The Crowdfunding Craze in Higher Education
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#eduweb14 The Crowdfunding Craze in Higher Ed
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The crowdfunding craze has undoubtedly transformed the fundraising landscape as we know it. By using some of the key techniques employed by traditional crowdfunding platforms, universities have the ability to move beyond crowdfunding to reach the holy grail of fundraising: sustained donor engagement. Higher ed institutions that combine the collaborative nature of crowdfunding with the right technology, storytelling and timed push periods, are the ones that will succeed in creating personalized user experiences that will turn one-time fans into consistent supporters. Presenters: Jamie McDonald, founder of GiveCorps, and Dayna Carpenter, director of annual giving at University of Maryland Baltimore County (UMBC), share tips to help move higher ed fundraising campaigns beyond crowdfunding, including: • How to create a collaborative campaign with unique, individualized user experiences • Tips to keep donors engaged throughout the campaign period • Best practices to transform one-time campaign donors into longtime advocates
Transcript of The Crowdfunding Craze in Higher Education
#eduweb14
The Crowdfunding Craze
in Higher Ed
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Jamie McDonaldFollow @genero_city
Chief Giving Officer of Network for Good
Founder of GiveCorps, online giving software for nonprofits and Higher Ed
Dayna CarpenterFollow @boyles_d
Director of Annual Giving at UMBC
Board of Directors – Northeast Annual Giving Association, Ltd.
Today’s presenters
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Crowdfunding has
a long
HISTORY
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Now,
Crowdfundingis making waves in
Higher Ed
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haven'tCHANGED
The fundamentals for higher ed
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But your passionate community
…students, alumni, parents, faculty, staff, others
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Has more power to move the needle...
…even with annual giving.
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With crowdfunding, social media +
great technology...
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It’s like a party for your school
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What is it?Crowdfunding:
Project-Based Annual Giving
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What is it?Crowdfunding:
Giving Days
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What is it?Crowdfunding:
Peer-to-Peer Fundraising
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What is it?Crowdfunding:
Student/Faculty Philanthropy
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Crowdfunding: building major gift funnel
Planned or Principle Gifts
Major Gifts
Annual Giving
Crowdfunding Principles
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Segmentation
• Prescriptive vs. Self-selected Segmentation
• Lead-Generation and Data Capture Tool
• If used right, reduces donor fatigue
– Changes the “voice” of the Asker
– Subtle way of involving donors in a “second ask”
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Phases of a Capital Campaign(and a Crowdfunding Campaign)
• The Quiet Phase
• The Campaign Kickoff
• The Public Phase
• The Campaign Closing Celebration
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Rosso’s Concentric Circles Constituency Model
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UMBC Crowdfunding: Pilot
• Launched in June of 2013
• Partial responsibility of one staff person
• Focused on student organizations
• 323 total donors
• 8.5% of all first-time donors to UMBC
• $16,838.50 (Average gift of $52.13)
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UMBC Crowdfunding: The Future
• Connecting with Events
• Incorporating in Direct Mail and Calling Efforts
• Personalized pages for high-end donors
• Team – or – Board/Chapter-based Giving
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What’s the right goal?
DonorsNew DonorsDollarsRecurring GiversParticipation
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You can still use a giving
pyramid to determine goalRaise $50,000 in campaign
• 8,500 donors in data file
• 3% participation (and you’ll
definitely attract new donors, so
this should be a safe bet)
• 255 Donors
22
(Planning + Inspiration) = Success
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Challenges Matching FundsEvents
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Teach campaign managers to be contagious
Regular, SHAREABLE
content
Donor list
Prospect list
Faculty/Staff
Students
Social channels
Media
Administration
Hint: COPE - Create Once; Publish Everywhere
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• Ideally:– Clean, simple giving process
– Automated thank you and tax receipt
– Mobile-ready for both learning and giving
– Be easy for your team to set up, update, and manage
– Embedded social sharing
– Instant reporting on the progress of your campaign
– Multiple inspiring fundraising pages
– Equipped to show your matching funds
– Peer to Peer fundraising capability
– Donor scroll online
Buy vs. Build?
What online giving capabilities do I need?
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Case Study: Project-based annual giving
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Case study: Giving Day
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Case study: Peer or Ambassador Campaign
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Case study: Student Philanthropy
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The Long-Term “Sticky” Donor
• Provides a great “first” giving
experience
• Highlights direct donor impact
• Broadens fundraising constituency
• Identifies donor interests –
contributing to marketing
opportunities
• Turn students and young alum into
Philanthropists – instill habit of giving
