According to numerous of successful individuals, starting a new business is definitely not a piece of cake. Unfortunately, the main reason why new businesses fail is due to lack of funding. Thankfully, there is an innovative way that can overcome this obstacle: crowdfunding. Crowdfunding is the ideal method to opt-for when you want to attain funds for a new venture. There are many ways that one can boost the public response for a crowdfunding project (below).
Top Effective Ways to Boost Crowdfunding Project
1) Making a Video
Videos that are both enthusiastic and passionate, while showcasing a service and/or product–have shown to being able to increase pledges by 115%. Opting to shoot a video with these characteristics demonstrates that you are real, and thus will have a higher likelihood of going viral.
In your video, include a call to action in order for people to provide you with their aid, without any hassles. Don’t be traditional with your video—be creative, but don’t go overboard with elaboration. Simplicity is the key. Consider creating multiple updates and videos. You can definitely have a video that is the main one, but in the body of your pitch, it is often recommended that you have links to videos on YouTube.
On your site, individuals will be able to easily click and play videos. If you want to entice your believers to comeback, it’s always a good idea to integrate fresh content as often as you can. Never forget to always thank your audience for spreading the word, and most importantly, for their contributions.
Your chances of reaching your goal can meaningfully increase by 9% if you secure just one pledge.
If of your desired funding you secure 20-30%, it has been shown that you will be 90% more likely to reach your goal.
It is crucial to set a goal amount that isn’t too high, as you have to be realistic about what you request. Your goal should be to succeed, and thus it’s better to start small. If you need it, you can ask for more at a later time. If you succeed, you will have a history of proven fundraising success, which can be very beneficial in the future, because it is not a secret that people tend to always want to be part of a winning team.
When it comes to determining how much money you need to raise, you should have an idea of how many people you have in your network and how much your project costs. According to studies, a typical donation is $75 on average.
5) Creating the Pitch
If you want receive a great response from people, speak to the community that you want to target, and tell them how they can help instead of telling them what you think. Always remember that framing the pitch in the right way is very important.
6) Creating the Page
When creating your page, think of it just like you would a business plan–because it needs to be exciting, interesting, and compelling in three to five paragraphs, as you need to get right to the point.
7) Reflect Who You Are
Your page has to reflect your personality. Don’t type like a robot, because you want people to feel connected to your page, and the only way you can do this is by being yourself. Let your personality shine through. This will humanize your dream, and explain why it means a lot to you.
8) Provide High Level of Details
Remember that people aren’t just going to blindly give you money. They are going to want to know a lot of details before doing so. Notify them about where the money is going and etc.
Showcase the unique incentives, rewards, and goods that you are offering. To help entice pledges, if you can, make a video that shows what these things are.
Based on the industry you are targeting, incentives will be different. Offer a wide range of prince points. They can range from $5 to $1,000+. Incentives are extremely important. The lower levels should be facile to distribute, as they can be distributed in digital manner. Acknowledgements on website can show your appreciation, and thus you will be able to engage others in your project. Medium incentives usually consist of physical giveaways that go hand in hand with your project, such as films, albums, books, and etc. Larger incentives should consist of services, limited editions–and such.
11) Give it a Personal Touch
Don’t be afraid to get personal. For example, if you own a bakery, invite a contributor out for a private lesson and free bread/cakes. The individuals who believe in your project want to feel important, so go the extra mile to have this type of attention with them.
12) Never Give up, Not Even in a Million Years
Generally, there is always more activity in the beginning of a project than in the end. This is definitely a big mistake, as you should push through all the way, not only in the beginning. Host a live event, integrate a new incentive, and etc. Every minute of each day, you should breathe, sleep, and eat your campaign. When you reach a milestone, share the news with the people who believe in your project. Keep them posted about everything that is occurring. Think about it this way: your project is a journey that must be viewed by the people who believe in it, as it unfolds. Make your believers part of the process at all times.
13) Keep Your Word
Make it a priority to keep your commitments and promises. Ask for follow-up and feedback, and post and share your rewards.
14) Get Everybody You Know, Involved
Unfortunately, ‘internet angels’ do not exist; therefore, you have to involve your family and friends and hope that they will engage with their network of family and friends. Be open to every beneficial idea that comes to your mind, and take action.
15) Most importantly, don’t try to do it all yourself!
Get help from crowdfunding experts who can help you with certain aspects of the project. The most common things that you should hire someone for are: crowdfunding PR, social media promotion, campaign page design etc. Focus on the big picture of your project and let the professionals handle the details.