The Unanticipated Dynamics of Promoting Crowdfunding Donation Campaigns on Social Media

IF 6.8 1区 管理学 Q1 BUSINESS
Yashar Dehdashti, Aidin Namin, B. Ratchford, L. Chonko
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引用次数: 10

Abstract

Crowdfunding is an online method of fundraising from a large audience. Digital Word of Mouth (DWOM) via social media has become a popular promotion platform for crowdfunding campaigns due to its negligible nominal cost. While one may expect that promoting these campaigns on social media may steadily increase donations, the exact dynamics of such promotions have not been studied for donation-based crowdfunding. We collect panel data on several unique donation campaigns from a major donation-based crowdfunding website (gofundme.com) and analyze them employing a variety of econometric techniques. We specifically provide empirical evidence that promoting crowdfunded charitable campaigns using social media follows three phases throughout a campaign's lifecycle. Our results indicate that the general pattern of behavior is the same for charitable campaigns as it is for reward-based campaigns. This suggests that the psychological motives outlined in the literature are important for both types of campaigns. Because the economic motives are not present, this finding would not be clearly anticipated. We show that the contributing role of social media in a campaign's success varies over time and that it is most helpful in the first ten days of initiating a campaign. We also provide preliminary evidence that promoting charitable campaigns on social media can lead to slacktivism, an unexpected consequence of using social media as a promotion tool resulting in less donations and more social media flurry. We also find that if a campaign does not reach at least 70 percent of its goal after twenty days since launch, it is not likely to be successful. Fundraisers and charitable marketers can use our findings in gauging the effectiveness of raising awareness about their campaigns in the online world. They could also streamline the timing of social media promotions to enhance their impact on collecting donations for charitable causes.
在社交媒体上推广众筹捐赠活动的意外动态
众筹是一种从大量观众那里筹集资金的在线方式。通过社交媒体的数字口碑(DWOM)由于其微不足道的名义成本,已成为众筹活动的热门推广平台。虽然人们可能预计,在社交媒体上推广这些活动可能会稳步增加捐款,但基于捐款的众筹尚未研究此类推广的确切动态。我们从一个主要的基于捐赠的众筹网站(gofundme.com)收集了几个独特捐赠活动的小组数据,并使用各种计量经济学技术对其进行了分析。我们特别提供了经验证据,证明使用社交媒体推广众筹慈善活动在整个活动周期中遵循三个阶段。我们的研究结果表明,慈善活动和基于奖励的活动的总体行为模式是相同的。这表明,文献中概述的心理动机对这两种类型的运动都很重要。由于不存在经济动机,这一发现不会被明确预期。我们表明,社交媒体在竞选成功中的作用随着时间的推移而变化,在发起竞选的前十天最有帮助。我们还提供了初步证据,证明在社交媒体上推广慈善活动可能会导致松懈主义,这是将社交媒体作为推广工具的意外后果,导致捐款减少,社交媒体更加混乱。我们还发现,如果一项活动在启动20天后没有达到其目标的70%,那么它就不太可能成功。筹款人和慈善营销人员可以利用我们的调查结果来衡量在网络世界中提高人们对其活动的认识的有效性。他们还可以简化社交媒体促销的时间安排,以增强其对慈善事业募捐的影响。
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来源期刊
CiteScore
20.20
自引率
5.90%
发文量
39
期刊介绍: The Journal of Interactive Marketing aims to explore and discuss issues in the dynamic field of interactive marketing, encompassing both online and offline topics related to analyzing, targeting, and serving individual customers. The journal seeks to publish innovative, high-quality research that presents original results, methodologies, theories, and applications in interactive marketing. Manuscripts should address current or emerging managerial challenges and have the potential to influence both practice and theory in the field. The journal welcomes conceptually rigorous approaches of any type and does not favor or exclude specific methodologies.
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