Mistakes that Kill Crowdfunding Campaigns

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.

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.

To know more about crowdfunding, check http://bit.ly/2jWwkoH

Few Things To Do Before Launching a Crowdfunding Campaign

If you have a great business idea or deal and you finally decided to make it a reality. However, the main obstacle you need to overcome is to find funds that you need to get your idea into reality. Many startups and businesses have raised their funds through Crowdfunding to start their business. The crowdfunding help individuals make their ideas a reality with the help of thousands or millions of potential funders around the world. But, the success in crowdfunding campaign isn’t guaranteed, no matter how good your business idea.

Launching a crowdfunding campaign is not an easy task, as you will face many struggles to push towards your funding goal. There will be many challenges while running the crowdfunding campaign. If you are planning to raise money for your business through a crowdfunding campaign, there are some key steps you need to take before you launch the campaign.

1) Landing Page or Website

It is important to consider a landing page or website design before launching a crowdfunding campaign. But having a company’s website is just a recommendation, not crucial. Having a website validates that you are a legitimate company and that will help you gain more supporters to your crowdfunding campaign. A landing page gives more information about you and your company. The website will notify about your upcoming campaign and you may also get early supporters from the website. And you may also able to explore about your product before the campaign launch, which may help attract more people when the campaign is launched.

2) Planning is critical

Planning is important before proceeding for any work or activity. Before launching a crowdfunding campaign, you need to research and have a look at similar campaigns on different platforms. It will help you to get a feel for how to position your own campaign. Your goal should be the lowest amount you need to bring your project to fruition.

3) Teamwork goes a long way

It’s tough to manage a crowdfunding campaign by yourself. According to research, crowdfunding campaigns run by a team raise over 3 times as much as campaigns run by an individual. No matter what idea you want to fund, big or small, working with a team gives you the opportunity to multiply your network, divide and conquer tasks, focus on your areas of expertise and make your campaign the strongest it can be. No matter how good your idea and planning is, working with a team will give you the opportunity to multiply your reach, divide and conquer tasks, help you reach the target audience and make your campaign the strongest it can be.Getting more exposure and community involvement is one of the main task to make the campaign successful.

4) Social Media Accounts

Social media is an important task for running a crowdfunding campaign. It helps to reach more people and spread the word about your campaign and also reach out to potential backers. The platform that you choose to create accounts for your crowdfunding campaign will depend on the target market of your product or service, as well as the relevancy of the platform.

Increasing social media followers can be difficult at first, but if you follow relevant pages and people, as well as interact with the community on trending topics, your page will be visible in no time. The more people who you can reach, the better chance of success you have.

5) Video & Graphics (Campaign Presentation)

Once your planning is done, your team is set, your database is built, your social media is created, and it’s time to turn your attention towards campaign presentation. The campaign presentation will make or break the success of your campaign.

Crowdfunding campaign is all about your story and graphics presentations. In traditional websites, people more focus on products, but in crowdfunding campaign, people want to know how you turned your idea into reality and why you need their support. Make sure your story is clear, direct and compelling. Most of the successful campaign uses pitch videos, infographics, and high quality graphics to make the campaign more attractive.

6) Perks

According to research and analysis, perks helps increase the chances of campaign success. So spend time in creating a variety of perks to suit every budget and potential backers and that offers real value of your product. While creating perks, don’t forget to introduce early bird offer which is a great way to build momentum. There are many reasons for people to support a crowdfunding campaign, but a good reward often perk up the traffic of backers. 

To know more about crowdfunding, check http://bit.ly/2jWwkoH .