You might have read many articles and blogs about running a successful crowdfunding campaign. However, none of those blogs are objective and practical, it means they are too theoretical and not very practical.
However, we wrote this blogpost to give you some of the practical tips that are very relevant if you are thinking of starting a crowdfunding project. All the mentioned tips in this article could be easily understood and implemented by a new crowdfunding organizer.
So here are some of the tips that you can follow and run a successful crowdfunding campaign.
Developing a Narrative or Story that is Very Real
The first thing that could make or break your crowdfunding project is a story. Your story must be very real and it could relate to the people. People must feel that your story is very genuine and they could be your possible donors. Everything depends upon how strong your narrative is.
If you are able to convince people about your story then it is not difficult for them to donate some money out of their pocket. So focus on your story and developing a narrative that could relate to people and the real world.
Pitching is Everything
After you have worked about your story now you have to pitch it rightly. For developing a narrative you have to pitch it in a manner that could strike a chord with your followers.
Crowdfund raisers go wrong when it comes to pitching. Perhaps pitching is the most difficult thing when it comes to the success of a crowdfunding project.
Today, an introductory video is must for pitching. Your video is the first impression. Entire content you create for launching a crowdfunding campaign, your video part is the most important thing.
Give more focus on creating videos that are compelling with a relevant content.
Budgeting Your Campaign is Important
Keeping budget in mind is also an important factor. If you want your crowdfunding project to be successful and run smoothly then you have to figure out the budget of your campaign.
It is quite often that you sometimes run out of budget. Hence, it is advisable that you take care of all your expenditures beforehand.
One of the most important things I learnt about budgeting is never underestimate your expenditures, it could go up anytime.
Choosing a Right Kind of Platform
If you are ready with the story and a video to pitch, now it is time to launch your crowdfunding campaign. You need to choose a right kind of platform that could help you reaching out to millions of people around the world.
If you live in India then you have to search for certain websites that gives you an opportunity to launch your campaign. Outside India, Kick Starter is the best website for crowdfunding because success rate is very high.
Choosing a right kind of platform could make or break your campaign. Even if your story and pitching is good but the platform is not then your campaign might fail.
Projecting Complete Transparency is Must
Once you have launched your campaign and it is in the public domain then you have to become very careful. Once you are on air you need to care about establishing your transparency. Without transparency your project will fail in the beginning itself.
If people do not find your story genuine then they might turn away from your project and you will never be able to raise money you dreamed of. Establishing transparency as soon as possible is a practical tip. It could be established only if your story and pitching is excellent.
So focus on creating story which could relate to masses.
Promoting Your Campaign
Well! This is where majority of crowdfunding projects fail. In fact 70% of crowdfunding campaigns fail because they do not know how to promote a cause.
If you think that you will create a campaign and sit idly expecting people to donate money for your cause then you are totally wrong. Perhaps promoting is the most difficult part and you have to apply different ideas each time you create a new campaign or project.
There is no fixed formula to it, in fact you could write a book on different promoting methods.
Use power of Internet, mainstream media, other offline sources etc. Never sit idly, keep innovating new methods for promotion.
Leverage Your Fan Base from Social Media
One of the promoting methods is leveraging your own fan base. Usually, you neglect your own fan base. You have to be on social media platforms like Facebook and Twitter.
Not every crowdfund raiser depends upon celebrities to raise their money. You have to have your own fan base on social media and other platforms. You can leverage your fan base to spread a word about your campaign and get more donors and funding to your project.
Never overlook the power of your fan base and exploit them as much as you can to spread a word about your campaign.
Rewards and Perks to Donators are the Most Important Thing
This could be the most practical tip for a crowdfunding project to succeed. Success of a crowdfunding project totally depends upon how you reward your donors.
You have to take special care of your donors. If you don’t then they will never come back and donate money for the project you are promoting. Suppose your crowdfunding campaign is for raising money for a music album then you must gift your donors with free copies of the album.
Whatever project you are doing you must always give something back to your donors so that they keep coming back, otherwise you lose your loyal donors and your project might fail.
Constant Communication with Your Fans, Donors and Investors
Even if a project is completely successfully, you have to remain in touch with your fans, donors and other investors. If you think after successful completion of your project you don’t need them then you are seriously mistaken. Never make this mistake.
All your fans, donors and other contributors are very important and they might come in use again for your next project. You cannot turn them off.
Therefore always remain in touch with them by sending gifts and other rewards. Moreover, keep updating them with your project and how they helped you to complete the project.
Keep Updating Your Campaign
A crowdfunding campaign never ends. Even if you have completed the project successfully and raised the desired amount of money that does not mean the project or a campaign is over.
You have to keep updating it ever since you created the pitching-content. You cannot create just one video and some articles and sit idly. You have to keep updating it every week or even every day.
Your donors are going to come through Internet and on Internet updating your content is very important. You cannot leave your pitching page without updating it.
Add some new videos and other creative things to make it more interesting. You have to be very practical in approach because just putting up a website with some content is not going to raise the money you wanted.
A professional Website is Must
Again I cannot over emphasize the importance of a professional website. Do not use free blog and other things which are free.
Always pay money and get things done. A professional website will help you to establish an authority that you are genuine and really interested in the idea you are promoting.
Whether it is a pitching page or your story page, every single web page must be professionally done. Otherwise visitors might leave your website and you will fail to promote your campaign.
Crowdfunding is all about Winning Hearts and Minds of Donors
In the end, I will conclude by saying crowdfunding is all about wining hearts and minds of your donors and other contributors. You have to establish yourself as a genuine guy who is interested in helping the society to make it better.
If people take you as a genuine guy then there is no problem in donating money. Money could come easily if you are successful in establishing credibility among your donors.
Your story and entire narrative would be very important to win their hearts and minds.
So these were some of the practical tips to launch a successful crowdfunding campaign. Tips are for real world and you can execute it very easily. They are very important to launch a successful crowdfunding campaign.