There is more than meets the eye when Crowdfunding. The most successful campaigns prepare far in advance before the Campaign is even launched. For reasons mentioned above, it is a good idea to create a Crowdfunding checklist that will help you gather all of the necessary elements to run a great Crowdfunding campaign. Rather than creating your own checklist, we have done the work for you. Here is our Crowdfunding checklist:
Checklist
Idea or Product / Service
Before Crowdfunding, you must have an idea, product or service in order to create a campaign. It is obvious that you will need to come up with a creative idea, but this does not mean you have to do something completely new! Some ideas or markets are too easy to just pass up. It is ok if you are creating a campaign for something that has already been done before. It may mean that you have more research material to work with.
Research
This should be the first thing you dive into after having the lightbulb moment of discovering your product or service. If you decide to move forward with your idea and use Crowdfunding as an avenue to generate capital, you will begin to understand how important this step is. The research may take as long as months to really understand and gather all of the necessary information that is needed. Some Crowdfunders are not successful the first time around. The people who try Crowdfunding multiple times will say that the research may be the most important part of Crowdfunding. Be sure that you do not skip out on this step, as it could be the deciding factor for your campaign.
Cost
This is a big factor to any venture, and as you are probably well aware of. You should know how much you are going to be spending before you start your campaign. Although you are Crowdfunding to receive money, you still need to spend money to get your campaign off the ground. This may seem counter intuitive, but no campaign has found success without spending money. This means you need to set a budget so you know how much you can invest. individuals and companies may spend tens of thousand of dollars, in hopes to reach the campaign goals. Note that it is not a guarantee that you will raise enough to break even, so be wise with your investment.
Research on Similar Campaigns
Since many companies and individuals decide to go the Crowdfunding route these days, it is likely that there is a similar campaign/campaigns to be used as a point of reference. If you are on the fence about your idea, and still have not decided whether or not your idea will convert well to the market, you can use similar campaigns as an indicator. Of course, this is included with the research you have done in the first place.
Choosing a platform
There are many platforms around that can benefit your particular campaign. A big misconception about certain platforms is that you will receive more backers depending on the platform. This is not necessarily true, although you may receive backers from hosting a campaign on the platform, most of your donors will come from your marketing. In other words, do not rely on the platform to get your backers. You will have to earn the backers yourself.
Goals
It is necessary to set goals as a measurement of success for the campaign. You may also take into consideration the budget and what it will take to break even. Many Crowdfunding platforms allow you to set a goal for your campaign. Do not limit yourself to a single Crowdfunding goal, there are many goals that can be applied to your campaign.
Rewards
Rewards can be a great incentive for people to donate more money. It adds more value to your campaign because it encourages people to donate as soon as possible. Of course, this should be added into the budget and planned before the launch of your campaign.
Video
For some, this is a fun part of the Crowdfunding campaign. It is also going to be the number one source of information, as well as the selling point for your product or service. Potential donors will notice the quality of the video, so be sure to take the time to create a perfect video that will grab, and keep the attention of the audience.
Email List
It is not an easy task to gain a decent email list, but if you are able to get one, it will increase the chances of you reaching your campaign goals significantly. During the research phase of your campaign, you should find the best techniques that will work for your particular campaign. One popular technique is creating a draw or contest of some sort so users can sign up using their email to receive a reward. This list can be used in several different ways for marketing purposes.
Facebook Ads
Using Facebook as an avenue for marketing has become common in the Crowdfunding industry. It is easy for people to share your campaign video among friends. In addition, it is a good way to spread the word.
Press Release
As a part of your marketing strategy, some Crowdfunders have used a press release to help launch their campaign. This may not be the case for every successful campaign, but it can be a form of marketing to consider. This type of marketing is usually utilized by those who have the budget to pay top media sources to expose the campaign to their audience.
Moving Forward
These are just some of the necessary steps to take for Crowdfunding. You may even find there are more areas to cover for your particular campaign. Be sure to enjoy the process, and discover the products and services that can help you out along the way.