Why Crowdfunding is Awesome!
Many people around the world including yourself at some point must have intended to execute or support an idea or a cause you believe in. However, to almost every idea, there lies the big challenge of funding. If you wish to create the world’s first edible spoon, raise Rs. 10 lakhs for a person’s cancer treatment or support the meals of 1000 unprivileged children, you’ll need an enormous amount of funds to make it happen.
During such times, the concept of crowdfunding can help you achieve your goal. So what is crowdfunding? It is a process of raising money in small donations from a large group of known people to support an idea or a cause. The donors supporting you could be your friends, family member or/and like-minded people. Modern day crowdfunding happens on the internet and it is a transparent and organized way of raising money.
What can the power of crowdfunding support?
Crowdfunding can support a wide variety of ideas. You can raise funds for challenges ranging from a broken phone screen to paying unaffordable medical expenses. You name it and crowdfunding can support your cause, provided your reasons are justified. Here are a list of causes you can raise funds for:
A. Health and Medical Emergencies
B. Natural Calamities
C. Education
D. Travel
E. Short-term emergency needs
F. Sports
G.Competitions
H. Events
I. Religion
J. Animals
Crowdfunding benefits laid out
The structure of crowdfunding includes many aspects that naturally make it conducive to raising money more quickly and increasing donor acquisition rates.
Here are just a few:
- There’s a social influence factor
Since crowdfunding relies on a large collective of donors and widespread sharing to be successful, there’s a natural social influence factor that comes into play.
Crowdfunding software makes the fundraising process incredibly transparent; most platforms will display your progress in real-time, and many even show the names of donors who have given and how much they gave.
Being able to see that other donors have contributed can spur people to give, since they know that others have faith in the work you do. Plus, knowing how much others gave can make donors feel more confident about contributing, since they have a better idea of what they’re “expected” to give.
2. It’s urgent
Crowdfunding campaigns are usually more urgent than other types of fundraisers, which can take place over longer periods of time and have no set end date.
Having such a short amount of time to donate and help you meet your goal will motivate donors to give fast! If they care about the work you do, they’ll have to drop what they’re doing and donate now, or else run the risk of missing out on supporting your campaign.
3. It’s clearly defined
The clearly defined parameters of crowdfunding campaigns can make donors feel more confident about giving.
Since crowdfunding campaigns put forth a specific goal and work toward a specific project, donors can more clearly equate their donations with concrete results. They know exactly what their contributions can achieve and how much it will take to get there.
This concreteness provides the perfect context for new donors to give. Because they’ve never given to your cause before and aren’t familiar with the good work that you do, new donors often feel more comfortable giving when the results of their donations are made crystal clear.
There’s no doubt that crowdfunding does this, so if your organization can get the word out, you’re sure to be able to reach lots of prospective supporters that you wouldn’t be able to otherwise and recruit them to your cause.
In simpler terms, crowdfunding campaigns can give your donor acquisition a significant boost!
4. It’s easily shareable
As we’ve touched on before, crowdfunding campaigns thrive off of being shared far and wide. In fact, crowdfunding software was built to help organizations create story-oriented pages that bring their cause to life in a very tangible way and share them over email and on social media with ease.
Because they’re so shareable and their format is ideal for recruiting new donors to your cause, crowdfunding is an excellent way to expand your organization’s reach. Being able to share quickly and in such an appealing format is another reason why crowdfunding can help you bring in lots of new donors
Watch the video below on Ketto’s inspiring crowdfunding mission in India
Ketto Blog remains committed to inspiring and compelling social change to India’s most pressing problems through the power of great stories and engaging our audiences to take meaningful action.
