How to Embrace Crypto, Stock, and Bequest Giving
In an era where technology continuously reshapes our lives, philanthropy isn't left untouched. There has been a pivotal shift in the role of complex assets and giving - including cryptocurrency, stocks, and bequest giving. As we approach Q4, here’s how to stay ahead in this dynamic landscape by enhancing your giving methods and communication strategies.
1. Understand the Options
You’re probably familiar with Engiven’s industry leading crypto-giving platform and how we’ve added a simple stock giving solution. These options provide a streamlined and hands-off method for your organization to accept donations of cryptocurrency and stock. Crypto ownership is steadily growing worldwide, with the emergence of peer-to-peer platforms driving adoption over 880% in 2021 over the previous year (according to Chainalysis). Currently, it's estimated that over 1 billion individuals own crypto worldwide, including 46 million Americans (according to Exploding Topics). That represents ˜22% of the adult population.
But have you familiarized yourself with bequest giving? More than 60% of Americans don't have a will yet and, with SmartWill, you can offer them free will-creation services, positioning your nonprofit at the forefront of their bequest considerations. To learn more about SmartWill, visit our recent blog: Engiven Adds Estate Planning.
2. Master the Conversation Around Complex Giving Methods
The realm of charitable donations has evolved far beyond simple cash or check contributions. Today, it involves a more sophisticated array of options, including stocks, bequests, and, notably, cryptocurrencies like Bitcoin. But how well should you understand these to communicate effectively with donors?
Knowing All vs. Knowing Enough
It's unrealistic and unnecessary to know every intricate detail about complex giving methods like crypto. However, having a solid grasp of the basics can significantly boost donor confidence and your organization's credibility. Understanding the key advantages of donating cryptocurrencies (e.g., potential tax benefits, ease of transfer, and growing popularity, particularly among younger donors) is helpful.
Similarly, for stocks and bequests, foundational knowledge about how these contribute to long-term giving strategies and potential tax advantages can be pivotal. The goal is to be comfortable enough to discuss these options and direct donors to the right resources for more detailed inquiries.
The Engiven team is happy to help answer any questions you may have as you navigate these giving methods.
3. Incorporate a Range of Giving Options
In a digital age, limiting donation methods to traditional avenues can inadvertently exclude a significant population of potential donors. Emphasizing a variety of giving options—like crypto, stocks, and bequests, alongside cash and checks—should be a part of your organization's donation strategy. This inclusive approach caters to donors' preferences and showcases your adaptability to changing times.
Why List All Options?
Listing all giving options demonstrates your organization's commitment to flexibility and innovation in fundraising. When donors see a range of methods, including digital assets like crypto, they recognize your efforts in embracing modern financial trends. This not only widens your donor base but also enhances the donor experience by providing choice and convenience.
4. Leverage Industry-Specific Visuals
Visuals speak volumes, especially when dealing with complex subjects like cryptocurrency and stock donations. Industry-specific visuals and infographics can demystify these topics, breaking down how each giving method works and its benefits.
For instance, using the Bitcoin or Ethereum logos will indicate to crypto holders that you can accept these types of gifts. A bar or candle graph icon accompanied by the word "stock" will indicate to donors that you can receive stock donations. Bequest icons (many of which include a document and dollar sign) will convey that your nonprofit is equipped to receive bequest gifts.
These visuals not only educate but also engage your audience, making your messaging more impactful and memorable.
5. Make a Specific Announcement
If you haven't already, make a point of communicating to your existing donors that you have added crypto, stock, and bequest options to your giving methods. This can be done via email, over social media, through an announcement banner on your website, and or as an announcement on stage at your next public event. The most successful organizations are those who consistently publicize these alternate giving channels the most.
Below are a few suggested phrases as you communicate with your donors:
- We are thrilled to announce that we're now able to receive crypto donations
- Now accepting donations of stock
- New! Add us to your will
- We're always looking to update and expand our ways of giving, making participation in philanthropy as elegant and seamless as possible for our partners. That's why we're excited to announce that we're now able to receive and process crypto donations.
- For the crypto enthusiasts, we're excited to announce that we can now receive crypto donations. For more information, (insert call-to-action, like "visit our website" or "text CRYPTO to 52525").
To underscore your commitment to innovative giving, communicate how thrilled your organization is to announce the launch of our new digital asset donation platform. This initiative enables donors to effortlessly contribute via cryptocurrencies like Bitcoin, Ethereum, and more, alongside traditional giving methods. Our platform ensures secure, transparent, and efficient transactions, aligning with our mission to embrace technological advancements for charitable impact.
Those who communicate these alternate giving methods are far more successful at raising complex donations than those who keep silent on the topic and hope that these gifts will come in.
When you integrate modern giving methods, you invite your supporters to join you in your organization's exciting journey. Whether it’s through crypto, stocks, bequests, or traditional cash donations, every contribution furthers our mission and impacts lives.
In conclusion, as your organization lays out fundraising plans for Q4, it's essential to recognize that the landscape of charitable giving continues to evolve, with digital assets paving new pathways for generosity. By understanding and incorporating a range of giving methods, leveraging engaging visuals, and continuously adapting to technological advancements, your organization can not only meet but exceed the expectations of modern donors. Let's embrace these changes not just as challenges but as opportunities to make a bigger, more inclusive impact in our communities.