In a nutshell: using the power of the internet and social media networks to generate funds for worthy causes.
Whether that be entrepreneurs trying to raise risk free capital for a new business venture, or individuals raising money for charitable causes. However, in the last few years influencers from YouTube, Instagram and TikTok are harnessing the power of their followers and loyal communities to continue creating new content through generous donations.
It’s a win-win formula really: the community gets to see more of the content they love, whilst the content creator is directly rewarded. What’s not to like?
The Power of Social Crowdfunding
- A staggering $102.1 billion has been raised globally via crowdfunding (as of 2021)
- Social Crowdfunding is the second largest - raising $5.5 billion
- Funds raised through crowdfunding grew 33.7% in 2021 compared to 2020
- 12,063,870 campaigns are projected by 2023
- Successful crowdfunding campaigns have raised $28,656 on average
How to get started with Social Crowdfunding
Launch your Monetree profile 🚀
If you like the sound of crowdfunding, and let's face It who doesn’t, the next step is to get set up with a Monetree account (join here!). Once joined, connect your other social media networks to your profile, that way your current followers can still track you.
Share, share, share… 📱
Whether that be your campaign or your content to your various channels. Research shows that campaigns that update followers regularly raise 126% more than those with no updates.
Get personal 📹
Tell your story and allow people to get to know you, if you can create a compelling video intro this really helps here. Transparency is key to earning people’s trust and making yourself relatable, as well as trying to form a genuine emotional connection - adding personal information to your campaign could get you 79% more backers.
Cut the waffle 🧇
When writing your bio, or writing a description for a new campaign, keep it concise. On average campaigns with 300-500 word descriptions perform best, so try to stick within those limits.
Feed your feed 📰
Try to keep your profile as updated as possible. People who follow you, and ultimately donate to you, want to be the first ones to know the latest news, whilst it will help improve your engagement.
Show plenty of gratitude ❤️
If people are kind enough to donate to you, then be sure to express how thankful you are for their support. A simple thank you message goes a long way.