Do you have a cause that you are passionate about, but do not have the resources to start? Did you suddenly run out of resources for a project you have planned for a very long time? Crowdfunding will generate funds for your project, helping you launch it right on time.
Investopedia defines crowdfunding as “the use of small amounts of capital from a large number of individuals to finance a new business venture.” Here’s why crowdfunding should be part of your cause’s strategy.
Raise capital for the cause
Like a business, a cause needs capital and human resources to start. It usually has a team handling multiple things: advertising, finance, public relations (PR), risk management, research and development, security, social media, etc. They need to be compensated or risk losing people and time.
Crowdfunding can run indefinitely, so your project could be supported by donors until necessary. With the funds available for your team, you could start recruiting people and planning your next move. If your project is product-oriented, it should give your team enough resources for different versions of it.
Social media is a powerful tool for crowdfunding. It can contain hyperlinks to the cause’s website and where to deposit donations. You can post articles about your project on social media — include hashtags to make them easy to find.
Support a project
Crowdfunding can also help an ongoing cause. If your cause has a project that needs financial support, you can invite people to crowdfund again. They can use the same link to donate or share with their friends on social media.
Think of crowdfunding as an ongoing payroll for the cause. Need new materials for the project or hiring additional team members? Post the link again online. Include multiple payment channels because some donors may not have access to all of them. You can also ask them their easiest payment method and use that instead.
Crowdfunding can even support unreleased projects, promising ideas that there would be a budget for them should they be implemented.
Pay for advertising
Crowdfunding can pay for social media ads, boosting posts, and likes/shares. The funds generated by crowdfunding can also pay influencers. Although not all projects require paid media for attention, the fund can come in handy when needed.
Advertising cost varies from platform to platform, so having funds can help a project promote on any site. While people use social media, you can also advertise on a website. If it’s a paid promotion, there’s a budget allotted for it.
Giveaways and other assets
Sometimes a cause needs to be exciting with giveaways, prizes, and freebies. You can use crowdfunding to buy them, allowing you to focus on the program’s outcome rather than its current needs. Like advertising, a cause does not need giveaways, but it would be great to have a few.
Crowdfunding can also provide additional funds. You’ll never know when this would happen, so it would be best to have emergency funds ready.