The practice of funding a project by raising small amounts of money, also known as crowdfunding, is on the rise in the current era. This rise has been attributed mainly to the advent of online crowdfunding platforms.
As a crowdfunding platform, reaching your fundraising goal is of paramount importance. This is perhaps one of the highest mountains you need to climb if you wish to make a significant change in the world.
Whether you’re planning a small fundraiser or a mega glamorous donation event, you need to meet the goals. To meet these goals, a nonprofit fundraising platform requires organization, dedication, and consistent effort.
Below we have presented some useful tips to help you meet your fundraising goals. Combine your fundraising efforts with these easy-to-implement tips to quickly reach your goals.
The SMART Framework
One of the best methods to meet is the SMART framework. The SMART framework is simply a five-step model: specific, measurable, attainable, relevant, and time-based. This is a framework that many industries around the world have adopted.
For your fundraising goals, go through each of the five steps to inspire your supporters. Below is a description of the criteria that your goals should meet:
You need to be specific regarding the goals of your crowdfunding platform. You need to be much more detailed than simply increasing it from the previous year.
For this purpose, you need to select the KPIs you want to focus the most on. You need to find solutions to questions like- the target amount to collect and what impact your fundraiser needs to achieve.
Your nonprofit should be able to able to meet its goals. Measurement of progress will not be possible without a quantifiable objective. For example, if your goal is to raise plenty of money, people’s interpretations can vary regarding what that means.
Your goal should be ambitious but at the same time attainable. By this, we do not discourage aiming for a challenging goal. However, this goal must fall within the realms of possibility. To set an achievable goal, you must understand the base giving capacity of your donor.
The goal of an online fundraiser should be relevant to people. This means that it is such that it can make a difference. For this purpose, you need to understand the reason behind the fundraising goals.
Aim for goals that have a direct relationship with your mission. For example, if you’re raising money for an aspiring musician, your goal could be to raise money to buy musical instruments. That way, you will aim for a mission-driven goal.
Clarification of deadlines is crucial when setting goals. Make sure that your goals are such that they create a sense of urgency in others. Besides this advantage, a timeline also makes the tracking of progress easier.
Setting of Levels
You need to set up levels to meet your fundraising goals. Every penny you inspire donors to donate brings you closer to your goal. In this regard, an effective strategy is the setting of strategic giving levels.
When setting your suggested giving levels, you must set them based on the past campaign results. This means the results of the recent years, say the last five years or so. Then set an amount that is marginally higher than the average amount donated in recent years. This is a good way of setting up levels.
You can also move one step further ahead by pairing incentives with each giving level. This allows the supporters to envision the impact their donation can make.
According to Fundly’s crowdfunding statistics, updated supporters are likely to contribute more in the future compared to those who are not duly updated. As such, make it a practice to update the supporters a few days before the fundraiser. Less communicative messages are not very useful in generating the desired amounts.
The key matter here in online fundraising is transparency. You should explain to the donors the procedure of how their funds are utilised. Whenever the funds are utilised, you should duly notify the concerned donors. This increases the trust and confidence of the donors in your nonprofit.
One of the easiest ways to ensure transparency is by using a fundraising thermometer. Donation thermometers help donors visualise success toward meeting the fundraising goals.
Meeting the goals is crucial to the success of any online fundraising platform. Consistent effort and hard work are essential for meeting these goals. If you supplement it with the tips mentioned above, that will make your fundraising highly effective.
Ketto is a platform whose main function is crowdfunding. This simply means to raise money from a group of wealthy businesses and people to finance a project. With Ketto, you can raise funds for such noble causes like flood relief, child education, disaster relief, healthcare, etc. We, at Ketto, gladly welcome anyone who wishes to contribute money towards noble aims. Beginning a fundraiser at Ketto is extremely easy. You can start it easily, quickly, and with minimal risk. Most importantly, with Ketto, you can smoothly withdraw funds as per your desire.
It is natural for people to worry about online fundraising. They worry regarding where their funds are being utlised. Well, not to worry, as our experts will dedicate enough time and effort to explain precisely how the funds are utilised at Ketto. Already, millions of donors have become a part of the Ketto world. Now it’s your chance to join Ketto and bring a positive change to the life of needy individuals.