The Future of Fundraising
Technological advancements are changing the ways that people interact and do business. The charitable sector is no exception to this, and charities and donors need to stay on top of the most recent developments to maximize their fundraising efforts. Given all these rapid changes, fundraising techniques and actual giving methods are evolving. This is hardly an exhaustive list, but it examines a few of the up and coming trends in the giving landscape.
The charitable sector saw the power of cryptocurrency in late 2017 and early 2018. Different startups and philanthropists have made significant donations worth millions of dollars in digital currency. There are cryptocurrencies developed for use specifically in the sector, like Donationcoin. This allows for instant transfers without third-party processing fees, providing a cost-saving advantage for donors. UNICEF’s approach to cryptocurrency was a little different but unique: their program Game Chaingers recruited gamers to mine a currency called Ethereum, with the resulting funds supporting relief efforts in Syria. In essence, this enabled the gaming community to donate without giving money.
Different sectors have been embracing virtual reality (VR) for its ability to create immersive experiences, and it’s no surprise that the technology is making its way into the charitable sector too. According to a 2017 Facebook report, 48% of individuals who viewed VR content from charities are likely to donate to the given cause, and they are also likely to give more. “VR is an effective tool for fundraising given its ability to put people in others’ shoes,” writes the Better Business Bureau’s Spring 2018 Wise Giving Guide. The organization charity:water hosted a fundraiser in December of 2015 and provided guests with VR headsets that virtually transported them to Ethiopia. In demonstrating the fundraising potential of VR, charity:water received more donations than anticipated with $2.4 million in donor commitments.
Love it or hate it, Facebook has been a powerful tool in the nonprofit toolbox. The platform can be used for fundraising in addition to volunteer recruitment and spreading brand awareness. Facebook started allowing its users to set up fundraisers for nonprofits, which streamlined the giving experience. Furthermore, Facebook has, in a sense, made peer-to-peer fundraising easier as well.