No need to take cover, although a violent title, the Money Bomb can be a great asset for your cause. Traditionally used in politics to raise a large amount of money in a short amount of time, the money bomb can also be used by non-profit, and higher education groups as a catalyst for successful fundraising.
The methodology behind a Money Bomb is simple. Create an urgency to raise money toward a specific goal during a specified time frame. The key to this formula is urgency. If donors feel a need to contribute toward a specific goal before the end of a time limit, donations will be collected.
Things to remember:
1. Set the Parameters
Before launching a Money Bomb a specific strategy needs to be in place. For example, $24,000 in 24 hours. Without a goal, and a timeframe, a Money Bomb loses the essential element of urgency.
2. Set a Realistic Fundraising Goal
If you raise $10,000 a year, a goal of $10,000 in one day is probably not a realistic goal. While it is important to push your fundraising abilities, do not go so far as to create unrealistic expectations.
3. Publicize the effort
Reach out to donors early, and let them know of the upcoming effort. Prepping donors to the organization allows them to prepare to make another donation, and reach out to others about the fundraising effort.
With these basic guidelines, a successful Money Bomb can be executed. Keep checking the blog for examples, and instructions about successful fundraising techniques.
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