Monday, 02 June 2014 00:00

3 Secrets to a Successful Crowdfunding Campaign - fundedflow

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Successful Crowdfunding is there a way to learn how to do it right? Hundreds of campaigners have approached us for advice, so here are three important lessons for success with crowdfunding.

1. Do your research

We put a tremendous amount of time into researching best practices for successful crowdfunding. We read articles on websites and eBooks by successful campaigners, listen to podcasts and interviews from successful crowdfunding campaigners.

There are many small touches that can contribute to a successful campaign. You can borrow ideas from the best, and it’s better for you to plan in advance than try to wing it.

An important consideration is which platform to use. Kickstarter is by far the most famous, followed by Indiegogo in terms of traffic. Indiegogo, has a bit more flexibility as Kickstarter won't let you offer multiples of your item as a giveback.
With this trick you can offer multi-packs or units to encourage larger contributions from your backers. A second important trick is to be a big fish in a small pond, not a small fish in a big pond. Which is why not always using kickstarter is useful.

Is your product a good fit for crowdfunding in the first place? Pick something you know is within your reach so you are not setting yourself up for a monumental struggle to fulfill your obligations.
Backers are, currently, predominantly male and younger in age. Items geared towards parents and older ladies aren't likely to fare well on the current platforms. It's easy to see what kinds of items do well by researching the sites.


2. Execute with excellence

Strive to do a very good job in every aspect of the campaign. That includes giveback structure, your video, the voice of your written copy, product name, project icon, graphics, logos, update strategy, customer service, date realism, prototypes, pricing accuracy, photography, your referral program, communication of benefits and your marketing strategy. Show up as a professional company good at what you do. Your campaign will be better constructed and more appealing. That instills confidence in your backers. 

Of course, it's most important that the design of your actual product is excellent. You have to create something people will want. No matter how well you execute your campaign, product is king. Never skimp on design!


3. Make it happen.

Without good marketing you will be a “tree falling in the forest.” Indiegogo says that projects which can get to 30 percent of their funding goal in the first 24 hours have a much greater chance of success.

Use your friends and colleagues to compete for a prize to see who can generate the most referrals through Facebook posts, phone calls and tweets to all your friends and relatives to generate a buzz. 

Get that early momentum which will help make you much more interesting to the media, who will start running stories. That will move you up in the ranks on Indiegogo's or whichever platforms pages depending on the platform you use, which can lead to more donations, that led to more press and even better ranking.  This virtuous cycle can even get you on the front page and then in their newsletter, which will catapult you into the stratosphere. None of this will happen without a first big push. 

Crowdfunding success, like so many things, comes down to preparation, execution and will power. If you have questions or your own secrets to share, leave them in the comments. Happy and successful crowdfunding!

Read 614 times Last modified on Monday, 02 June 2014 11:11
Brian Cohen

Brian is the Chief Editor at fundedflow