Most crowdfunding today is done via crowdfunding platforms. These are websites like IndieGoGo that people use to create accounts and launch their crowdfunding campaigns.
However, there are 10 key success factors[/b] [/b]of successful campaigns that can be utilized to give fledgling campaigns the best chance possible of going viral.
Don’t make the mistake of assuming that the ease of launching a campaign means that you don’t have to put in a lot of effort in the planning and development stages. Remember that many crowdfunding campaigns peter out before they gain any meaningful traction. This happens more often than not because the campaign was launched before a solid plan was put into place. If you want to spark interest, or better yet, engagement, the people who view your crowdfunding page must have faith that your idea is fully developed.
A high quality video will grab and keep the attention of potential investors much more effectively than text on the screen or even a Power Point Presentation. Invest as much as you can to ensure that production values are as high as possible. Then, make sure your content is just as superb. Using a storytelling model of communicating your idea or proposal to investors is a great way to get them emotionally invested. If you have a physical product or prototype, a video is the perfect place for a demonstration.
Your campaign will not go viral if you simply share your campaign on your personal or business social media pages. You’ll need to develop a social media strategy that allows you to establish branding for your new venture, garner attention, and motivate others to heed your call to action. This may include creating social media accounts for your crowdsourcing project and using social media to launch complementary marketing campaigns such as hashtag marketing.
The crowdsourcing campaigns that have been phenomenally successful have garnered significant media attention and press inquiries. Be prepared to handle the media and to increase the resources that you dedicate to this as your campaign takes off. Remember, if you don’t have the ability to respond to media inquiries and requests in a timely and meaningful way, they will quickly find something else on which to focus.
If your jumping off point for getting people excited about what you are doing is a crowdfunding platform, you are getting far ahead of yourself. Remember that a crowdfunding campaign is a solicitation for funds. If you don’t take the time to establish a presence and a bit of a history, requesting funding will sow feelings of skepticism.
This is where the story telling model works well again. As mentioned earlier, use your video to tell the story of the product or service you are launching, but also use your video to tell your own story and the story of the other team members behind your venture. Your stories will make you and your team relatable to others, and you can use them to demonstrate your experience, efforts, and skills to investors.
Don’t let your crowdfunding page lay dormant. Post frequent updates. Thank donors. Let your backers know about strides that you have made along with obstacles you are facing. Review the comments on your page. If there are matters that could become contentious, address them. Create new content and encourage investors and potential investors to view that content. The more responsive you are, the more you engage, and the more up to date your content is, the more connected your audience will feel to your campaign.
The majority of crowdfunding platforms are not set up in a way that permits you to offer investors equity, royalties, or other monetary gains. This means that you must come up with creative and meaningful ways to thank those who make contributions to your campaign. Successful rewards for donors have included, merchandise, access to premium content, or VIP experiences. Some investors' reward schemes are structured according to the amount of the investment, others are structured according to the timing of the investment.
Don’t expect your crowdfunding campaign to run perfectly from beginning to end. You will make mistakes. Things will move more slowly than you expected or they will move more quickly than you expected. You may encounter PR issues. You might even lose members of your team. In other words, this is much like any other marketing campaign. You must constantly monitor and adjust.
You are not alone. The crowdfunding community is a diverse and open community. Make connections with other entrepreneurs. Crowdfunding became extreemely popular among college students. So if you are still a student then start building and expanding your proffesional network. Student networking can be fun, entertaining and useful. Communicate, participate in different college events and organize your own. Act as a mentor for somebody who has less experience in this world than you, or ask for help yourself. Find ways to promote other businesses in exchange for them promoting yours.
Once the campaign has been conceptualized and placed on a platform, the next step is to launch the campaign. Basically, this is letting others know about the campaign in the hopes that it goes viral. This is crucial to crowdfunding success[/b]. There is no guarantee that a crowdfunding campaign will work
However, there are 10 key success factors[/b] [/b]of successful campaigns that can be utilized to give fledgling campaigns the best chance possible of going viral.
- Start off with a Great Plan
Don’t make the mistake of assuming that the ease of launching a campaign means that you don’t have to put in a lot of effort in the planning and development stages. Remember that many crowdfunding campaigns peter out before they gain any meaningful traction. This happens more often than not because the campaign was launched before a solid plan was put into place. If you want to spark interest, or better yet, engagement, the people who view your crowdfunding page must have faith that your idea is fully developed.
- Use a Video to Tell Your Story or Demonstrate your Product
A high quality video will grab and keep the attention of potential investors much more effectively than text on the screen or even a Power Point Presentation. Invest as much as you can to ensure that production values are as high as possible. Then, make sure your content is just as superb. Using a storytelling model of communicating your idea or proposal to investors is a great way to get them emotionally invested. If you have a physical product or prototype, a video is the perfect place for a demonstration.
- Create a Dedicated Social Media Strategy
Your campaign will not go viral if you simply share your campaign on your personal or business social media pages. You’ll need to develop a social media strategy that allows you to establish branding for your new venture, garner attention, and motivate others to heed your call to action. This may include creating social media accounts for your crowdsourcing project and using social media to launch complementary marketing campaigns such as hashtag marketing.
- Be Prepared for Media Attention
The crowdsourcing campaigns that have been phenomenally successful have garnered significant media attention and press inquiries. Be prepared to handle the media and to increase the resources that you dedicate to this as your campaign takes off. Remember, if you don’t have the ability to respond to media inquiries and requests in a timely and meaningful way, they will quickly find something else on which to focus.
- Generate a Solid Amount of Interest before Launching your Crowdfunding Campaign
If your jumping off point for getting people excited about what you are doing is a crowdfunding platform, you are getting far ahead of yourself. Remember that a crowdfunding campaign is a solicitation for funds. If you don’t take the time to establish a presence and a bit of a history, requesting funding will sow feelings of skepticism.
- Focus on Making Personal Connections
This is where the story telling model works well again. As mentioned earlier, use your video to tell the story of the product or service you are launching, but also use your video to tell your own story and the story of the other team members behind your venture. Your stories will make you and your team relatable to others, and you can use them to demonstrate your experience, efforts, and skills to investors.
- Keep Talking
Don’t let your crowdfunding page lay dormant. Post frequent updates. Thank donors. Let your backers know about strides that you have made along with obstacles you are facing. Review the comments on your page. If there are matters that could become contentious, address them. Create new content and encourage investors and potential investors to view that content. The more responsive you are, the more you engage, and the more up to date your content is, the more connected your audience will feel to your campaign.
- Reward your Investors
The majority of crowdfunding platforms are not set up in a way that permits you to offer investors equity, royalties, or other monetary gains. This means that you must come up with creative and meaningful ways to thank those who make contributions to your campaign. Successful rewards for donors have included, merchandise, access to premium content, or VIP experiences. Some investors' reward schemes are structured according to the amount of the investment, others are structured according to the timing of the investment.
- Prepare to Make Adjustments
Don’t expect your crowdfunding campaign to run perfectly from beginning to end. You will make mistakes. Things will move more slowly than you expected or they will move more quickly than you expected. You may encounter PR issues. You might even lose members of your team. In other words, this is much like any other marketing campaign. You must constantly monitor and adjust.
- Find a partner
You are not alone. The crowdfunding community is a diverse and open community. Make connections with other entrepreneurs. Crowdfunding became extreemely popular among college students. So if you are still a student then start building and expanding your proffesional network. Student networking can be fun, entertaining and useful. Communicate, participate in different college events and organize your own. Act as a mentor for somebody who has less experience in this world than you, or ask for help yourself. Find ways to promote other businesses in exchange for them promoting yours.
Once the campaign has been conceptualized and placed on a platform, the next step is to launch the campaign. Basically, this is letting others know about the campaign in the hopes that it goes viral. This is crucial to crowdfunding success[/b]. There is no guarantee that a crowdfunding campaign will work