The importance of Networking in crowdfunding cannot be over-emphasized. Crowdfunding is the way by which many individual donate small amounts of money for a business, project, or charitable cause typically via the internet. Today, several online platforms like GoFundMe, FundMeNg (a donation website in Nigeria) make crowdfunding easier by serving as virtual matchmakers.
Networking is the means of exchanging information and resources among individuals or groups that are bonded with a cause or share common interest. It may be for social, health or business purposes.
IMPORTANCE OF NETWORKING:
Crowdfunding as an online fundraising platform relies heavily on social interaction/networking. Awareness to people serves as a means of interaction and contribution of both ideas and resources. Therefore, the population’s awareness about crowdfunding is a determining factor since the success of crowdfunding depends hugely on the community.
We will discuss some important factors that can influence awareness and serve as a quick means of raising funds for medical bills, businesses and projects on crowdfunding platforms like GoFundMe, FundMeNg.com (the GoFundMe of Nigeria).
• TRADITIONAL SOCIAL GROUP:
Social group has been defined as two or more people who interact with one another, share similar characteristics, and collectively have a sense of unity. Traditional social group in crowdfunding perspective could be a member of a sports team, club, church group, college class, workplace, and more.
These set of people tend to be very important in crowdfunding, most especially when it comes to kick starting a campaign. Their importance cannot be overruled because they are likely to start the donation for a campaign; this would serve as an assurance for other potential donors to donate.
• SOCIAL MEDIA ACTIVITY
Social networks are essential tools to enhance crowdfunding campaigns since they are the medium through which information flows and a common place to monitor others’ activities or create your own awareness easily. Moreover, the number of direct social connections is positively related to information access and social awareness. Social networks play a key role in fund raising and social bonding, such as friends and family.
As internet use in Nigeria has increased, so has the use and popularity of social media platforms. New data shows Facebook remains a popular choice for Nigerians as 16 million people visit the platform every month, 3.6 million Instagram users, 3 million on twitter, and others like whatsApp, Youtube, Google+, LinkedIn etc are all engaging social media platforms to work on.
• TRADITIONAL MEDIA
Traditional Media is any form of mass communication available before the advent of digital media. This includes television, radio, newspapers, books, and magazines.
These methods for many years have been used to reach people and create awareness for a cause. Up until recently, these awareness and advertising styles were very effective, and helped reach the general public.
However, traditional media also serve as a medium to reach many other people especially those that are believed to be in a digital divide zone. Demography has it that most people above 60years old tend to get information majorly from the traditional media via T.V, radio, magazines and others.