Starting a successful business can be tricky, and it's no surprise that launching a project through crowdfunding is an even tougher feat. An astonishing 69-89% of campaigns don't make their goal - so what separates the successes from the failures?
So why is it that some truly innovative and exciting products struggle to find funding while others seem to raise millions with ease? We can't claim to be crowdfunding experts, but we've been on both sides of the coin - two of our campaigns were successful, while one wasn't. And through the ups and downs, we've learned a thing or two about what it takes to launch a successful campaign.
Before each of our own campaigns, we reached out to other project owners, hoping they would share the magic formula for crowdfunding success. But here's the thing: there isn't one.
However, that doesn't mean you're out of luck. While there's no surefire way to guarantee success, there are certain steps you can take to significantly increase your chances. And that's what this article is all about - helping you navigate the crowdfunding landscape and set your project up for success. So read on, take notes, and get ready to launch the campaign of your dreams.
Test the Market
If you're an entrepreneur, you probably have a lot of ideas for products and services you'd like to bring to market. But before you dive headfirst into production and promotion, it's crucial to make sure there's actually a demand for what you're offering. That's where market research comes in.
By testing your product with a target audience, you can gather valuable information about your pricing, demographics, and the strengths and weaknesses of your offering. Trust us - taking the time to do this research upfront will save you a lot of time and frustration in the long run. And the good news is, there are plenty of tools out there to help you conduct market research efficiently and effectively. One of our favorites is SurveyMonkey, which allows you to create and distribute surveys to gather valuable insights from potential customers.
Don't skip this step - it's worth the effort.
Pre-Campaign Test
Ready for take-off? Pre-Campaign Strategy is the vital prelude to any successful launch. Make sure your content appears interesting and relevant, ensuring that what you produce will be a worthwhile investment of both money and time. Entertain prospective backers with 'sneak peaks' like prototypes, sketches, FAQs - even giveaways! A blog page offering regular updates also adds value in connecting potential customers to your product; meanwhile give Social Media channels such as Instagram/Twitter/Facebook an active presence too so you can begin building relationships with those interested in giving assistance on liftoff day.
Active Campaign
Captivate your audience with an engaging campaign video – create something captivating that packs a punch in under 90 seconds! You may have to get creative, but don't forget the call-to-action at the end. To make sure your reward strategy is effective and easy for backers to understand, use fewer words and more visuals while still providing some form of incentive as thanks. Start using Google Analytics from day one so you can track key data points regarding who’s watching when launching on crowdfund platforms like Kickstarter or Indiegogo; time frames are essential here since studies show 80% funds come within 5 days - launch short campaigns (less than 30 days) for best results. #crowdfunding #success.
Timing
Making sure your crowdfunding launch is perfectly timed can be the difference between success and failure. Spend the two months before you hit 'go' building up a strong email list of potential backers – create a significant goal, let’s say 1,000 emails by the time you start your project.
That way when things get underway they will already have an excitement around what's going on!
If within ten days all that anticipation doesn't lead to success then don't worry - cancel and restart at another date with even greater certainty for victory due as now people know who YOU are in this community!
Tools and Resources
Crowdfunding is a change in paradigm and an exciting way to prove your products, become funded and have a support group investing in your success. A lot of work and energy is required for a successful campaign. However, the results can be rewarding in the short term. We hope that you enjoyed this blog and have a successful crowdfunding campaign.
