How to use peer-to-peer fundraising to maximize your school’s profits
Peer-to-peer fundraising is becoming widely popular among nonprofit organizations- and for a good reason. This campaign method combines the best of the best fundraising methods out there, online fundraising, crowdfunding, and donor engagement, making it a highly successful campaigning method. Below, we discover what peer-to-peer fundraising is, why it’s essential, and most importantly- how to get your school started.
What is Peer-to-Peer Fundraising?
Peer-to-peer fundraising is an upgraded form of crowdfunding- the practice of digitally funding a project by raising small amounts of money from a large number of people. While crowdfunding raises capital from one fundraising page, peer-to-peer campaigns raise capital from several fundraising pages. A different stakeholder owns each page. The board of directors, principal, teachers and other faculty, students, parents, community members, and donors are examples of people who may open a fundraising page. Funds raised from all pages are redirected to the primary campaign.
Why Should Schools Use It?
There are many benefits involved in this campaign method. Benefits include:
- allowing for maximum visibility and market reach
- letting stakeholders feel involved and important to the organization as they are considered key players in your campaign which encourages recurring donations and volunteer participation, as well as builds a relationship with your supporters
- teaches students about web page design, marketing, sales, and fundraising by requiring or encouraging students to participate
Funds are processed as they are received in this type of fundraising, meaning that you will earn your capital faster. It is a quick and easy way to gain your needed capital while raising awareness of your cause through online participation and social media sharing.
Types of Campaigns
There are 2 main types of peer-to-peer campaigns. Each is described below.
1. Rolling Campaign
Rolling campaigns don’t have a deadline or set end date. Some rolling campaigns end when they have met a predetermined fundraising goal. Others, for example those covering general operating costs, are ongoing for the life of the business or until they are not needed.
2. Time-Based Campaign
A time-based campaign does have a set deadline. The benefit to this type of campaign is it encourages donors to participate sooner rather than later, however the campaign may end before the fundraising goal is met.
How to Use Peer-to-Peer Fundraising
Whether you choose a rolling campaign or a time-based campaign, the steps to get started are the same. The steps to a successful raise are listed below.
A. Choose Your Platform
Choosing your platform can be the most challenging part of getting started. There are many fundraising platform options to choose from. Things to consider when selecting a platform include:
- Customization: Ensure that the platform allows you to customize your page.
- Ease of Use: The platform should be user friendly, both for you and your donors.
- Mobile Friendly: Check if the platform allows donors to access your page from their phone or tablet.
- Reports: Does the system automatically create reports? Are they easy to access?
- Training and Demonstrations: Check if the platform offers demonstrations, training, and additional help.
- Registration and Processing Fees: Be aware of any membership, registration, or processing fees you may incur.
B. Register Participant Pages
Once you have selected your platform, it is time to set up your fundraising pages. Design your home page, and then have participants register to open their personal fundraising link. Including a simple how-to guide with helpful tips may be useful to ensure participants’ pages align with best practices.
C. Market Your Raise
Don’t stop at setting up your fundraising pages. Market your raise for best results. This can be done on your school website and social media. You can pass out flyers or make an announcement at a school or community event.
Choose your platform, register participant pages, and market your raise. These simple steps are all you need for a successful peer-to-peer raise.
How to Maximize Your Raise
The following tips will help you to make the most out of your fundraising campaign:
- Focus on registration: Encouraging participant registration is one of the most vital aspects of your raise. More active participant pages means furthering your reach, leading to a better raise.
- Pay attention to page design: Functional, efficient, and easy to navigate are key points of focus when designing your fundraising page.
- Ask donors to create a campaign page of their own: This helps to expand your network and connects you to groups of new donors.
- Share your cause: Tell your story. A narrative describing your organization and the cause your raise supports will draw out empathy and therefore support.