The title of this blog post is of course a wildly inaccurate claim. How did I get to the number? In my small-scale “free agent” crowdfunding experiment for the Nashville Symphony Orchestra, I ended up with $235 from 1,000 followers by the deadline. That translates to $0.24 per follower.
The goal was $1,000, or one dollar per follower. It was a fairly arbitrary goal and I had no expectations. However, I’m still slightly disappointed I didn’t make the goal. But consider the following:
- All communications were strictly limited to my blog, Twitter and Facebook. Since this was an experiment to test social networking, I did not send an appeal to friends and family in the way people do when they raise funds for a run or walk, or want you to vote for a particular contest.
Beth Kanter and Allison Fine, the authors of The Networked Nonprofit that inspired this experiment, wrote an Assessment and Reflection Report on America’s Giving Challenge 2009. They found that: “Personal solicitations to pre-existing networks of donors and friends through multiple channels were rated as the most effective methods for fundraising. Thirty-five percent of contest participants rated messaging to friends through Facebook as most effective; 32 percent rated personal email to friends, family and colleagues as effective or most effective; and 25 percent rated email to an existing organizational donor base as effective or most effective.” I did not use any of these methods.
- In light of that, I personally met only 4 of the 12 donors (excluding myself). Two donors were former colleagues who also have Twitter accounts. However, most of the donors were definitely social media contacts with whom I have had more in-depth conversations. One donor was a friend of a friend.
- Kicking off the effort was paired with an e-mail to a list of about 30 classical music bloggers. In addition, I created Web banners for those bloggers to use. Four bloggers wrote a post; one blogger used the banner. (Other bloggers, not on the initial list, also wrote a post. All are captured here).
In the Assessment and Reflection Report, the authors bring other good lessons and note that “Some like Atlas Corps recruited 150 ‘Campaign Captains’ before the contest started. Other organizations broke their efforts down into bite-size pieces for their volunteers by creating templates to use to send messages to their friends, post and comment on blogs, and create their own videos.” Perhaps I should have recruited similar “captains” and created more multimedia in a shareable format.
- I counted most on Twitter followers to spread the word. There were 44 followers that used the #floodofsupport hash tag or linked to the Crowdrise page or blog post.
- Spreading the word was not a case of “build it and they will come.” The hash tag spread fairly well in the first couple of days, after which it dropped significantly. Even after I created an incentive to use the hash tag (a ¢5 donation for each mention), it did not pick back up.
- The donation process needs to be as simple as possible. I would have preferred to go straight to the Nashville Symphony Orchestra’s Web site, but after checking in, I decided it would cost them too much in administrative fees and human resources. Remember, I did know how the donations would start coming in; I anticipated more donations, but smaller amounts.
- Crowdrise was a good tool, but certainly not perfect: it didn’t allow for $1 donations, as I had wished. The payment process went through Amazon, which created an extra step. In addition, seeing that donations came from different countries, there were questions surrounding paying with credit cards and with foreign currency.
- Sure, I did not reach my goal. But I would be willing to bet that the particular donors would not have given a gift if it wasn’t for this effort. Nothing is lost and my “free agent” effort didn’t cannibalize the Nashville Symphony’s efforts.
- The Nashville Symphony Orchestra fulfills a, albeit large, regional function. But don’t let this geographic boundary limit your campaign. I started this campaign in Chicago, having never been to Nashville, and received donations from different countries and states (England, Germany, and several states within the U.S.).
- This also tells us something about telling stories and increasing awareness of your issue or organization in general.
The lessons for arts organizations
- Don’t think of social media as a quick fix to raise funds. This was already obvious before the experiment, perhaps, but even though I felt I had a great cause to support, in the end it was the personal connections and more in-depth relationships that resulted in donations.
- Beyond using and counting on your social network for donations and spreading the word, find ways to activate your network more concretely: create those “campaign captains.” Going about the effort alone is much tougher.
- Momentum is tremendously important. Even after a monetary incentive to simply retweet a hash tag, I could not retrieve the momentum. Kanter and Fine identified immersion in the effort and the ability to react on the fly as key aspects in fund raising success.
- Technology and ease of process is very important. That’s why the Red Cross was so successful with their text message donation campaign during the Haiti crisis. It was easy to explain and simple to execute. Make sure your organization’s Web site and your staff can handle a wave of many small donations, and make it a one-click process.
- Your key performance indicator is of course the money you raised. But it doesn’t stop there. You will likely have gained more relationships, deeper relationships, behavioral information, and increased the organization’s overall awareness and created opportunities to tell your story. Measure those elements as well.
In the end, this entire experiment was all about just that: experimenting. I wasn’t able to fully engage and immerse myself in the project; life on the outside took over. But remember that the experiment was about creating a low-effort, easy to set up campaign, and seeing where 1,000 Twitter followers would lead. Could I have raised more money? Definitely. But that wasn’t the point.
I am still proud of raising $235 for the Nashville Symphony’s flood recovery effort. It’s a $235 they wouldn’t have had without this little experiment.
4 thoughts on “A Twitter follower is worth $0.24”
Great stuff Marc and many thanks for sharing your results and observations. And kudos for doing such a good thing!
I picked the title of this post as somewhat of a commentary on those Facebook Fan value studies that have come out recently. People don’t seem to get the correlation vs. causation problem and take those studies as: every Facebook Fan will create $xxx in revenue for your company.
Funny thing is, now that this post is also a guest post feature on Beth Kanter’s blog, a link to the blog post has been tweeted by about twice as many people as the #floodofsupport hash tag.
I wonder how many took the title of the post at face value. But then again, I just heard from Jo at the London Symphony that their Google Analytics indicated that traffic from Twitter was worth £0.24 per visitor. Aside the exchange rate, that is a funny fact. So maybe there is something to the number.
And this little experiment doesn’t have the correlation vs. causation problem those Facebook studies have. It’s a little more concrete, albeit with a very small sample size.
In the end, at least a good lesson in headline writing for maximum retweet-ability.
What a great research experiment, and all for a good cause.
Your insights still show us that it is the level of engagement you have with your audience/network that means the most. Only those with which you have a more in-depth relationship saw the value in what you offered or championed. Like you said, if you can get “campaign captains” on board, then their engaged network can ignite further reach for your cause.
Thanks Kyle, that’s exactly it.
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