July 20, 2024

Power Equation

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Seven Things to Learn from a Successful Crowdfunding Campaign

3 min read

Though crowdfunding is still new to India, it is becoming widely popular at a stunning speed, and that is primarily because of the ease and flexibility it gives you. A crowdfunding website is a designed to hand any person the potential to make a sizeable impact on their cause or idea. When you create a campaign on a crowdfunding website like Website Designer Manchester, its potential is decided by you, the campaigner. When it comes to telling your story, spreading the word and finding donors, the sky is your limit. You can make your crowdfunding campaign front page material and raise twenty times the amount you wanted. Sifting through fundraising tips from experts will do wonders to help raise funds.

Here are seven lessons the most successful crowdfunding campaigners have taught us:

Image result for crowdfunding

All campaigns have patterns in common.

The duration of this journey may be a few hours or days or weeks, depending on how active you are with your campaign. But usually, the first 20% of your funding comes in right in the beginning, provided you spread the word before and right after you create a campaign. This endowment comes from your existing foundation of supporters – your friends, family, colleagues, neighbors, and acquaintances. What you need to prepare for is the struggle from 20% to 75%, where you need to throw yourself into growing your network and telling your story repeatedly on social media, emailers, and any other medium available to you. Once you are at 75%, it isn’t very difficult to get to your goal.

Have your cause/project clear in your head.

Don’t go to a crowdfunding website with a half-baked idea. Your donors have the right to ask all the questions they want before they decide to donate, and you’ll need to answer them promptly, comprehensively, and confidently, so you should have a detailed plan on how you’ll use the funds and what impact it will make. What makes your fundraiser different from others?

Never forget your donors.

Remember that the moment they donated, this became as much their project as yours. Think of them as your stakeholders and never lose touch. Keep them in the loop with constant updates on your fundraiser. Make sure they develop a deep connection so that they willing go out of their way to grow your network! On Impact Guru, you can post updates right on your fundraiser page to keep your donors in the know.

Self-promotion is not just okay, but necessary.

When you’re crowdfunding, keep in mind that it’s a fairly open-ended and informal practice. You’re selling your idea and you’re telling people why they should donate to your campaign. If you write an adequate story, ask politely once and sit back, you will not get anywhere. Go the extra mile with your story – use videos, pictures and good storytelling. Don’t hesitate to ask a fifth or a sixth time. It’s NOT begging and it’s NOT degrading.

Don’t be a one-person army.

Make sure you don’t wing it alone. Crowdfunding is not a surefire or guaranteed option. There is a possibility that your fundraiser may push 50% of your goal and wither. But there is also a possibility it may exceed your expectations and hit 300%. This requires mammoth effort, so get help!

Offer perks and rewards.

Don’t assume that all donors will be selfless enough to donate even if they fully relate to your campaign. It’s normal for donors to ask “What will I get out of this?” Offer attractive rewards for major donations, if not for all. For example, for a $50 donation, offer a thank you video on social media. For a $200 donation, offer a free prototype of your product (or something handmade like a scarf if it’s an NGO).

And last but not least…

Never, ever lag behind on social media.

Have a spotless social media presence. Consistence encourages trust and trust encourages donations! Don’t be afraid to pester your network constantly with updates, no matter how minor you think it is. Remind your followers constantly about your project until they are as familiar with it as you are. This will increase your chance of finding donors infinitely. And chances are, your existing supporters will be waiting for updates, so don’t disappoint them.

Happy crowdfunding!