But why P2P?
Here are three key reasons why your organization should implement P2P:
1. Utilize your current donors
Not only is P2P fundraising a fantastic way to generate revenue, but it’s also an excellent donor retention and acquisition strategy. Your most dedicated supporters will always be happy to put themselves out there and help raise funds. Then, because of the inherent trust that exists, their friends and family will eagerly support them and may become regular donors themselves!
Response rates to P2P fundraising are generally 25%, up to as much as 50%. This is a huge improvement over direct-to-donor campaigns, where response rates are usually only 0.5 – 2%*.
The beauty of P2P is that there is no need to go out looking for new donors – they are brought to you! On average, eight new people will join every P2P fundraising campaign. That’s eight potential recurring donors or eight new monthly donors for every P2P campaign you run**.
2. Get to know your existing supporters better
To maximize a P2P strategy, deep-diving into your existing donors is foundational. Investigating who they are, why they give, their social media activity, what their hobbies and interests are, and previous giving patterns is essential to know who to approach for your P2P campaign. You will be encouraging your supporters to play to their strengths (such as a strong social media following or a close connection with locals in their community), so it’s helpful to know a little about your potential P2P donors. While they’re still technically your donors, those who take on a P2P campaign also take on a new role in your organization, strengthening your nonprofit’s relationship with them.
3. Expand your network of donors
P2P fundraising allows you to reach beyond your own contact lists and into the networks of others. P2P donors have direct access to groups who may have never heard of your organization – friends, family members, coworkers, and peers. By creating a P2P fundraising campaign, nonprofits get exposure to people they might never have reached. Those advocating and soliciting donations for your cause do more than just raise money for your organization; their vocal, public support increases brand awareness for your mission.
Go ahead and review your individual giving strategy. How many donors do you currently have? If you have none right now, that’s OK. Set a goal of how many more you want, and then let’s get to planning how we can strategize a P2P campaign to help increase your donor database. You can look forward to greatly multiplying your impact!
Stay tuned for next week when we talk about creating a P2P plan.