Munay is a social venture that was born in 2020 with the objective of contributing to the economic empowerment of women entrepreneurs.
Munay’s first initiative was the launch of the contest “Soy una emprendedora Munay”, which ran from November 15 to December 17, 2021. During the application period, we received 167 proposals of which 15 made it to the next round and had the opportunity to present their projects and crowdfunding campaigns to a national and international jury. After an arduous qualification, 5 entrepreneurs were selected to go live with their campaigns and raise the necessary funds to reach their goals and continue with their ventures.
The purpose of this report is to analyze the performance and development of the donations received for the crowdfunding campaigns of the 5 entrepreneurs.
Timeline of the donations
The campaigns went live between December 15th and February 15th.Knowing the timeline of the volume of the donations is important because it helps us to understand their behavior and create a proper social media strategy.
As we can see in the graph above, the greatest amount of donations were received in the last days of the campaigns.
If we see the aggregated data per month, we can observe that there was an exponential growth as the time was passing. Normally, the donations of a crowdfunding campaign follows the shape of an inverted “L”.
| Month | Donations | Percentage |
|---|---|---|
| December 2021 | 422.27 | 13% |
| January 2022 | 889.48 | 28% |
| February 2022 | 1858.28 | 59% |
Currency of the donations
Knowing the currency of the donations allow us to focus our communicational efforts in the regions that have contributed the most.
| Currency | Donations | Percentage |
|---|---|---|
| BOB | 2695.03 | 85% |
| USD | 475.00 | 15% |
National (Boliviano, BOB) or international (United State Dollar, USD). It is important to notice that the column donation is expressed in USD dollars.
The results presented above let us conclude that the outreach of
entreprenurs and Munay is mostly focused on Bolivia.
Method of payment used to make the donation
The payment method used to make donations is useful to decide the payment gateway platform, making more efficient the perceived transaction cost.
| Method | Donations | Percentage |
|---|---|---|
| QR | 1563.94 | 49% |
| Open QR | 266.29 | 8% |
| Debit/Credit Card | 475.00 | 15% |
| Bank transfer | 864.80 | 27% |
QR is a Bolivian digital solution to make payments easier through a Quick Response (QR) code. Open QR has the same function without a pre-defined amount.
It is not a surprise that QR and bank transfers are the most used
payment methods as the reached audience is mainly nationals who feel
more comfortable performing these operations.
Transaction fees
During the last few months in which the crowdfunding campaigns were active, we have been testing different strategies to attract donors to make their contributions. In some of them we had to forfeit some of the fees to encourage people to donate most.
| Did we charge a fee? | Donations | Percentage |
|---|---|---|
| No | 1131.09 | 36% |
| Yes | 2038.94 | 64% |
Method of payment depending on the fee charged
Understanding the methods used for doing the donations is important because it allow us to adapt our webpage and make more friendly-user for donors.
El método QR es el método de pago más rápido y sencillo en Bolivia, por lo que fue el más utilizado aunque incluyera una comisión. En el caso de la transferencia bancaria, el segundo método más utilizado, la gente tenía la opción de incluir o no la comisión.
Por otro lado, la gente en Bolivia no está acostumbrada a realizar pagos con tarjeta de débito/crédito, ya que hay mucha desconfianza al respecto.
El QR abierto fue una estrategia para conseguir más donaciones durante los últimos días activos de las campañas. Por lo tanto, fomenta las donaciones al evitar una comisión.
Amount raised per source and per venture
The donations for the five crowdfunding campaigns came from three principal sources: “Platform” refers to Munay´s network, “Venture” to the entrepreneur´s outreach, and “Promotions” to the funds which came from strategies used; for example, 2x1 (per every dollar donated, Munay will add up another one).
| Source | Donations | Percentage |
|---|---|---|
| Platform | 1256 | 40% |
| Venture | 1334 | 42% |
| Promotions | 580 | 18% |
The five ventures were able to reach their goals as it can be seen in the following table:
| Venture | Total Donations (in USD) |
|---|---|
| Jallp’ay | 895 |
| Coñichi | 810 |
| Sumay | 582 |
| Reciclaje sobre Ruedas | 522 |
| Creatti Eco | 361 |
The average amount to be collected was USD
634.
It is important to analyze the amount collected per venture by dividing the donations per source to understand the drivers behind successful campaigns.
Coñichi was the venture that needed the most support from Munay’s network, which makes sense since it was the second highest fundraising campaign besides Jallp’ay who used its network more efficiently. Therefore, if a venture does not have a very wide network to raise funds, it will need to make use of the platform’s network to reach its goal and make its crowdfunding campaign successful.
Likewise, Creatti Eco and Reciclaje sobre Ruedas, both with the lowest goals, raised a third of their amount using promotions. The latter is explained by the fact that people tend to donate more to campaigns that are closer to achieving their goal, so they took better advantage of the promotions launched.
Ticket size of donations
The preferred ticket sizes of donations were USD 5, USD 10, and USD 20 as it can be seen in the following table:
| rango_donaciones | frequency | Percentage |
|---|---|---|
| 5 | 35 | 27% |
| 10 | 32 | 25% |
| 20 | 37 | 28% |
| 50 | 17 | 13% |
| 100 | 9 | 7% |
The last implies that a regular campaign will have people who are willing to donate small ticket sizes (USD 5, 10, and 20) as more than 60% of all donations width per venture have the stated sizes.
Now, we will analyse the preferred ticket size in every venture:
The preferred ticket size was USD 20 in every venture with the exception of Jallp´ay and Creatti Eco which received more donations of USD 5.
Visitors per country
Based on the following results, Bolivia accounts for the majority of visitors, supporting the conclusion drawn in Table 2, which states that the vast part of donors were in Bolivia. Hence, the next analysis will focus on this country.
| Country | Frequency | Percentage |
|---|---|---|
| Bolivia | 4402 | 90.19% |
| Germany | 26 | 0.53% |
| Guatemala | 16 | 0.33% |
| Mexico | 16 | 0.33% |
| Spain | 23 | 0.47% |
| Sweden | 21 | 0.43% |
| Switzerland | 247 | 5.06% |
| United Kingdom | 57 | 1.17% |
| United States | 73 | 1.5% |
The table only accounted countries with more than 15 visitors.
Visitors by type of device (Only Bolivia)
A visitor on average spent 00:02:03 on
Munay´s page. Unsurprisingly, the most frequent page was the
crowdfunding campaigns.
Also, the majority of visitors used a mobile phone to browse Munay´s site in both cases, so efforts have to be in line to provide a responsive user experience on this device.
Surprisingly, the vast majority of visitors were people that returned to the platform more than once, meaning that donors have to be convinced to make their contribution or donate more than once. A fact is a persuasive campaign that often publishes content and updates can accomplish both.
Donation timeline per site traffic
By checking the amount of funds collected and the page´s traffic, it can be established a ratio between the people who visited the campaign and the donations perceived.
Even though the correlation between donations and visitors is
0.43, it is still positive and around 0.5
(semi-strong). Hence, it may lead us to think that a campaign will
receive more donations as the web´s traffic raise. Consequently, a solid
strategy for the future is to focus on attracting more visitors.