I just released a new guide! Check it out here. It’s all about crowdfunding personal expenses. Get Funding for Education,Travel, Volunteering, Emergencies, Bills, and more.
Since being launched in December of 2014, Indiegogo life has raised millions of dollars for campaigns all over the world.
Similar to GoFundMe, Indiegogo Life is a crowdfunding platform that helps individuals raise money for personal causes. If you need help with medical, funeral, or education expenses, then Indiegogo Life is the way to go.
But, don’t make the mistake of thinking that a personal or charity crowdfunding campaign is exactly the same as a old-school fundraising drive. It’s very different and here’s why:
- Social media websites like Facebook, Twitter, and Instagram have the ability to magnify the reach of your fundraising project.
- Video, perks, comments, and a campaign page make it easy to connect with donors and explain why you need the funds and where they will be going
- In-depth analytics improve your marketing efforts. You’ll be able to see how many people are viewing your project, from where, and whether or not your outreach is effective.
- Online communities like Reddit and online publications might connect with an engaging story and spread it around the internet.
So what do you need to do to successfully raise money through Indiegogo Life?
1. Set a reasonable goal
We touched on this in our charity fundraising webinar. Almost all personal crowdfunding campaigns raise the majority of their funds from the individual’s social and local network.
It is extremely unlikely that strangers will pledge to your campaign. There are, of course, exceptions to this rule, but for the vast majority of you out there, you’re going to have to toot your own horn.
If you set a lofty $100,000, any pledge or contribution that you ask a friend to make is going to seem like a drop in the bucket. You need to set a realistic goal if you want your fundraiser to be taken seriously.
You don’t need to raise all of your ultimate goal through crowdfunding. Instead, you can combine crowdfunding with a low-interest loan through a peer to peer lending platform, like Prosper.
2. Fill the tip jar before asking for tips
This is a very basic and much overlooked concept.
Do you ever wonder why a cashier’s tip jar always has some money or why that musician in the subway always has some bills in his suitcase?
One word: social proof, attention, and peer pressure. Okay maybe a few words.
Let’s adopt the mindset of a friend in your social network. If other friends have taken the time to pledge money to this new fundraising campaign, then that individual is more likely to pledge money, as long as it’s a good cause.
Rather than letting everyone know about your campaign the second that you launch, take a second to ask those very good close friends to pledge ASAP, and then start thanking them publicly, which also gives you an opportunity to link to your campaign!
3. What are you giving?
Most people think about an online fundraiser is all about getting, whether thats money, traffic, or media attention. Not true.
All great fundraiser are about giving.
How can you make donors want to be a part of your fundraiser? How can you develop rapport and befriend people through your video pitch so that they feel like they know you (if they don’t already) and that by pledging money, they’ll be changing the world for the better.
Here are a few ways that you can give back to donors:
- Make them smile with an entertaining video update.
- Let them know that you are thankful with personal message.
- Make them feel like a rockstar with a tweet or shout out.
- Update them with images of how their funds are helping the cause.
4. Focus on the why and objections that are bound to come up.
I’ve outlined a few objections that are bound to come up if you are raising money for education costs and some of the emotions that donors tend to feel when they give to a health-related fundraising project.
We’ve already talked about how the majority of charity campaigns raise money from your social network, but asking anyone to donate money to a personal cause can be embarrassing.
To make it less difficult, you need to hone in on the why it’s a must, otherwise, people might think that you’re looking for a free lunch. You’re likely to encounter these types of objections and questions when asking for donations:
- Why can’t you just get a loan?
- Where will the money be going? How will I know?
- Why can’t you just work more?
- There are so many causes and people that need help though…
- How much should I give?
- Is this legitimate?
Be ready for them with good answers!
5. ABC = Always be communicating
This does not mean that you should always be spamming.
It means that you need to constantly communicate your story, cause, and pitch during the duration of your campaign.
It means that you need to come up with excuses to share your campaign, whether that’s while doing a shoutout or tying a comment into a local news story.
It means that you should be talking with organizations and nonprofits that also care about this same issue, cause, or personal challenge to help magnify the reach of your story.
Indiegogo has also put together a great stat, which underscores this point.
“We’ve found that updating your page every five days can increase donations by 218%. Your supporters like to know how things are going, and may even donate again. “
Where to go from here?
If you’re unsuccessful with Indiegogo Life or personal crowdfunding in general, I would recommend looking into peer to peer lending. I’ve been covering this topic more as a way to obtain an unsecured personal loan and I think it’s another great way to get funds for a personal cause.
