How to Create a Successful Crowdfunding Campaign
Apart from being a great way to generate some much needed cash for early stage funding, Crowdfunding, if done right, can be a great way to generate buzz about your company. However, from the outside, the success of certain crowdfunding campaigns over others almost seem unpredictable. I’ve seen it time and time again. Two similar crowdfunding campaigns launch at the same time. However, one is hugely successful while the other is dead upon arrival. Thus, the question begs to be asked. What can you do to ensure you have the best chance of creating a successful crowd funding campaign.
Through hours of pain stacking research combing through successful and failed crowdfuding campaigns of all shapes and sizes – I have come up with a digital strategy based on 7 factors that will have a direct impact on the success of any crowdfunding campaign.
Step 1. Create Something Exciting
You here it all the time but it needs to be said. If you’re product isn’t exciting, how can you expect people to get excited about it. The funding crowd needs to be compelled to open there wallets and fund your project because they feel they are going to be a part of something big. Spend time carefully crafting your vision for the company and why you need the crowdfunding communities help.
Step 2. Reach Out to Your Core Network of Supporters
You need to get the ball rolling somehow right? The best way to kick start your campaign and start building buzz is by reaching out to family, friends, and any other contact lists you have access to.
How to contact your network:
- Create an email before the launch and schedule it to go out on launch day.
- Send out messages on your twitter and facebook
- Don’t be afraid to directly tweet or message people you know on social media. That’s what its suppose to be used for!
- Throw a launch event in your home town
Step 3. Build a Compelling Rewards Strategy
Here’s the secret to pricing. Are you ready? If people feel like they are getting a great deal or value, they don’t care how much they pay for a product or service. So make your rewards for investing a great value for funders no matter the investment tier. Secondly, make the rewards something people can be excited about. If you have any questions whether your rewards are lame then they most likely are. Be creative. Be clever.
Step 4. Produce an Awesome Pitch Video
Oddly this seems to be the most important and common factor in determining whether a crowdfunding campaign was successful. In almost every single crowdfunding campaign that was a big success – the company had a super creative video to support the campaign. When creating your pitch for crowdfunding we find that “how say it” is almost as important as what you say. Once again, be creative. How can you make a compelling video that is different from people viaing for the same attention from community on the crowdfunding site you are utilizing. However, in the end, you still need to connect with people and your message needs substance.
Even though this isn’t a crowdfunding video, I still find it to be a great model for a creative pitch video:
Here’s some tips from the founder of Dollar Shave Club to help you make your own viral pitch video.
Setp 5. Design a Superior Funding Page
Your funding page is where people go to learn more about your crowdfunding endeavor. The content, design, and messaging is as important as your website. You wouldn’t want to build a a sub-par website so why settle for a sub-par funding page. If you don’t have copy writing and design resources then hire an agency or freelancer to knock this out for you.
Anatomy of an Awesome Funding Page:
- Kick ass video
- Well written copy
- Previous Successes and Rewards
- Clear vision for your company and how the funds will be used
- Well designed imagery
- Cohesive design
Step 6. Find the Right Site for You
There are a ton of crowdfunding sites popping up every month it seems like. However, there are only a handful that are worth using (see list below). When launching a crowdfunding campaign, its important to pick the right crowdfunding site for you. Look through successful campaigns. Do you see a trend? Do you have competition? How large is the community? These are just a few of the questions you should be asking yourself when determining what site is right for you. Finally, don’t be afraid to contact the crowdfunding sites. You may be surprised, but if your pitch stands out from the crowd, a funding site will be more than happy to help you in any way they can to make your project a success.
Top Crowdfunding Sites
Step 7. Execute Word-of-Mouth Marketing
OK, so you’ve checked off steps 1 through 6 and your ready to get the word out about your crowdfunding campaign. But, how do you create the viral buzz of some of those famous crowdfunding campaigns from the past? Before we get int that, let’s talk about what you don’t want to do.
Things You Never want to Do when Marketing Your Crowdfunding Campaign
- Sound needy or desperate – Always be creating exclusivity around your campaign
- Advertise – Remember you are trying to raise a ton of money, not spend it.
Now that we have that out of the way, let’s talk about steps you should take to drive buzz about your crowdfunding campaign. The answer is simple – start executing word-of-mouth digital strategies. I’ve provided some basic strategies below but if you don’t feel confident in doing so you can always hire a creative digital agency like Space Chimp.
How to Drive Word-of-Mouth about Your Crowdfunding Campaign:
- Contact the crowdfunding site and see if they can help you in any way
- Use social media to contact influencers and others that could help spread the word
- Create a brilliant story that people can share
- Email writers and editors at targeted publications
- Send out a press release on multiple newswires
- Send an email to family, friends, and colleagues
In the end, launching a crowdfunding campaign and making it a huge success is a ton of work. And rightfully so. Money shouldn’t be free. Success is never easy. And to build something people want to invest in simply takes time and effort. The one thing I hope this blog shows is that crowdfunding success doesn’t have anything to do with luck. Your success will come from building a great product, crafting a brilliant message, and getting the word out that your funding campaign even exist. Crowdfunding communities are hyper competitive you will need strong will and passion about your project. Good Luck!
Space Chimp provides creative digital design and marketing design services. To hire us for your crowdfunding campaign launch – feel free to contact us today.
Did we forget anything? What are some other important factors to consider when launching a crowdfunding campaign?