The power of a peer-to-peer fundraising campaign lies in your participants’ fundraising abilities. As your participants tap into their social network, new people are introduced to your organization and many of them are likely to become donors, if only for this event. If your organization has decided to host a crowdfunding or peer-to-peer fundraising event, the percentage of your participants that fundraise (and fundraise well) will likely be a key metric of your success. And it’s not as easy as you might think to motivate participants, even those that are excited about your cause, to raise money for you. We often see events where participation rate, as defined by the number of participants that have raised at least one donation for the organization, is less than 20%.
Are You Sending the Right Message to Your Participants?
You may have decided to charge a registration fee to cover basic event expenses. Doing this sometimes leads participants to believe that they have done their part for your organization – after all, they paid to come. Your job is to announce loudly on your organization and fundraising websites as well as Social Media and all communications, that this fundraising effort will be successful only when participants go out and raise money for your cause. Registration fees cover your expenses, but do not raise the much needed funds to make your event the big success you are working for. As well, creating participant fundraising goals that are too low (ie $20) lets your participants know that anything goes for your organization. Set participant and team fundraising thermometers high enough to encourage your participants to fundraise.
Tracking Your Participation Rate with Our Peer-to-Peer Software
Tracking your participation rate is the first step to improving it! Here’s where we come in. When you (our Pledge crowdfunding software users) log into the administrations area, you land in the Event Dashboard. Here you will see two key participation rates - Individual Participation Rate and Team Participation Rate. If your participation rates are less than 100%, you still have work to do!
Team Participation Rate can also be made visible via the Team Participation Rate snippet. Inserting this snippet creates a graph on your website where teams can view their status and compete. This metric works exceptionally well for schools and teams that are closed systems; some schools have successfully reached 100% participation by heavily promoting this snippet on their website home page.
Our peer-to-peer crowdfunding software also offers a report called Participants Not Fundraising.This report allows you to view and download a list of your participants who have not raised any money. Via the email function, you can email these participants and offer some incentive to get them going.
Prize Management & Incentivization for Peer-to-Peer Participants
Our software also includes a Prize Management & Incentivization system. This system allows your organization to easily monitor fundraising prizes or awards. The function is completely configurable for your prize levels and ideas. A prize widget will appear at the top of personal fundraising pages when a participant has reached a certain prize level and your participants will love to see this! Prizes that are appropriate to your constituents are always strong motivators to fundraise, so be sure to include these to help reach your fundraising goals.
Remember, if you want to make the most of you’re a-thon event, you have to track your participation rate and incentivize fundraising. Ask us how we can help with our crowdfunding software for non-profits.