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10 Tips On Running A Successful Crowdfunding Campaign For New Entrepreneurs

Crowdfunding platforms have grown in popularity ever since their rise in 2009. In fact, crowdfunding projects in North America alone generate an average of around $17.2 billion per year! The crowdfunding market is also forecasted to maintain a 16% compound annual growth rate (CAGR) per year, which means, if you plan on running a crowdfunding campaign, you’ll be a droplet in an ocean full of goals and timelines.

So, with so many campaigns already out there, how will you be able to set your campaign apart? Or maybe the better question is: how should you run your campaign for it to come out successful? Listed below are a few helpful techniques and strategies to help you push your crowdfunding campaign to greater heights.

Research, Research, Research!

As with any worthwhile endeavor, some added knowledge and research are bound to brighten your perspective. If you’re done researching for the product or service you’ll be pitching, you’ll have to do more for the actual campaign strategy you’re going to use. This means stepping back and taking a look at the bigger picture. The following are a couple of important points to research on before taking any step forward:

  • Identify your target audience. You can’t appeal to everyone, so it’s best to focus on your chosen demographic. Research what they might like or dislike. Relying on hard facts and data is key; it’s best not to assume traits or preferences. Learn their language and use it to write good copy. Set rewards that will cater to them.
  • Look into your options for crowdfunding platforms and weigh the pros and cons of using each one. There might be some more suited to your niche than others, so make sure you widen your options. The platform you choose will be what manages your tracking and your goals, so make sure it is aligned with how you imagine your campaign should be presented to the public.
  • Research about other campaigns. Which ones failed? Which ones succeeded? What are the factors that set these groups apart? Once you’ve connected the dots, you’ll gain more insight on what elements you can add to your approach.

Build A Community Before Launch

Even before actually launching your campaign, you can already build interest and grow a community that is sure to support you once you’ve cemented your next few steps. Owning a blog or having an account with a huge following on social media are usually huge pluses when it comes to forming interest prelaunch, but if you’re going to start from scratch, using channels such as questionnaires, surveys, newsletters, and even teaser splash pages will be enough to gain a following.

Market On Social Media

The wider your reach, the better. On social media, everything can spread like wildfire. It’s all about using the proper content, timing, and a lot of hard work. Frequent and consistent posting and engagement is key, after all. Utilize hashtags to your advantage, and invest in using ads. Make sure you use what you learned during your research phase, for example, taking into account hashtags your target demographic uses, or which social media platforms they are abundant in, and which clusters, groups, or organizations they surround themselves with. If you can, partner up with influencers who can speak to your target audience about your campaign.

Make Use Of Multimedia

Videos are a great medium for communication, as they are more efficient to digest than blocks of text and pictures. This is why your videos, especially your main explainer video, should be eye-catching while being concise. The thumbnail and the first 20 seconds of your video are all it takes to create that first impression, so make sure these already give a gist of what your campaign has to offer. Take note that you don’t have to personally edit and shoot all your videos. Hiring professionals who can do this for you will be well worth it.

Host Events And Giveaways Every So Often

Most of the time, during the middle of a campaign, a slump occurs. To get the community back on track with support, you can host virtual events, complete with freebies and giveaways! This will get people talking about your campaign again, and will end up giving you that needed boost.

Share Your Personal Story

Sharing the story behind why you choose to push through with this campaign will be a huge factor when it comes to gaining people’s trust. Introduce yourself and your plans, and show people how passionate you are about the project. Tell them your budget, your game plan, the whys behind your decisions. All these little details will help build their perception of you and your campaign, and when expressed in a way backed by earlier research, can be compelling enough to help nudge them onboard.

Communicate Openly

Sharing your story is only half the battle. Once your campaign has launched, your backers and supporters will expect you to give updates every now and then, especially after the funds have been raised. Transparency is key to build trust, especially in the world of crowdfunding.

Listen To Feedback

Listening to feedback, whether it’s before launch or during launch, is essential. Your target audience is directly giving you information on what they need, after all, the least you could do is hear them out. Some of their ideas have the potential to make your product or service better… or worse. Talk to your backers, create healthy discussions. Give them that yes or no, and the reasons why. Make a poll if you are torn on deciding certain aspects.

Follow Through On Promises

Finally, you should follow through on any promises made during the course of the fundraiser. Not only does this build more trust with your community, this gives you more credibility. This will be very useful if you set out to push through with more endeavors.