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Can Crowd Funding Work in Higher Ed?
- 1. Blackbaud Enterprise CustomerSummit THE RISE OF CROWDFUNDING: Can it work in Higher Education? Presented by: Sarah Davis, Blackbaud Solutions Consultant
- 2. 2 Blackbaud Enterprise CustomerSummit ARE YOU…
- 3. ) 3 Blackbaud Enterprise CustomerSummit • In September 2013, Academic Impressions conducted an informal survey of 140 higher education fundraisers asking: “Do you expect to use a crowdfunding tool to raiser dollars at your institution in the next year?” • 67% said “no” • 33% said “yes” ARE YOU…
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- 6. ) 6 Blackbaud Enterprise CustomerSummit WHY WAS CASSIE SUCCESSFUL? • She motivated her donors & supporters - People want to believe that their donations matter - Feedback loops – people wanted to follow her success - Specific and Individual Goal - Reciprocal Relationships - Time Sensitive • She generated social media buzz which captured the attention of local and national networks • She leveraged her networks
- 7. ) 7 Blackbaud Enterprise CustomerSummit CROWDFUNDING DEFINED
- 8. ) 8 Blackbaud Enterprise CustomerSummit The practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet. Per the Oxford Dictionaries Syllabification: crowd—fund—ing Pronunciation: /ˈkroudˌfəndiNG /
- 9. ) 9 Blackbaud Enterprise CustomerSummit Beginning of human civilization Faith 1852 The Salvation Army 1938 March of Dimes 1999 P2P Online Event Tools 2006 Crowd Funding coined 2008 Pres. Election 2009 Kickstarter Kicked off 2004 Facebook
- 10. ) 10 Blackbaud Enterprise CustomerSummit 50 SHADES OF CROWDFUNDING
- 11. ) 11 Blackbaud Enterprise CustomerSummit ANOTHER INTERPRETATION OF CROWDFUNDING • Any form of online donation forms • A Day of Giving: • 24-hour campaign targeted at increasing unrestricted gifts to the annual fund • Utilization of email solicitation, social media, and peer-to-peer fundraising • A Micro-Campaign • 48 – 72 hours (sometimes up to a week or a month) often focused on raising funds for a specific cause • Often matching gifts involved • Same techniques as a Day of Giving • Peer-to-Peer Fundraising • Leverages a supporters network to raise money and support from their social networks through email and social media • Common examples are traditional Run Walk Ride events, Class Giving, Memorial/Tribute Gifts, Challenges • Crowdfunding • The use of a unique crowdfunding platform (distinct from organization’s online giving site) to fund institutionally-approved projects • Typically project owners are given autonomy to reach out to their personal networks – can bring in donors outside of alumni base
- 12. ) 12 Blackbaud Enterprise CustomerSummit SUCCESSFUL “CROWDFUNDING” CAMPAIGNS
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- 27. j 27 Blackbaud Enterprise CustomerSummit DECIDING HOW CROWDFUNDING CAN WORK FOR YOUR ORGANIZATION
- 28. �� 28 Blackbaud Enterprise CustomerSummit CROWDFUNDING IN HIGHER EDUCATION CAN: • Engage your donors • Help drive alumni participation rates • Broaden fundraising constituency bases • Serve as a lead generation and data capture tool • Educate students and your alumni about the impact of philanthropy • Provide a seamless experience for newly acquired donors as they transition to be major gift donors
- 29. �� 29 Blackbaud Enterprise CustomerSummit BUT THERE ARE SOME CONSIDERATIONS • Less control over message • The dangers of third-party sites • Hard credit vs. soft credit vs. no credit • Loss of brand control • Donor cultivation • Proliferation of start-ups • Oversaturation of constituency • Crowdfunding does not replace traditional annual giving strategies • And finally
- 30. ሐΎ 30 Blackbaud Enterprise CustomerSummit CROWDFUNDING (FUNDRAISING) IS HARD WORK
- 31. ᥐΎ 31 Blackbaud Enterprise CustomerSummit KNOW WHO YOU ARE Define Needs & Timeframe Program Expectations: • Revenue potential • Program costs • Program and Constituent Support Benefits • Less affected by economic state • Expanded reach for the organization • Building stronger, more loyal supporters Make it Part of Your Culture •It starts at the top; executive buy in •Staff buy in Constituents: What is your comfort level? Business Plan
- 32. Πڶ 32 Blackbaud Enterprise CustomerSummit MARKETING, MARKETING, MARKETING • Promote program in donor welcome series email campaign - encourage donors to get more involved. • Use it as an opportunity to engage board members and major donors and to tap into their personal networks • Connect with lapsed donors GET THE WORD OUT • Make it an option to support your organization. • Consider picking a few key dates to rally supporters • Feature successful fundraisers – both individuals & activities in: website, e-newsletters and printed materials. • Show diversity in ways to get involved • Donation vs. Participation Acquire & Recruit
- 33. 쓠ڶ 33 Blackbaud Enterprise CustomerSummit WE LIKE YOU AND WE LIKE WHAT YOU DO • Personal Customer Service • Organization Fact Sheet • Approved Logos and Letters of Support • “Ask” and Press Release Templates • Basics of Fundraising • Basics of Hosting an Event • Online Tools for invitations, communication, and money collection • Instructions for Online Tools • Recognition & Thanks YOUR FUNDRAISERS: • Care • Are Motivated • Volunteer and are asking and in need of guidance Educate, Empower and Encourage
- 34. 㻰ڶ 34 Blackbaud Enterprise CustomerSummit MEASURE PERFORMANCE • Number and Date of registered fundraisers or events • Number of participants • Conversion & completion rate • Number of repeat vs. new • Number of donors • Overall fundraising revenue • Fundraising amount per participant • Number of donations per participant HOW WILL YOU TRACK PERFORMANCE? WHAT DOES SUCCESS LOOK LIKE? Measuring Success
- 35. 뾰ڶ 35 Blackbaud Enterprise CustomerSummit QUESTIONS?