Are you researching crowdfunding strategies that have been successful in the past? Do you want to know how you can make your next crowdfunding campaign a successful one? Here’s a hint: what has worked before is not going to work today. With billions of dollars at stake and competition higher than ever before, you’re going to need to take a different approach in order to be successful.
It all begins with your ability to create a clear, concise pitch that your potential backers can easily share across their social and professional networks. When people are excited about an idea, they’ll want to share it. If they can’t share it, then not only will you lose out on an organic outreach, but you could turn off a potential backers and lose their money too.
1. Interview Your Target Demographic
Before even beginning your crowdfunding campaign, it is necessary for you to interview the customers in your target demographic. You can do this through surveys, one-on-one conversations, or even online polls to see if they’re even willing to get involved in crowdfunding. There are many industries today where the customers either don’t trust crowdfunding or don’t want any part of it.
2. Seek Out Backers Before Going Live
It is becoming a common practice for the marketing of a crowdfunding campaign to begin before the campaign itself. Many successful campaigns happen because there are high level backers that are recruited before the campaign goes live on a preferred platform. They’re essentially pre-backers and finding them has a PR cost that can be tens of thousands of dollars before you even begin.
3. You’ve Got To Get Known
Outreach is nearly difficult in a natural way unless you have someone with millions of followers helping out your campaign. Most crowdfunding campaigns aren’t going to get a celebrity endorsement. To counter this, many businesses choose to utilize their pre-backers as a method to generate excitement and awareness for the crowdfunding campaign.
4. Is It Seen As a Donation?
Some industries see crowdfunding as a donation to a business, even in a rewards-based model, and donations belong to charities. If your target demographic is reluctant to invest because they see it as giving your business money with no return, then you’re going to fail before you even begin. In this instance, crowdfunding might not be the right course of action for you.
5. How Much Education Does Your Customer Need?
If your customer needs to be educated about how your idea can solve a problem for them, then this needs to happen before a crowdfunding campaign begins. One simple description underneath a video on a crowdfunding page isn’t going to be enough to get the average person to understand the true value of your product. It’s an unreasonable expectation. If your target audience doesn’t see the value, then educate them now and wait for the crowdfunding to happen when that knowledge finally sinks in.
By taking a different approach to crowdfunding, you can have a better chance of success. Use these 5 ideas to enhance your next campaign and hopefully you’ll see the results you want.
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