Any entrepreneur that wants to raise capital through crowdfunding should understand some of the most important factors that could contribute to success. This is because of the numerous projects that launch and compete on major crowdfunding platforms like Indiegogo and Kickstarter. More than 50% of the campaigns still fail to reach their funding goal, so it is important to know where a lot of emphasis should be put to boost the chances of getting funded successfully.
There are 3 key crowdfunding success factors identified from campaigns for product ideas across the sectors:
Make sure the pitch is great
In order to attract most of the potential backers that will come across your pitch on a crowdfunding platform, there must be a compelling story behind it. If nobody can believe your story, nobody can fund you. You business project or product idea could be great, but that’s not enough. You must creative in the way you communicate about the greatness of your project. There are certain things your target audience will need to hear in order to pay attention and begin to think whether you deserve their support. A great pitch for your project will make them sense the degree of honesty, transparency and authenticity they can associate with it. Your story should also be visually impacting and must therefore make use of images and video. Research has shown that including a personal video makes it possible to raise 114% more. Smart boost system reviews the latest trends and stays on top of best practices for crowdfunding to bring you the best campaigns in the market.
It takes great efforts to make a crowdfunding campaign successful so doing the necessary things in a proactive manner can make a huge difference. You could therefore make sure you are able to raise the initial 30% from people you already know, including friends, family members and other individuals you can manage to approach. That can be very beneficial if it gives you a great momentum and thereafter you can convince more potential contributors. Other people are likely to fund you if they can already see a significant number of pledges or funding has been made.
Even before the launch of your crowdfunding campaign, you should already be marketing and promoting your project through email, Facebook, Twitter and any other relevant social media platform. Making the best use of bloggers, Facebook groups, influencers, newsletters, events and conferences is a great way of increasing your audience reach. Your updates must be regular to make a greater impact. Research shows that making updates every 1- 4 days can double funding. Taking all actions discussed so far could help raise 8 times more funds than not doing so.
Audience that cares
Targeting the right audience must be done for any crowdfunding campaign to be successful. Take the type of project or your product idea into account and understand its market. Women projects are more likely to benefit more from crowdfunding platforms than from venture capital funding. Any type of project has a community that cares and proper audience targeting is therefore key for crowdfunding success. That makes it easier to decide on how to reach the audience for meaningful engagement that results to more backers for crowdfunding success.