Small Donors, Big Impact: Crowdfunding (ACM 2015 Conference Workshop)
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This slidedeck is part of a presentation by Andrew Littlefield and Robin Eschler at the annual ACM conference.
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Small Donors, Big Impact: Crowdfunding (ACM 2015 Conference Workshop)
- 2. Small Donors, Big Impact CrowdfundingAndrew Littlefield and Robin Eschler August 12th, 2015 2:30
- 3. Small Donors, Big Impact Crowdfunding
- 7. Before it was crowdfunding, it was… Telethons Direct mail
- 8. Trivia Time! What was one of the first ever major crowdfunding projects?
- 9. Flickr user David Saddler, CC BY 2.0
- 14. Kickstarter : NonprofitCrowdfunding :: QVC : Telethons
- 15. Image illustrating motivations for support Motivations
- 17. Personal connection Connected via friend or family Sense of duty/obligation
- 18. Trivia Time! What’s the average size of a one-time online gift?
- 19. Average online donation = $104
- 22. Know your audience! • Walk in their shoes • What motivates them? • Create an avatar of an ideal customer
- 23. What motivates their emotions?
- 31. Planning
- 32. Setting a Goal
- 33. Setting a Goal
- 35. Selecting a Project to Fund
- 36. Project Based Flickr user Texas A&M University-Commerce Marketing Communications Photography
- 38. Use Data to Make Decisions
- 39. Assets
- 42. 9/10 Campaigns that hit 40% of their goal go on to reach 100%
- 43. Seed The Pot
- 44. Flickr user stu_spivack Find your strongest supporters
- 46. Metrics
- 47. What Should You Track?
- 49. Conversion
- 50. Conversion Rate Page visitors Donors = Conversion rate
- 51. 6%
- 52. 6% 11%
- 53. 6% 11% 456 donations 7195 visits
- 54. 6% 30 donations 269 visits 11% 456 donations 7195 visits
- 56. Email Open Rate Click Rate (CTR) Delivered
- 58. What makes a good Crowdfunding Page?
- 59. Clearly communicated, well defined goal
- 61. The HOOK that Converts • Creative • Compelling • Valued • Collaborations? • Lead the reader to the next • Creative • Giving level specific • Motivate sharing Rewards Continue the Story:
- 63. High Converting • Clean design • Easy to donate • First visit vs repeat • Mobile responsive • Sharability
- 67. Launching
- 68. Where Does Your Audience Come From?
- 69. Email – 56% Facebook – 25%Website – 10% Search – 5% Twitter – 3% Other – 1%
- 70. Email Promotion
- 72. Components
- 73. Subject Line
- 74. Perfect Your Subject Line
- 75. Good: “78 and counting, who’s going to be next?” Bad: “CHECK OUT OUR CAMPAIGN!!!!!!”
- 76. Body
- 79. Call-to-Action
- 80. Clear and direct Action/Verb oriented One action per email
- 81. How Often?
- 82. Video Stories Use Variety to Avoid Burnout Social proof Mini-Goals
- 83. Test and Measure Flickr user U.S. Army RDECOM
- 84. Types of Emails to Send
- 86. Thanks
- 87. Updates
- 88. Referrals
- 89. Email Exercise
- 92. Open the door for future communications
- 94. The Path of Least Resistance
- 96. Use a Strong Call-to-Action
- 99. Social Media
- 100. What Does Online Support Look Like?
- 103. $
- 104. $
- 109. Donations over time
- 111. Stretch Goals • How much is needed When • What can be done with each level • Why will the market care? • Introduce one new stretch goal at a time, but be ready in advance • All in same campaign
- 112. • Good news! • Goal attainment • Contests • Beneficiary stories • Stay engaged with audience! • Ask questions for feedback During and After Donors = Investors
- 113. Identify Champions! • Influence others • Take the lead • Enthusiastic • Advocates • Volunteers
- 114. What if you failed?!
- 115. Engagement Exercise
- 117. Case Study The Los Angeles Zoo
- 118. $117,884 31% 268% Raised across two appeals First time appeal donor Increase in appeal funding, YoY
- 119. “A lot of our donor base is older, and they still like getting a piece of mail that has a story and encourages them to give. A large portion of those people are still Genie Vasels | VP of Adcancement
- 120. +
- 121. 47% Raised of a $35,000 goal 122% Raised of a $50,000 goal 2013 2014
- 122. Case Study Small Business Survival on the L.E.S.
Editor's Notes
- What does crowdfunding mean? Who has donated to a crowdfunding campaign? What drove you to give? Who’s been a part of a crowdfunding campaign? Of those, who was an organizer? How did it go?
- Anyone have a definition they’d like to throw out? What’s a crowdfunding campaign you’ve heard of?
- Before it we called it crowdfunding, we called them telethons or direct mail. -Very similar methods: raising large sum of money from lots of smaller gifts -These 2 methods were limited in scope and usually reserved for orgs who could find a big stage -Internet crowdfunding has provided a limitless audience for very little cost/barriers to entry
- Lady Liberty! Head and arm were built first and displayed at international expositions. Project was in trouble in the 1880’s due to lack of funding.mJoseph Pulitzer started a drive for donations, over 120,000 contributors, most giving under $1
- Internet crowdfunding starts around early 2000’s, lots of sites start to launch around 2008-2009. One of the most well known crowdfunding platforms is kickstarter, which individuals and artists use to raise money for products and projects
- It’s important to note that kickstarter is not nonprofit crowdfunding. There are some important distinctions to make
- Even artists using kickstarter often offer a product that is to be consumed (CD, movie, etc.)
- Making a donation
- Similar methods, similar models, but very different motivations, and therefore different psychology behind it
- People don’t donate like they shop. No one wakes up in the morning and says “Hmmm, I’m feeling quite altruistic today! Think I’ll find a new nonprofit to make a donation too.” They give to something they have a connection with, and these are the people you want anyway. Strong connections make for repeat donors who are going to provide you support for years, rather than a one and done gift.
- 2015 M + R Benchmarks report
- Cart before the horse. Beating a path… Chinese shoe maker Asking before making
- Research includes reviewing campaigns on various platforms Look on Indiegogo, etc and enter "community" in search bar Google "community media crowdfunding campaigns” https://medium.com/the-local-news-lab http://startsomegood.com/Help/Stories
- Include peer-to-peer
- Sponsorships on shows for community media channels can serve as collaborative opportunities
- https://www.indiegogo.com/projects/raw-milk-dairy-farm-humane-animal-welfare-non-gmo-open-space/x/2122148#/story
- Curated content on blog built over time via social media Blog+social media+email+SEO=traffic
- What’s the project? How much would you need to complete it?
- Project based is most popular, easy to tie tangible outcome to donations, which is high motivator for supporters
- Also possible to do annual appeals, need to highlight what org does for community
- Make sure you’re using data to make your decisions. Couple data points to look at. Online fundraising is heavily dependent on your ability to get campaign in front of audience
- Assets like your email list, social media following, and web traffic
- https://docs.google.com/a/wediditfundraising.com/spreadsheets/d/14MUV0LVIgeGv9h0O765FTURjVuY9y3GU0gbru9A9Ns4/edit?usp=sharing
- Now that you have a goal, there’s another pre-launch consideration to make
- Seed the pot, like a street musician. Psychological phenomenon: when something looks insurmountable, we just won’t try. If something looks like it COULD be accomplished, we pitch in! Also see social pressure that other’s have given Gives campaign more legitimacy (Someone else gave to it, must be a good cause/not a scam)
- To do this, find guaranteed donors, have them make their gift before launch. These are also good promotional partners/peer fundraisers
- Crowdfunding is an expansion strategy. What’s better: conducting a crowdfunding campaign or your own appeal?
- I want to talk about conversion rate for a second
- Two campaigns
- One with 6%, one with 11%
- From WeDidIt platform, typically higher than regular donation pages
- https://docs.google.com/spreadsheets/d/1piOIpg0gqW8Mjodlu9bcyr4CoXq0ie7rO31VADHGHaU/edit?usp=sharing
- Clearly defined goal slide - set a high goal or low goal?
- 50 Review https://medium.com/the-local-news-lab and how they utilized rewards from entire community (Lower East Side NYC)
- https://wedid.it/campaigns/1946-healthcare-myth-busters
- https://ncjhs-1613.wedid.it/
- https://www.crowdrise.com/86402secondsindetroit Ask audience why this campaign is good
- Importance of email You own your list (owned vs. rented)
- Email quickly becoming the place to be heard again, popular amongst marketers
- Most important part If they don’t open it, they won’t click it, they won’t see the appeal page Spend as much time on the subject line as you do on rest of message Under 50 characters Piques interest, but doesn’t give it all away Has context (they don’t know they name of your appeal yet, don’t assume they do) Uses numbers Verbs (Learn to ______) Asks questions
- No more than 6 sentences Remove all other links, don’t let them get distracted Save social sharing for the page
- 1 call to action (or all calls to action go to same place) Don’t: “Donate today!” Do: “Can you join 100 others who have given $25?” “Will you help us reach $3000 by midnight?” Visual button
- Need to do more than one, but don’t want to pester your audience and turn them off to you (and have them unsubscribe)
- Test and measure your emails and subject lines, use spreadsheet to track
- Thank you should be immediate if possible
- Once they’ve donated, they’re invested in the project and want to keep up with progress. Show that you are being a good steward of their gift by keeping them informed
- A few days after someone has given, send them an email asking them to increase the impact of their gift, all without opening their wallet, by emailing the campaign to 10 friends asking for $10. Make it stupid easy: include a template they can send Offer an incentive?
- Split into groups, have each group write an appeal email, thank you email, update email, and referral email.
- Crowdfunding is all about marketing: getting your campaign in front of as many eyes as possible. Therefore, we need to talk about building an audience. These are things to do BEFORE launching your campaign to ensure you have an audience to send it to
- Build an email list
- One way we can build an email list is by converting them on our website.
- Easy and effective. Low barrier to entry, low commitment
- Can do this on social media as well
- What kind of events can community media stations use?
- Examples for community media – What actions can you direct supporters to in order to increase engagement?
- Important for 2 reasons – exposure + logos
- During that dip, beef up engagement, add new rewards, updates, contests, question audience, surprise reward? Use creativity
- Stretch goals – use to maintain momentum post goal achievement
- Continue engagement during and after end of campaign
- Identify champions to strengthen peer-to-peer fundraising
- Through it all, what if you failed!
- Case study - replace raw milk with https://medium.com/the-local-news-lab http://www.beaconreader.com/projects/small-business-survival-on-the-l-e-s
- https://www.indiegogo.com/projects/raw-milk-dairy-farm-humane-animal-welfare-non-gmo-open-space/x/2122148#/story