There are many advantages of using Crowdfunding for your next project. Since the introduction of Crowdfunding on the internet, there have been many campaigns created, which will help filter out the do’s and don’ts of Crowdfunding. This article is going to tell you what to do, and what not to do when creating a Crowdfunding campaign.
The don’ts
Rushing into a campaign
First, let’s cover what not to do. You do not want to jump into a Crowdfunding campaign without having general Crowdfunding knowledge. There is a high rate of unsuccessful Crowdfunding campaigns due to this fact alone. The typical unsuccessful suspects usually discover that someone raised hundreds of thousands of dollars through a Kickstarter campaign, and decides that Crowdfunding is now their go-to method for funding. You do not want to just launch a random Crowdfunding campaign without any planning beforehand.
Expecting the platform to do all of the work
Another common misconception about Crowdfunding for beginners that have not conducted research is that they believe the Crowdfunding platform will be generating the donations. This more common among the donations based individual running campaigns, where some is raising money for themselves, or a family, etc. The only way that you will receive help from any large and established Crowdfunding platform, is only if you have initial success with our campaign. This is why you can see many campaigns with only 1 or 2 donations because they expect the platform to do the work for them.
Content is king
You may have a really well-organized Crowdfunding strategy adapted for your particular Crowdfunding campaign, but if you do not have a high volume of quality content, it is hard to convince people to buy into your idea. If the campaign does not have a video, images, large description, and reputable creator, then likely no one will associate your campaing with being a success.
What you should do
Researching your campaign
The very first thing you should do is start researching Crowdfunding, and the similar campaigns to yours. This means, if there is a product that was released through a Crowdfunding campaign, you should try your best to figure out their marketing strategy. It is most beneficial to mimic the same type of marketing strategies for those campaigns that were utilizing your target audience. This particular approach leads into the next subject.
Creating a good marketing strategy
Use your market research to create a good marketing strategy. It is highly recommended to try a pre-launch campaign as it is a proven strategy that uses the 30% crowdfunding rule.
Provide rewards
The best thing that you can do as a Crowdfunding campaign creator is giving your backers value. Offering rewards to your potential backers can give you a huge advantage as it will give the backers a reason to donate, or donate more than they were initially going to.
Steering clear of the bad mistakes that common unsuccessful Crowdfunding campaigns usually make, is a great first step to success. You want to follow your strategy and make sure that you are getting an edge over the other campaigns created by researching the best practices that are going to work for your Crowdfunding campaign.