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In present day scenario of fast pace world, social media has a great influence over the lives of everyone in the society. Social media provides a platform to interact with a wide number of people across the globe by eliminating the geographical barriers. This has given an opportunity for everyone to express their views to the public about whichever issue they feel to be addressed.
In crowdfunding people stand together in raising funds for a common cause for which the campaign is raised. Since social media provides an online platform to interact, it can also help in crowdfunding by reaching the campaign to a large number of people.
Social media allows the campaign to reach most of the like-minded people across the globe who would like to contribute for the cause for which the campaign is raised for. Social media also provides the facility to transfer funds from different geographical places with the help of social media payments apps in smartphones which includes mobile applications such as PayPal, Venmo and Apple pay.
Social media also has a huge impact over quick crowdfunding for a particular cause. This impact of social media on crowdfunding is because, the time that is taken to raise funds from the crowd for a particular cause has reduced at a significant rate with the help of using social media in crowdfunding.
Using social media marketing for crowdfunding has also provided the opportunity to reach the campaign to a wider audience at a very minimal cost or no cost.
Social media marketing also creates customer evangelists who further communicate about the campaign to people around them.
Social media marketing also provides the opportunity of a new form of marketing namely ‘Viral Marketing’ which helps in spreading a particular news about the crowdfunding campaign to a large number of people within a short span of time like a virus.
Thus, optimal use of social media for crowdfunding is very essential as it would help in reducing the cost incurred to reach the campaign to a wider audience as well as reduces the time spent to reach them.