What is Peer to Peer Fundraising?
There’s so much excitement, especially in the world of fundraising about peer to peer fundraising. Why is it gaining so much popularity? And why do supporters swear by it, and organizations love it? The truth is, peer to peer fundraising really works when you do it right. But what is peer to peer fundraising?
What is Peer to Peer Fundraising?
In this article, we’ll discuss the meaning of peer to peer fundraising and how it works. We’ll also point out why it’s quickly gaining popularity among fundraisers — especially for those who are fundraising for a school trip or new materials for their organization.
Peer to Peer Fundraising Explained
Simply put, peer to peer fundraising is a model used to raise funds that relies on peers using their networks to raise funds for a cause. You encourage the supporters to fundraise on your behalf by reaching out to their peers. It’s also referred to as p2p fundraising, personal and/or team fundraising or social fundraising as it enabled nonprofits to find new donors, increase their reach and build deeper connections with their existing supporters.
Peer to peer fundraising is not an entirely new idea. However, the internet has made it more powerful as a way to raise funds. If you consider how it works, you’ll discover that p2p fundraising has immense potential.
What Are the Benefits of Peer to Peer Fundraising?
Here are the three main benefits of peer to peer fundraising
Builds Upon Existing Relationships
Unlike traditional fundraising, which requires significant investments of time and effort, peer to peer fundraising helps to scale the building of relationships by tapping into the networks of supporters you already have. This works well if you need to raise money immediately. Peer to peer fundraising taps into any ecosystem that’s already there. You’ve built relationships with your supporters and they’ve built relationships in their existing circles.
Multiplies the Impact of Limited Resources
Raising funds often involves working within time and resource constraints. And that’s where peer to peer fundraising comes to the rescue. It helps you make the most of what you already have by leveraging your social capital. Organizations can raise twice as much with peer to peer fundraising than they would with crowdfunding or traditional techniques. Your supporters will raise funds on your behalf.
Grows Awareness Organically
When your supporters spread the word about your organization and raise funds, they’ll likely start with their close friends, family and workmates. By so doing, they’ll be championing your cause and sharing your story. This goes a long way in carrying your message and mission to new audiences in one of marketing’s most effective forms — word of mouth.
Bottom Line
With the tips mentioned, you should be in a better position to answer the question: what is peer to peer fundraising? For you to succeed with peer to peer fundraising, you don’t require a large development plan, a huge budget or know how to sell fundraisers really. You don’t have to have millions of ready supporters or be a tech wizard. All you need to run a successful peer to peer fundraising campaign is a little know-how, some supporters who are passionate about your cause and the right fundraising platform.
