Fundraisers have been proven to help many groups and individuals achieve their goals. Over the years, people have discovered new activities and events they can hold in order to generate funds for certain causes. Universities, for example, have been hosting fashion shows, auctions, and carnivals to raise the money they need to make a difference in students’ and colleagues’ lives.
Fundraising programs typically require physical participation. This has limited the possibility of universities conducting fundraising events when people don’t have the capability of gathering together in one location. Thanks to technology, however, creating a successful virtual event is now possible.
What Is Virtual University Fundraising?
A virtual fundraiser takes place entirely online, and participants meet using live streaming, video, and peer-to-peer fundraising apps. This is an alternative to in-person galas, races, walkathons, concerts, and more.
Advantages Of Virtual Fundraisers
If you’re hesitating to organize a virtual university fundraising event, below are some reasons to consider them over traditional ones.
- Expands Your Reach
Taking your fundraising efforts online allows anyone in the world to participate in your campaign. It enables you to broaden your donor base. You no longer need to see your donors in person or ask for their addresses.
Because of the internet’s global scope, you can invite someone from anywhere in the world to donate to your cause. Since no travel is needed, virtual events provide more opportunities for diverse guest speakers and other forms of entertainment.
Furthermore, you can ask your donors to raise funds on your behalf. Enabling them to fundraise virtually on their own means they can help you expand your reach even more. You’re also automatically funneling participant information into your database with little effort as they reach out to their networks. Having a wide range of possible donors makes virtual fundraising one of the best ways to finance a student’s university education.
- Saves Time
If you launch an online campaign today, you’ll immediately know whether it’s effective in the next 48 hours. Unlike traditional fundraising, which may take anywhere from weeks to months for you to see any results, virtual fundraising can be launched quickly and show outturn in a couple of days.
You may also eliminate steps a few steps when conducting a virtual fundraising event so you can make better use of your time.
- Quickly Analyzes Results To Enhance Future Events
You also get immediate access to your data because online fundraising automates your operation. You can monitor incoming funds in real time and generate reports.
By using analytic tools, you can examine statistics and data to better understand how the campaign is doing. Before that’s possible, though, you need to come up with fundraising metrics. With those metrics, descriptive analytics, and an understanding of past patterns in donor activity, you can figure out which approach to pursue. From there, you can implement your tactics. Lastly, you can use the metrics in the initial process to assess your tactics’ efficacy.
From such efforts, you’ll gain a better understanding of the outcomes of your fundraising activities. This will enable you to determine several ways to improve future events.
- Increases Number Of Regular Donors
Many universities depend on regular contributions to fulfill their long-term fundraising goals and secure income. Online activities are ideal for encouraging visitors to set up monthly donations using credit or debit cards and other safe payment methods.
Your donors will appreciate how this setup minimizes friction and makes the process quick and convenient for them. Donors no longer have to go through their drawers for a checkbook to help your cause. With cell phones and money transfers, they can donate to your organization in the comfort of their own home or from anywhere.
What’s more, you’ll receive not only their donation but also their contact details, allowing you to begin building relationships right away.
With traditional university fundraising, you need to find a place for the event. If the university doesn’t have a facility big enough to cater to expected participants, you might have to look into other venues. You may also need to provide food for everyone who’ll be a part of your campaign. Both of these factors can be time-consuming and costly.
On the other hand, virtual fundraising allows you to save on the cost of renting a venue for the program, providing food for attendees, and other related expenses.
Disadvantages Of Virtual Fundraisers
Like any other type of fundraising, virtual fundraisers come with cons you have to take into account before you decide to hold your event.
- Tougher Competition
Since virtual fundraising events enable you to reach donors from anywhere, it also means competing against more prominent players in the field. Thus, you’ll need to be extra creative and do a lot of digital marketing to ensure that your campaign will stand out from the crowd. Managing to be on top of your competitors will surely boost your fundraising efforts.
- May Require Some Tech Skills
There may be times when virtual fundraising tools and applications aren’t user-friendly. This might lead you to struggle a lot and initially discourage you from trying virtual fundraisers. However, you can take the situation as a challenge and improve your skill set along the way. It’s a good idea to turn to online fundraising experts to help you out as well.
- Online Transaction Issues
Online transaction fees might also affect the decision-making of some donors when transferring funds. Though such costs are minimal, accumulated fees can harm fundraisers.
Moreover, some donors aren’t comfortable providing their account information online, afraid of being a victim of a scam or cybercrime. Others who might be willing to take a risk and donate may also not be familiar with the entire transfer process. In the end, both of these scenarios may discourage potential donors from participating.
- Donor Fatigue
Because fundraising has become so popular and easy to conduct online, potential donors are bombarded by numerous invitations to fundraising events. This might lead to donor fatigue, a condition in which people stop donating to charity after doing so a certain number of times.
That being said, you might need to explore new options to catch their attention and encourage them to donate again.
Virtual university fundraising is a fantastic way to reach out to donors from different locations. Although it comes with disadvantages, as long as you know how to mitigate and find ways to resolve those problems, virtual fundraising is ideal for securing financial support for your university’s projects and causes.