Ten tips for a successful crowdfunding campaign
To maximise your chances of crowdfunding success, be systematic – but be creative too.
1. Talk to the experts
Many crowdfunding services offer you the opportunity to discuss your project with them. Take them up on it! They can answer any questions you have and also offer advice and feedback on your project.
2. Check out the competition
Research at least 10 projects similar to your own. Get a sense of the kinds of rewards, descriptions and promotions that work well. And feel free to steal ideas and adapt them!
3. Be realistic with your target
Crowdfund what you actually need – don’t get greedy. There is every chance you could raise more than your target, but you won’t raise anything if you don’t meet your target in the first place. Projects that reach 30% of their target go on to succeed in more than 90% of cases.
4. Factor in your costs
Delivering rewards and devoting time and energy to a campaign can cost money. Factor this in when setting your target – it won’t all be net income.
5. Be creative
The uniqueness, quirkiness and diversity of your rewards make up an
important part of your project’s narrative and marketability. Offer
experiences people can’t get anywhere else.
6. Focus on the first 48 hours
The first 48 hours of your crowdfunding campaign are critical. In fact, the launch is the most important thing you will do. Getting off to a good start will build your momentum and stand you in very good stead for the entire campaign.
7. Use social media for more than just asking for money
Only 20% of your posts should directly ask people to pledge to your campaign. 80% should look at more meaningful things such as exciting project news or relevant developments globally – with your crowdfunding link at the end. If you continually ask people to pledge they will lose interest.
8. Deliver what you’ve promised
Do everything you can to deliver the rewards you’ve promised, and deliver them on time. People have been good enough to support you, so make sure you come through. If something unexpected happens and you’re unable to deliver, be open and honest and immediately communicate it to your supporters. They’ll be far more understanding than if you just shut up shop.
9. Stay connected
Use your supporters’ contact details to stay in touch with them after the campaign has finished. Keep them updated and keep your community strong.
10. Turn supporters into donors
If you’re a not-for-profit or community organisation, look at ways to turn project supporters into ongoing financial supporters.