INDIVIDUAL GIVING RETAIL GIVING

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INDIVIDUAL GIVING RETAIL GIVING

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INDIVIDUAL GIVING/RETAIL GIVING Retail giving is also known as individual giving. It usually refers to donatons made by ordinary individuals to nonprofts and charitable organisatons. Typically in the range of Rs 500-10000 it is an area of giving that hasn’t been adequately tapped in India. Indian non profts have largely relied on money from corporates via their CSR funds or on large grants from philanthropists foundatons bilateral and multlateral agencies. Retail giving has been tried by very few non profts though this is slowly beginning to change. We are also seeing new players emerge – crowdfunding platorms like Keto Smallchange Milaap payroll and individual giving sites like GiveIndia and ecosystem builders like Danamojo – all of whom are contributng to the growth of this space. The growing importance of retail giving For nonprofts individual giving is resilient gives them autonomy works as insurance and builds awareness for the cause. According to Ingrid Srinath Founder Director of Ashoka Centre for Social impact and Philanthropy “Corporate money can be whimsical. It goes away when strategy changes when sectors are no longer ‘fashionable’ CSR budgets were and will always be the frst budgets to be cut and the slowest to recover during a downturn. Retail money on the other hand is far more resilient.  “ It also lets you set your agenda since individual givers are low-maintenance unlike foundatons and philanthropists who have stringent reportng requirements and restrict you from spending their money on critcal insttuton building costs Individual giving is increasingly becoming digital In the past fundraising from individuals usually meant getng lists and databases of people and using telemarketers or hiring door-to-door salespeople to speak to people individually and ask for donatons. With the onset of digital this has changed dramatcally. Now you can raise money from anyone with access to a mobile phone or the internet and from anywhere in the country or the globe. According to the 2018 Global Trends in Giving Survey 54 of donors worldwide prefer to give online with a credit or debit card and  9 through PayPal. Donors are much less likely to give through mobile apps/wallets  4 and through text message  1.  Getng it right with online channels Despite the fact that non profts have started raising more money from small donors both through crowdfunding platorms and their own websites there is stll limited understanding of each of these channels and their usage . The general impression around crowdfunding is that if a non proft creates a campaign online several random people will come forward and fund it. This is incorrect according to Dhaval Udani founder of Danamojo “Raising money from complete strangers rarely works – the exceptons being emergency cases such as medical or disaster fundraisers – where media has created enough external awareness for the issue.” Crowdfunding works best as a channel to encourage one’s existng supporters to help raise money from their personal social networks. Dhaval recommends that you use your employees volunteers

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board members and donors-who-want-to-do-more to fundraise for you. They can do this by reaching out to their own social networks–ones you don’t currently have access to–and help you get new donatons and donors at almost zero cost. For existng supporters directng them to your website is the best way to encourage them to give. Research in the US   shows that nonprofts that allow people to donate on their own branded platorm are likely to get 25 percent more donatons than from a giving platorm and 50 percent more than from a crowdfunding platorm.

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