Crowdfunding has become a major consideration for entrepreneurs and start-ups looking for project funding. Kickstarter, IndieGoGo, and Patreon are just some of the big names available to those looking to fund rather than bootstrap a new product, service or project. Many people believe that asking for funding is as simple as filling out a few pre-defined fields, and when they find out it isn’t, they either slap together just enough information to get their project online or abandon the idea completely.
If you approach crowdfunding without a plan in place, you will be impeding your ability to raise money. Just like any marketing tactic, crowdfunding campaigns require logical, creative strategies to ensure their success.
14 Ways to Get Funded Using Crowdfunding
- Consider your timing.
If you want to sell a product that is seasonal, then wait until the appropriate season. Backers will be more likely to support something that solves an immediate need.
- Set up a quick campaign.
More days don’t equal more money. The highest-earning campaigns have been 30 days or less, according to our experience as well as published statistics.
- Create an attainable goal.
Your goal should be realistic, not hopeful. Set it for the minimum amount you need to carry out your project. People like to support projects that surpass their goals – not those that can’t seem to meet them.
- Give them something to believe in.
Many backers don’t care about the reward at the end of the line. They want to support a good, compelling cause. Make sure that your story gives them a reason to root for you.
- Be honest and upfront.
Outline why you need funds and where you are going to use them. The more you lay out your budget, the more truthful you’ll seem. Additionally, tell backers how long it will take for them to receive their rewards – and make sure you know the proper turnaround time frames.
- Make the “founders” the face of the project.
You may be fascinating, but if you aren’t the creative force behind the project, you should stay in the background. People want to see that the founders are involved and that they are committed to seeing their project through until the very end.
- Produce a stellar video.
Videos are extremely important in Kickstarter, IndieGoGo, and Patreon. A professional, well-edited video will show your audience that you’ve invested in this process, and you are serious about it. Do not skimp on this part of your campaign!
- Look professional.
Your video isn’t the only thing that should look professional. The copy in your campaign should flow well and be free of grammatical errors. If no one in your company writes well, hire a professional copywriter to help you out.
- Have well thought-out rewards.
The most common donation is $25, according to our experience as well as published statistics. Make sure that your reward amount is appealing. Have different, well-planned reward levels. Think of backers as buying your product – and not just donating to your bank account.
- Use the inbound marketing you already have in place.
If you have existing marketing systems in place, utilize them! Reach out to people via emails, newsletters, and social media. If you have a website, advertise the campaign on there, too.
- Involve your friends and family.
Don’t forget about the power of your personal network – this is where the bulk of your funding will come from. Even if your friends and family members lack deep wallets, they can share the news about your campaign to people you don’t know. If you know any bloggers, ask them to spread the news for you, too.
- Thank your backers personally.
Expect to spend some time engaging with your backers. They can give you valuable feedback and can help spread the word even further. Send them personal emails; it will be worth it.
- Ensure your product is awesome.
Whatever you are producing needs to be high-quality. Don’t start the crowdfunding process until you’ve already created prototypes, met with manufacturers, and tested out shipping options.
- Have another funding source.
Crowdfunding should not be your primary source of funding; it should be your last. If your project does not meet the monetary goal you’ve set, you will get nothing. It’s essential to have a backup plan in case this happens.
Planning is Key
If you plan well, strategize your written and video content, and then promote the campaign via email and social media while it’s running, you could be on your way to receiving the funding you need to follow your dreams. A crowdfunding campaign should feel like a full-time job while it’s running if you’re doing it right.
Conveyance knows how to fundraise using Kickstarter, IndieGoGo, and Patreon. If you need any help, just give us a call. We’d love to help you convey your message and turn your ideas into reality.