Having a detailed strategic plan before starting your crowdfunding India campaigns is one of the most crucial steps in your fundraising efforts. More often than not, the success of your crowdfunding efforts depend on your initial strategy. Planning out every activity gives you and your team a sense of direction and a goal to aim for. The best thing that can come out of detailed planning is that you get to learn from the past. As each year goes by, you will better understand the nuances of the philanthropic world, as well as the fast growing world of crowdfunding India.
This article offers a four-step crowdfunding strategy for nonprofits:
Step 1: Analyze past figures
Put together your income and expenses from the previous year to know your spending pattern. Analyze where you can cut down costs and where you need to dedicate more time and resources. Evaluate the sources that brought in money, and the sources that didn’t. A good way to do this is to make a chart of the previous year, and then consequently make one for the year to follow. It should include all costs associated with communications, campaigns, overheads, travel, food, staff payments etc.
Step 2: Have a mission
Your campaign should begin with giving details about your background, your team, your vision, your goals, and most importantly – your current efforts. It is necessary to have a firm positioning about these details from the very beginning, because otherwise it may reflect instability and unreliability. Including noteworthy achievements from previous years will also add value to your crowdfunding campaign.
Step 3: Gather your resources
Your online fundraising resources are all the assets that make your crowdfunding campaign successful. This includes people, money, materials, and equipment. Be sure to put together a strong team of like-minded individuals, with the same ideals and goals for the nonprofit. Ensure that each member has a specific skill set that will be used to further your ccampaign, such as, strategy, communication, accounting, social media, etc.
Step 4: Set up a network for targeted communications
When you have a fixed target market, you can direct majority of your cost of campaigning, and communication efforts towards them. For instance, if most contributions are coming in from CSR activities by big business, then that’s where your audience lies. You can even consider combining your online fundraising efforts with offline engagements, which will grow your network of donors and open up more options for future collaborations.
It is not an easy task to plan a crowdfunding strategy with such great detail. But once you’ve done it, you will find that it makes your job so much easier. If you’re new to the world of crowdfunding India, we hope this four-step strategy helps in planning your first campaign with Impact Guru.