Which fundraising channel is the best for raising funds towards a particular cause? While it is important to make good use of both online and offline fundraising channels, the truth is each channel works in its own unique way.
As an individual seeking to raise money through fundraising, your focus is on choosing the right strategies that will optimise your campaign efforts in producing good results.
In the UK, most people especially the younger generation favor giving donations online because it is the most convenient method. People aged 65 and above prefer making the donations in person.
Both offline and online fundraising channels have pros and cons. The proliferation of the internet has led to a meteoritic rise of online fundraising platforms. However, offline fundraising is still the bread and butter of overall fundraising revenue for charities.
Offline fundraising still leads when it comes to raising money for charitable causes. In fact, 90% of revenue collected by charities in the UK comes from offline sources. Direct mail is the main source of offline donations, making up to 79 % of total donations.
The disadvantages of offline fundraising channels include; it is difficult to acquire new donors offline, the offline contributors are mostly older, and earn a lower income compared to online donors. Offline fundraising also experiences a decline in growth every year.
- Direct bank transfers– donors contribute directly to a particular bank account through direct money transfers.
- Direct mail donations– this refers to contributions sent through direct money order or post office.
- Sending cheques- your supporters can also contribute make their donations by sending cheques through mail or courier service.
- Event donations – these are contributions donors make during an event such as dance competition, auction, gala or walkathon.
- Major gifts- donors can show their support for a cause by sending major gifts worth specific amount of money.
- Retail wire transfers– these are contributions that come by the Western Union or Moneygram.
Because most offline donors aren’t on social media, the best way to engage your supporters is through conducting door-to-door campaigns or holding competitions. Going door-to-door allows you to accumulate donations as well as getting time to talk one-on-one with people who might want to get involved by volunteering their time.
Although tiresome and laborious, holding competitions or events such as cake bake, raffle or walkathon can help boost your offline campaign efforts and engage supporters who might not be able to make financial contributions.
The growth of online fundraising in the past years is tremendous. It only makes up 10% of donation revenue but it is the most effective way of acquiring new donors. The internet has made it easier for potential donors to discover fundraising campaigns to donate to online. Smartphones and social networking platforms allow online fundraising organisers to expand their reach and raise more funds.
Online donors contribute more money on their first time and continue to give more over time than offline donors. Majority of online donors comprise of millennials aged between 24 and 55 years.
Backers who donate online earn more money compared to their offline counterparts. Another advantage of using online fundraising is that it is easier to convert and get online donors to make their contributions using offline methods- a situation which is nearly impossible to do with offline fundraising.
Online fundraising is more effective because it combines the power of social media with the support of your friends and family.
Popular online donation methods include:
- Online crowdfunding – this involves raising funds via online crowdfunding websites, such as Leetchi.com
- Text donations– a typical example is a text-to-give initiative that allows donors to give to nonprofits directly through the text messaging app on their mobile devices.
- Peer-to-peer fundraising– In this method, your supporters raise money on your behalf through individual online fundraising pages that are then linked to your main fundraising page. It is a great way to reach out to a large audience and get more donations.
Online fundraising platforms offer new ways to raise money online through integrated features that provide a more personalised experience to contributors. By creating an online fundraising page with dynamic content and captivating images or videos, you can easily target your donors’ emotions and implore them to donate.
In order to maximise your crowdfunding potential and achieve better results, it is important to combine both offline fundraising and online fundraising channels to raise money for charity or individual causes.
Star raising money online for any particular cause at Leetchi.com. Create your online money pot today!