Peer-to-Peer fundraising is a profitable strategy for virtual events

Peer-to-peer fundraising: a profitable strategy for virtual events.

An overview

In its simplest form, Peer-to-Peer (P2P) fundraising for your virtual events is a very effective strategy to transform your participants in individual fundraisers for your cause by reaching out to their personal and professional network.

By ethically leveraging your participants’ network and commitment, you raise the level of awareness for your cause, you significantly increase donations and you proactively foster your online community. Participants are happy and eager to help as they feel a sense of personal accomplishment. In this article, we will analyze why Peer-to-Peer fundraising is a profitable strategy for virtual events.

Indeed, it’s a very low risk and cost effective approach that can be quickly and easily implemented. If your current virtual management system does not provide a P2P solution, you can integrate a third party platform to create individual sponsor’s page, collect funds and personalize outgoing messages.

How to support participant fundraisers

While the concept of fundraising from family, friends and co-workers is well understood by everyone, it’s online application requires some technical support and a bit of training so participants can perform at their best and enjoy the process.

In this article, it is assumed that you’ve already configured your P2P solution and that each participant has a personalized Sponsors’ page with his photo, a short text describing his motivation to support the cause and a clearly defined financial goal.

You may also consider the opportunity to create teams with their own Sponsor’s page. From there, you generate even more synergy and momentum as every member of the team has his/her own personal goal and is also committed to the team’s global objectives. No doubt, this can have a multiplier effect on the performance of your fundraising campaign.

Next, you must provide your fundraisers with email, posts, text messages templates that they can copy and personalize. Give them the tools and the strategies to communicate on their favorite media. You want to go a step further and provide training skills and tools to team’s Captains who will manage their own members.

Once everything is in place, you are ready to roll out your online P2P fundraising campaign. First, you enroll participants within your community. They in turn promote your cause and event to their circle of influence. Therefore you avoid advertising costs and generate more net revenue for your cause.

This approach is managed via an online platform and requires little ressources to operate. As a bonus, you will be amazed by the quantity and quality of data and valuable information you collect along the way. Most importantly, you engage your participants at a whole different level of commitment to the event and to the cause.

Learn more about the JustMove virtual racing app for individuals.

Step-by-Step instructions

Such a campaign is easy to manage especially if you provide participants with all they need to succeed. You can guide and coach your participants by stair stepping a series of actions they must follow with people they know. You can adopt / adapt different strategies such as to:

  • Encourage them to make the first donation on their Sponsor’s page as it sets the tone for other donors.
  • Teach them how to effectively communicate using your tool box by providing strategies they can follow.
  • Social media and SMS are great ways to share ongoing information about their fundraising campaign.
  • Ideally, contacting their colleagues can be done after they have the get-go from their employer.
  • Does their employer have a donation matching program in place or would they support a company team.
  • Clearly outline Donors’ recruitment and onboarding processes and when and how they should thank them.
  • Develop strategies to support momentum when participants reach milestones towards their goal.
  • Participants should be reminded of how last minute recruiting efforts can make a big difference.
  • After the event, provide them with all the information and stats to thank their sponsors.

As you can imagine, there is no limit to support and inspire your participants. A word of caution… make sure that everything you set-up for them is easily duplicable and does not require one-on-one coaching as it would quickly become overwhelming and counterproductive for your organization.

We’ve seen how Peer-to-Peer fundraising is a profitable strategy for virtual events and chances are some of your participants are already well aware of the path to follow when it comes to P2P solutions and strategies. Why not empower them to support and guide others?

Looking for more reasons to sign up? Contact one of our team members to ask questions or request a demo.