Over the
last several years crowdfunding has become an increasingly popular for raising
funds for any project. Many start-ups try to raise money by running a
crowdfunding campaign, but unfortunately the majority of crowdfunding campaign
fails to reach their goal. Crowdfunding
may seem simple, but considering the fact that more than 60% of campaign fail.
In Crowdfunding, around 30% of the campaign hit their funding goal and
successful campaigns on Kickstarter have collectively raised more than $1
billion. But on the other side around 70% of the campaign fails to hit their
funding goal.
For every successful crowdfunding campaign we hear about, there are many more that have completely failed to meet their goal. There are many challenges while running the crowdfunding campaign. There are many things that kill a crowdfunding campaign, even before getting started. Here are a few mistakes that kill a crowdfunding campaign to get successful.
You Fail to Ignite, Engage, or Connect
To know more about
crowdfunding, check http://bit.ly/2jWwkoH
For every successful crowdfunding campaign we hear about, there are many more that have completely failed to meet their goal. There are many challenges while running the crowdfunding campaign. There are many things that kill a crowdfunding campaign, even before getting started. Here are a few mistakes that kill a crowdfunding campaign to get successful.
Ignoring Social Media
One of
the key strengths of crowdfunding campaign is its ability to leverage the power
of social media to build widespread support for the project. Social media is
crucial to the success of a crowdfunding campaign as it helps a campaign to go
viral. While planning for running a crowdfunding campaign, make sure to focus
on the social channels that will provide the most impact. There are so many
social channels, but some of the main channels were Facebook, Twitter,
Pinterest, Tumblr, Youtube, Google+ and LinkedIn. Make regular posts for your
crowdfunding campaign, increase as much as followers or likes, try to get
maximum reach.
Setting your goal too high
Many
crowdfunding campaigns fail because of setting too high funding goal. But it is
not the time to go too far about how high you’re going to set your goal. So to
avoid the failure, set your crowdfunding campaign to minimum goal you need to
raise so the fulfillment of your product is possible. The more reasonable the
goal, the likelier fans are to believe it’s attainable and contribute. If
people like your campaign and you have successfully reached your initial goal,
then you can extend your goal to maximum such as stretch goals or in-demand
campaigns.
Set a reasonable
price for the product and also set different perks or pledges that will make
backers choose their reasonable perks or pledge. Also search for similar
projects and compare with them that what goal they have set and what different
perks or pledge they have set that make their campaign success.
You Fail to Ignite, Engage, or Connect
There
are many crowdfunding campaigns that fail to raise funds, and some of the main
reasons behind were lack of awareness, insufficient or ineffectual public
relations, marketing, or social media tactics. We’re taught not to ask for things,
but while running a crowdfunding campaign try to get it out as many people as
possible. If you don’t have a crowd, then how a crowdfunding campaign will be
successful. So do as much as exposure for your campaign to reach people around
the world that will help your campaign and make it reach the target goal. To
get more exposure, don’t just look to social media, but also consider blogging,
press release, email blast, team up with other creators, eye catching videos,
and much more.
Whether
you’re raising money for an innovative product, social cause, creative film
idea, or any other reason, working with a team will multiply your network and
help make your campaign successful.
Perks
Rewards
or perks set by the fundraisers for the crowdfunding campaign make a difference
in the success of the campaign. Perks or rewards help to set your campaign
apart from the competitors and also raise the chances of success. There are
many reasons for people to support a crowdfunding campaign, so a good reward
often brings more backers to some campaigns. Perks or rewards are directly
connected to your crowdfunding campaign, which let people participate in your
campaign and support it. Having an early bird perks is a great way to build
momentum. Early bird is a special perks for early supporters with limited
number and high discount as compare to other perks. Whatever the rewards or
perks are, they should resonate with your campaign.
Having no strategy in place
Running
a crowdfunding campaign needs full time engagement. Most successful campaigners
spend months planning their campaigns before the campaign goes Live. Most of
the experts recommend at least 2 months before the campaign launch. You need to
set or planned everything before the campaign goes live such as marketing
strategies, emails list, social channels, decide how and when you’re going to
give your backers updates, what if the campaign fails or reached its target. Whether
you’re raising money for an innovative product, social cause, creative film
idea, or any other reason, you must have a strategy that you need to take to
launch and manage a successful crowdfunding campaign.
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