Tools
Crowdfunding and social media
Abstract
Crowdfunding and raising dollars through social media are big topics at the moment. While there are real opportunities in these areas, and while the library certainly should not be absent from this arena, these opportunities do not replace traditional development mechanisms. In addition, they require a well-developed, robust and strategic social media platform. Unless the library has a specialist here, there is little chance of success.
Keywords
Crowdfunding; Leveraging social media for fundraising; Library crowdfunding; Social media fundraising; Library fundraising
A study published by Davidson and Poor (2016) researched the likelihood of success from repeated crowdfunding. They began their study by summarizing previous studies on the viability of crowdfunding for entrepreneurial endeavors. Their research indicated that it was a good funding option for many kinds of projects but that there was not enough evidence to say whether or not they are significant enough to replace traditional funding models (p. 127). Their research is based on a model where funders receive a reward for their participation (like a copy of a film they helped support, for example), and their discoveries are valuable for any project including a crowdfunding strategy in an academic library.
One area where we feel a library campaign is different from the one they describe is in the area of social media. In the case of an entrepreneurial reward-based model, the authors say that social media can help a campaign; we argue that it is essential for success in a libraries campaign. (The exception would be a project that itself has such far-reaching interest that it would have support from an audience already engaged in supporting similar projects in a similar vein.) For our purposes, two scenarios could be successful for the libraries: a project with far-reaching interest and a campaign focused towards university alumni and friends.
16.1 Project focused towards alumni and friends
Many universities are adding crowdfunding to their overall development strategy, understanding that it has the potential to engage new groups of alumni and friends who may not currently participate in traditional giving models. Many third-party vendors who have long been partners of university development divisions (like Ruffalo-Cody, for example) have entered the crowdfunding market by offering branded, customizable platforms to conduct campaigns through their existing online giving portals.
In this scenario, crowdfunding was a way to capture a moment in time when donors were mobilized to assist. The school leveraged social media to a great degree, led by the university’s athletic director and head football coach. As they were already popular social media participants, they were able to coordinate with social media specialists at the university and in university development to reach out to students and alumni and create a frenzy of communication and enthusiasm to bring about a fantastic result. Of significance for our discussion, not only did this campaign achieve its goal to repair the football field, but it sparked giving in other areas. Once the funding was achieved for the initial request, donors moved on to other opportunities. This is why the library needs to be front and center on these platforms, positioning itself as a central university giving opportunity.
Success on this particular campaign would not have been possible without a couple of factors: The platform was in place, and the development team was well trained to take advantage of this moment with students, alumni, friends, and fans. The social media network was strong. When we speak to people at our university about crowdfunding, the first thing we do is ask them about their social media usage. In a scenario like the one above, it is imperative that a social network already exist and have a strong following.
16.2 Project with global interest
An opportunity that doesn’t require a strong existing social network is a campaign that features a project with global appeal. In this case a platform like Kickstarter is a better choice even if your university has a fundraising platform. The reason is simply that people who like to support projects that align with a specific area of interest, regardless of the institution doing the project, will be looking on these well-known platforms. There is less chance that a university-based crowdfunding platform will recruit participation from donors outside the university community. These larger sites will also give you the opportunity to research similar projects to help you set expectations for giving and determine goals for the campaign. The best opportunities may be found in the archives and special collections and the university press. Kickstarter, for example, has a category devoted to publishing projects. Most exciting, however, is its new category devoted entirely to libraries! As of this writing, current projects include building collections for bookmobiles, collecting essays from librarians, creating a seed library, little library projects, open source collections, and various publishing projects with a library theme.