of the campaign.
Insufficient support. Ongoing support for supporters is a non-negotiable for P2P campaigns. Unfortunately, this is something a lot of organizations tend to get wrong. To succeed here, focus on providing your people with the resources they need, answering questions, and offering tips for effective fundraising.
Inadequate promotion. Simply put, peer-to-peer fundraising campaigns require promotion to reach a wider audience. Organizations should leverage social media, email marketing, and other channels to promote the campaign and encourage supporters to get involved. Otherwise, they are sure to underperform.
Lack of engagement. Engaging supporters is key to the success of a peer-to-peer fundraising campaign. Organizations should create opportunities for supporters to get involved, share their personal stories, and connect with other supporters.
Failure to follow up. Like many areas of marketing, follow-up is key in P2P fundraising. After the campaign is over, it’s important to follow up with supporters to thank them for their contributions. You can also consider providing a summary of their impact on the campaign. This can help build long-term relationships with supporters and encourage them to continue to support the organization in the future.
By avoiding these common mistakes, organizations can increase the chances of running a successful peer-to-peer fundraising campaign. Just remember to keep them in mind when you are getting started.
Now, time for our most important tips…
Top Tips for Effective Peer-to-Peer Fundraising
Here are ten tips for running an effective P2P fundraising campaign:
1) Start with a clear goal. This is where it all starts. A clear and specific fundraising goal will make the “next steps” of your campaign easier to plan. It will also give your supporters a clear target to aim for and motivate them to reach it.
2) Set up a user-friendly fundraising platform. This makes it easy for your supporters to set up their own fundraising pages and share them with their networks. Choose a user-friendly platform that makes it easy to set up and share pages.
3) Provide fundraising resources. In peer-to-peer fundraising, you have to make sure you are actually giving the people involved the skills that they need to succeed. This might include sample social media posts, email templates, and other resources to help them spread the word.
4) Encourage friendly competition. While you’re all working together — a little competition never hurts. Create a sense of friendly competition among your supporters by offering prizes or recognition for the top fundraisers.
5) Leverage social media. Knowing how to effectively use social media can amplify your message during a P2P campaign. Encourage your supporters to share their fundraising pages on social media and provide them with sample posts to make it easier.
6) Thank your supporters. A little thanks can go a long way. People like to be acknowledged for their efforts and will stay loyal if you do so. Be sure to thank your supporters for their contributions and provide regular updates on the progress of the campaign.
7) Provide incentives. This doesn’t have to be complicated. Good incentives can include anything from t-shirts and water bottles to other branded swag.
8) Make it personal. Encourage your supporters to share their personal stories and experiences with the cause. This can help build a personal connection with potential donors and motivate them to support your campaign.
9) Stay engaged. Keep your supporters engaged throughout the campaign by providing regular updates and opportunities to get involved. This can include social media challenges, live events, and other interactive activities.
10) Follow up. After the campaign is over, be sure to touch base with your supporters. Thank them for their contributions, and as we point out above, provide a summary of the impact of the campaign. This can go a long way in building relationships with them.
Now that you are equipped with a game plan, you’re well-prepared to run a great peer-to-peer fundraiser.
Still, it’s important to implement the right tools. Pairing a great strategy with the right technology is the most guaranteed way to run campaigns that get results.
But where to start? While there are plenty of tools you could use, there’s one we recommend above all others…
Fundraise Up: Our Favorite Tool For Fundraisers
Fundraise Up is an excellent fundraising tool that can significantly increase a nonprofit’s total amount of donations. One of the most significant benefits of the tool is that it’s an all-in-one platform. The result? Your nonprofit no longer needs to use multiple software solutions to manage different aspects of your fundraising campaigns.
With Fundraise Up, nonprofits can easily create and manage their donation forms, allowing them to design a customized experience for their donors. The platform also offers advanced features such as AI-powered upsells. This suggests additional donation amounts to donors based on their previous giving behavior. In addition, Fundraise Up seamlessly integrates with various CRMs and email tools like Salesforce, Zapier, and Mailchimp. This allows nonprofits to manage their donations and donor information in a more organized and efficient manner.
Overall, Fundraise Up provides a user-friendly, streamlined experience for any nonprofit looking to increase their donations.