Before launching a Crowdfunder campaign there are a few things you need to know. In this blog, we’ll look at the five points worth considering when you’re planning your first campaign, including how long to run for, how to increase your success rate and how video can boost the support you receive. With any luck, these suggestions will set you on your way to Crowdfunding success!
Before starting a Crowdfunder campaign it’s important to fully prepare. A part of that preparation should be to set up social media platforms. By using platforms relevant to your audience you’re more likely to attract relevant people to your campaign. Also consider whether you can get strangers to take note of what you are selling. If not, how are you supposed to ask them to hand over their money? Approximately 3 months in advance you should work on gathering followers interested in what you’re funding. While building support it would be beneficial to identify your perfect funder, as this will help you target a more specific audience. Another helpful tip is to research the competition to help avoid pitfalls and guarantee success.
Do Your Research
When deciding the budget for a campaign try not to request the maximum amount that you’d like, instead request the minimum. It’s also worth making the rewards for donations meaningful to funders. Having a fan base to rely on for initial funding is important so before launching try speaking to influential people relevant to your campaign who can provide you with a good social backing. Before launching your Crowdfunder page, pre raising a small percentage of your goal can be done through pledges which guarantee financial donations. Ensure that you’re appealing to both existing followers and new followers but remember that it’s vital to keep existing people interested while you try and appeal to a wider audience. After securing a following before launch and establishing your demographic, you can then decide on rewards, donation amounts, and video content.
When deciding rewards be sure to keep them personal to the project. This can be done by offering things that hold value to the project or are unique to your campaign. You can test the response to your reward scheme with your followers prior to launching to give you some initial feedback. The rewards should reflect the project and the people who work on it. Use rewards that existing fans can associate with but also appeal to new people and pledgers. As part of the connection with the audience the use of a good video explaining the project as an introduction can increase the dynamics of the campaign. This can be linked-to from the campaign page and promoted via social media outlets. Bear in mind that it’s important to keep the video up to date as and when goals are met.
Set a time period of between 2-3 weeks for your campaign to reach its goal. Crowd funding campaigns of over a month can lose interest before reaching their goals. Be sure to keep your social media channels updated at least twice a week so your campaign remains in the minds of your audience. Keeping track of the behaviour of your followers will allow you to monitor the people who are actually donating. Strategically divide your time between updating social media and other tasks. If donations begin to slow down before goals have been reached, consider looking at untapped resources of funding that perhaps are outside your main demographic audience.
When launching it is a good idea to have a press pack and well designed landing page for your website and blog, as this will make your campaign more media friendly. You should also actively release the press pack to blog sites and relevant audiences. This will boost your click-through rate and spread the word of your campaign. When you receive large donations or reach goals publicly thanking backers will earn you more support from your audience. When thinking about the social message of your campaign, remember that ambitious goals with community or technological leaps are more attractive stories to the media.
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- Funding for Businesses
- Crowd Funding