Crowdfunding can be an amazing way to secure some essential capital for your fledgling startup – but not just any old business can succeed at this game! So what do you need to be doing in order to really make the most out of this opportunity? Read on to get some awesome advice!
There are all kinds of weird, wonderful and downright WTF projects out there in the big ol’ world of crowdfunding. Take a look at this list of the most successful crowdfunded projects out there – you’ll be surprised by what kinds of things made it into the top 10! But take a closer look and you’ll see that someone, somewhere is actually pretty interested in backing it – and hoping it’ll succeed.
So what’s the number one quality behind any successful crowdfunded project? Passion. Heaps and heaps of it. You’ve really got to love what you’re doing, and put it across. Your crazy mad love for your product should be infectious – anyone coming within a ten-mile radius of you better go away singing your new theme tune.
Understand your audience
It’s not good being passionate all by yourself. That’s a little bit too much like being the weird loner in a corner of the dance floor. You’ve got to know the audience who are going to want your product – inside out. What makes them tick? What is the key factor that will inspire them to commit to you, and back your project?
Thorough market research – before you start a crowdfunding project – is essential to your success. Not only will it give you the inside scoop on who your target customer is, but you’ll also learn how you can best get your message across to them.
Shout it out!
Now’s not the time to be shy. If you want your dream project backed by the people, then you need to get out there and get your message to them first! A crowdfunding campaign won’t get off the ground unless your audience knows about it. So you need to establish a clear and detailed communications strategy, figuring out what are the best channels to use through all stages of your campaign, as well as encouraging people to share it further too.
Give valuable rewards
Rewards are a great way to show how much you value the people who are stepping up and backing your campaign – don’t wuss out with half-hearted “rewards” that no one’s going to get excited about. Give something that is going to be attractive and tangible to encourage people to step up to a higher level of funding. But also make sure that your rewards are realistic for your budget, too.
Don’t give up
Headline-grabbing crowdfunding projects can sometimes make you feel a little disheartened – especially if you’ve just missed your target by a sliver. But don’t give up. Going through the process is an invaluable opportunity in itself to learn about what you’re doing, and identify any mistakes. Next time – you’re going to be even more amazing!