5 big-budget best practices
We consider any project more than $10,000 to be a big-budget project. Big-budget projects require a robust strategy, so take a look at the tried and true practices that have helped ioby Leaders raise thousands and thousands of dollars.
1. Have a strong team.
The more people you have as part of your core team, the more social networks you can access for donations. We recommend five or more people for a big-budget project.
You also want committed team members that represent a variety of skills. Some of the best people to have on your team are:
- People who are well-connected to potential donors (neighbors, business leaders, other community movers and shakers)
- People who aren’t afraid to make personal asks
- People who are good at social media and online communications
- People who are strategic thinkers that can help you plan your crowdfunding campaign
2. Create a detailed prospect chart.
How many people will you ask for $100? $50? Knowing exactly who you plan to ask for what amounts is key. Sit down with your team and have each team member write down the names of the people they plan to ask at what amounts. The prospect chart will not only reveal how you will reach your goal, but will serve as a great tool for holding your team members accountable to the asks they’ve committed to making. You can use this detailed prospect chart to get started.
3. Plan an event.
Your in-person asks will get you the most donations. Planning an event is a great way to get in front of people to share the impact of your work and make asks. There are ways to do this very cheaply so be in touch if you’d like to brainstorm.
4. Use match dollars to leverage more donations.
Most big-budget projects have match available two or three times over the course of their campaign. When you find a donor willing to donate $500 or more, you can ask if they are interested in using their donation to help you leverage even more donations. Once we set things up, your donors will see their donation doubled, or tripled, in real-time! Who doesn’t love to see their money multiply? Learn more about how it works here.
5. Pick a strategy for reaching each milestone.
The strategy we recommend for reaching 25% raised is doing a soft launch—a time when you don’t post your campaign to social media and instead only ask friends and family to donate. But what should you do after you hit this first milestone? Maybe you have an event to help you hit 50% raised. Maybe you have match available to help you hit 75% and 100% raised. Whatever the strategy, you’ll want some strategy for hitting each milestone.
Read about real-life experiences of ioby Leaders putting these best practices work in our Guide to Making it Rain or listen to their stories in our webinar How to Make it Rain: Crowdfunding for Larger Budgets.
Give us a call and we’ll help you figure out how to make these best practices work for your campaign.
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