As organizations develop and successfully implement crowdfunding events, many are and should be asking themselves what to do with all those new crowdfunding donors. Questions like “Can these donors become long-term valuable supporters to the organization, and if so, how?” are certainly on the minds of fundraisers as we see an influx of these “new” type of constituents.
Depending on the type of crowdfunding event—did you ask for direct donations to your cause or was there a Peer 2 Peer fundraising component—it is important to understand these constituents in order to develop an appropriate stewardship plan. And stewardship is a MUST. Engaging in relationship building, not just the ask, is a cornerstone of long-term success, and must be a core part of any organization’s plans for your crowdfunding community.
All of the fundamental best practices of stewardship still hold—create welcome and engagement series for these folks to tell them all about who you are, what you do and why their ongoing support is important. Provide feedback loops of their donations at work. For P2P supporters, engage in a stickiness campaign that clearly explains your mission (remember, these folks likely gave to a friend or family member who asked for support, not directly to you).
The best way to enhance all these fundamental best practices, and to make a significant impact on your fundraising and long-term relationship building is through smart data use. Any crowdfunding event, whether via your own platform or with a partner, should provide you with full access to your donors, their giving data and the ability to market to them (if not, ask yourself why you are using a platform that doesn’t give you access to your own constituents).
Here are six ways to leverage crowdfunding data to enhance long-term donor performance:
- Consider donation timing. Find donors who gave at the very start of your campaign, as they were the first to jump in and open their wallets. These are people who are in early and are committed. Test messages to this segment that have “early opportunities,” “special offers” and other messaging that provides a sense of a special access. These may also be great candidates to go to when setting up another crowdfunding event to obtain giving commitments.
- Leverage giving patterns when asking for subsequent donations. So you’ve welcomed your donors, and now you are going to make a second ask. Are you just dumping them on a generic donation form? Doing so leaves money on the table. You should know how much these folks gave to you. Create personalized, or at a minimum banded ask arrays, to ensure you are customizing the ask to their prior giving behavior.
- Track the messages or outreach that generated the crowdfunding gift, wherever possible.
- Was it a special-themed call to action focusing on a specific part of your program? If so, the second ask should have some customized content with the same theme (e.g. if you are raising money for your animal shelter and I responded to a message about puppies, I am more likely to respond to another message about puppies).
- Was the gift in honor/memorial of someone? Subsequent messaging might have a theme about honoring and remembering loved ones and the importance of legacy.
- Test giving options. This will enable you to determine whether your specific crowdfunding donors are partial to different ways of giving.
If your crowdfunding event focused on funding specific projects or programs, test whether generic asks or those focused on another project (designated or non-designated) resonates better with the crowdfunding file.
It’s always good to test sustained giving asks. But also consider pledges (set donation amount over a known number of giving intervals).
You can easily test this by creating tabbed giving forms (e.g. the Kimbia Form Chooser Widget, example below) and A/B split testing which tab the users initially land on.
- Use data to increase reach. Analyze your crowdfunding donors’ behavior to identify those who not only gave, but also reached out to others via social or any other sharing mechanisms available to them. These are self-identified promotions. Segment these folks out and develop targeted “other ways you can help” messaging to help promote other events, programs, DIY campaigns, etc., your organization may have planned.
- Keep track of all these activities and outcomes. A data-driven approach to marketing and fundraising will only expand the opportunities for your organization to engage successfully with your supporters.
How do you use data and testing to improve donor engagement and retention? Let us know in the Comment section below, and contact us today to learn how Kimbia can help you find, convert and retain new donors.