Having a successful crowdfunding campaign can make you feel like a million bucks. That success soon turns into a need for action because all of the promises you made to get that funding need to be fulfilled. That isn’t always an easy task, especially if you’re a small business or a sole proprietor. If you’re just one person and you need to personally respond to thousands of backers or reward recipients, then that can be a massive amount of time that gets taken up.
Instead of drowning in the work that is required to fulfill your promises, use these 4 proven ideas to your advantage. That way you’ll be able to meet the expectations that your backers have.
1. Create a Business Plan That Is Solid
You need a business plan for promise fulfillment just as much as you need a business plan to get started in the first place. Sit down and think about what you’ll need to do before it is time to fulfill your promises. Secure any resources you may need, including extra sets of hands if necessary. Put in the steps you’ll need to take and create a plan that will help you navigate the process effectively. If you can stay true to the principles that secured the funding in the first place, you’ll find that more people will become interested in long-term investments after you fulfill your promises.
2. Build Your Social Network Up Before You Begin
Your social network is going to be one of the primary components of your success. With an extensive network across all social platforms, product launches are a lot easier to promote because you’ll have people excited about what you’re offering. It’s also an excellent opportunity to have people pre-order your products, plan ahead for your crowdfunding campaign, or just promote your ideas because they’re awesome and clicking the share button makes them look good.
3. Figure Out Production AND Distribution Right Now
The biggest problem that small businesses face is the distribution of their promises. Producing enough products can sometimes be problematic as well if there is a higher than anticipated response to a campaign, but none of that matters if you can’t distribute products to your customers. Lock down what you’ll need to do to get your promises fulfilled now so that you’ll have a consistent timeframe and cost that you can budget. There will be fewer surprises and your backers will end up being a lot happier.
4. Consider an Equity Crowdfunding Campaign
If you’re fulfilling the products you’ve promised from a rewards-based crowdfunding campaign that has been successful, then it might be time to consider an equity crowdfunding campaign as a follow-up. You’ll be able to continue the momentum from the first campaign’s successes and be able to gain real working capital since you won’t be putting out a reward or a product for people to purchase. This will help your business have higher levels of support and ultimately make you scalable and profitable.
Fulfilling your promises is important, but so is how you fulfill those promises. Use these 4 proven ideas to enhance the experience your backers have with your company and you’ll be amazed at the difference it can make.
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