While most companies tend to solely view their industry’s competition, there is much to be learned from examining and measuring other sectors’ success. A good organization to evaluate is Kickstarter, a creative campaign funder. While new avenues are explored for donations, business ventures, and promotions, Insurance for Charities can provide the necessary safety cushion.

Kickstarter is an innovative way that allows anonymous and named donations to be put toward an effort to create a new product and service. However, the turnaround time from donation to available service or tangible results is often quite delayed. Similar to Kickstarter, charities regularly request donations to support a cause that isn’t always a guaranteed success. As such, the following five ways are innovative ideas used by Kickstarter that could be adopted by charities to gain donations.

Paint a Picture- Many times, charities are not specific about the ways in which your money will contribute. Try painting a clear picture, as Kickstarter does, of how donations will be used and the benefits the donor will reap.

Set a Goal- Kickstarter campaigns identify targets they wish to achieve, indicate how many people contributed and how much more they have left to raise. By setting a goal to reach a specific number of contributors or amount of money you wish to raise, the donors are unified and more likely to want to reach that goal together.

Progress Updates- As Kickstarter delivers a progress update on projects that the donor contributed to, charities should consider employing the same tactic. Regular updates on progress made and how the charity is spending the money will help to promote trust in the charity and engagement among the donors.

Provide Incentives- Big spenders and early contributors are recognized by Kickstarter. Similarly, charities should provide incentives for people to give. According to Boag World, the reason people give is complex and does involve a significant element of reward, as giving to others makes people feel good about themselves.

Create Community- While giving to a cause makes people feel a part of a community, the best campaigns turn consumers into advocates, according to Boag World. This type of mentality can help to promote success and increase donations at your charity and cause.

At Charity First, we have a deep understanding of the nonprofit industry and seek to write policies that protect your business against the scope of risks you might face. To learn more, contact us today at (800) 352-2761.