Many entrepreneurs have a dream that they can launch a crowdfunding campaign and have it be successful. Unfortunately almost all of the campaigns that are launched in this manner wind up in failure. Instead of taking a gamble to see if the crowd believes an idea is so great that it deserves to be funded no matter what, these lessons learned from crowdfunding can help to design a campaign that has the greatest chance of finding success.
1. Make Sure You Solve a Problem.
People generally want to save time or save money when they purchase something new. Entertainment products increase the value of time itself. If you can prove that your idea can solve a problem for your targeted market demographics, then you will get people to take a closer look at what you’re offering. This means you need to have some way for people to engage with your idea so it provides tangible proof of value – and then deliver on that value.
2. Capture The Imagination Of The Crowd.
Showing people what your idea can do is one thing. Being able to have potential backers imagine what your idea can do for them is an entirely different story. Captivating your audience is absolutely necessary to find success. You can be humorous, inspirational, or just try to make people happy. Succeed and you’ll find more backers.
3. Stick To Your Niche.
In the future, you might be able to find mass marketing success. Right now you need the support of your core customer base. Stick to your niche and present your crowdfunding campaign to those who are most likely to make an investment. You can certainly find backers outside of your niche, but the chances of that happening are much lower. If you don’t know your niche, then figure that out before you launch your campaign.
Your idea needs to be new and fresh in some way. If it’s the same thing others are doing, you’re much less likely to reach your goals.
Entrepreneurs can learn many lessons from the crowdfunding world. This is just the start of the process. Even if you’ve failed before, launch a new campaign with these 4 points and you might just find success this time.