When it comes to raising money, crowd funding is the new kid on the block. A marriage of social media, the Internet, and financing, crowd funding is relatively new and untested. So how can you optimize your crowd funding? The best way to know is to look at the statistics. Lets review some of the most important data points to come from crowd sourcing so far, to see what you can do to optimize your next crowd funding project.
Teamwork
Simply put, working as a team increases the amount you will earn. In fact, having a team verses going solo means a difference of 38%.
A Matter of Time
How long your crowd funding campaign is can also affect the amount people will invest in it. If it is to short, then people may miss an opportunity to invest. If it is too long, then people will not see a viable end to their investment, and not risk putting the capital in. The optimal length of time is between 20 to 40 days for a crowd funding campaign.
Keep it Short and Sweet
Can you tell me what you want to do in a sentence or less? How about between 3 to 5 hundred words? Those campaigns that can quickly and easily convey what they are going to do will raise the most amount of money. By keeping it short and sweet, people can get hooked, invest, and know what their investment is doing.
Personal Touch
There are many ways to convey your message. When it comes to crowd funding, one in particular can raise the amount you get funded by 105% and more. By including a video, you can increase interest, show who you are, and draw people in. Take down the walls to getting financing and make a video.
Be Realistic
No matter what, do not set a goal that is unrealistic. Sure, we would all love to have more then what we have, but a lower or realistic goal helps create the success effect. The success effect is where individuals who invested benefit from your kick-starter being successful. By having a successful history, and having people had good past experiences with you, you increase your chances of raising money in the future.
The Initial Bump
We all like a winner, and are all willing to invest when people have already put in money. Try to get over 30%, and people will be more willing to join you.
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