You may have heard a little whisper recently about something called peer to peer fundraising. And if not, you’ve probably been asked by someone you know, perhaps a friend or family member, to sponsor them while they complete a personal challenge of some kind. Well, this, is peer to peer fundraising and it is all the rage in the fundraising world.Sometimes known as social fundraising, peer to peer fundraising is quickly becoming a very popular method of income generation for non-profit organisations. It is the process of empowering individuals and groups to communicate to and raise funds on your behalf from their own networks.
A charity can provide a fun or challenging activity for its supporters to participate in, while at the same time soliciting donations from their friends and family to do so. When done successfully, the organisation provides the right tools and support to its fundraisers – yes, that’s what your supporters effectively become when they engage in such an opportunity – and they are empowered to generate hundreds (and sometimes thousands) of dollars for you.And all the while, they are helping build your brand awareness by talking about what they are doing to others in the community.
Peer to peer is not a new concept (for instance, the MS Readathon is one of the most well known campaigns for children and it has been operating for over 30 years) but it has taken off in recent years due to the growth of social media and online capabilities. With the ability to tweet and easily share things on Facebook, your supporters can quickly become volunteer fundraisers for your cause.
Recent research shows that individuals who fundraising by using online tools (like Twitter and Facebook) are likely to raise about six times as much money as those that do not! Have a more detailed look at the strength of social giving with Blackbaud’s infographic here.
Let’s have a quick look at some of the benefits and challenges of peer to peer fundraising.
- Low cost to run and operate
- Engages your supporters
- Helps build brand profile in the community
- Opens new networks for your group
- Developing a creative and fun campaign
- Ensuring a good number of people sign up
- Motivating your participants once they’ve signed up
- Coordinating the campaign itself
When you have a clear understanding of both the benefits and challenges your organisation will be in a better position to determine if it is a fundraising vehicle suitable for you.
So, if you’re looking for a fun way to engage your supporters and build community awareness, a peer to peer campaign might just be for you. And who knows, your cause may just be financially rewarded for being social.
See you in the pond,
The Fish Chick.
P.S Keep an eye out for part two of this post in a few weeks. We’ll be sharing a few tips on how to make your peer to peer campaign successful.