Crowdfunding has evolved massively over the years. In fact, the industry is projected to grow to over $300 billion by 2025. That’s beyond the expectation everyone had about this industry a few years back.
At The Gadget Flow, we have been working with over 4,000 crowdfunding campaigns in the last few years and all of them have one thing in common: the sheer joy of bringing those random concepts and innovative ideas to life. Even a decade ago, it was not as easy to turn your idea into a mainstream business as it is now.
Thanks to crowdfunding, people now get the chance to put that MVP in front of a larger audience and understand its value while raising funds at the same time. But, it’s still not easy to reach the doors of success without following the right strategies. From preparing a pre-launch campaign to delivering the first batch to your backers, here are some of the most important tips that will help you with your crowdfunding campaign.
Launch Your Website Before Your Campaign
Crowdfunding campaigns are no longer confined to the project timespan. It’s important to spread the word even before you launch a campaign. The best way to begin this marketing strategy is by launching a web page. You don’t need to go for a full-fledged website; a simple web page is more than enough to take sign-ups. However, this web page must be launched at least four-to-five months before you launch your campaign. In addition, you can go for Facebook ads to grab more sign-ups to make people aware of your project. By doing so, you will actually have a good idea of the exact amount of people who might back for your project right on the day of its launch.
Set The Right Length For Your Campaign
Although your campaign structure and timeline is entirely up to you, it’s important to understand that you can’t stretch it forever. Based on our customer success rates, we recommend 30-45 days as the ideal length for a crowdfunding campaign. Always make sure, however, to take orders only if you have the capacity to fulfill them.
Prep And Draft Your Story
Crowdfunding is not just about selling a product. It’s about narrating your story to the world. People love to know the story behind every product that goes live on a crowdfunding campaign, so it’s important for you to plan your crowdfunding campaign draft with great detail. If you have enough budget, you may consider using the skills of an editor to master that draft.
Have A Proper Social Media Strategy
Social media works wonders for any crowdfunding campaign. In fact, it’s one of the best ways you can get the word out even if you have a restricted budget. Use platforms like Buffer to schedule valuable content once or twice every week before you launch your campaign. You should plan to increase those numbers to about 10-15 times every day once your campaign is live. The must-have platforms for social media presence are Facebook, Twitter and Instagram.
Gather Those Visual Assets
Storytelling is not just limited to words. Make sure you have high-quality lifestyle images of your product as well as a two- or three-minute crowdfunding video for your campaign. The video should have a good balance of your product features followed by a personal note for your potential backers. This helps your backers connect with you on a personal level and it will get some extra credibility points.
Reply To Comments On Time
It’s inevitable that you will be getting a lot of comments on your crowdfunding page as well as your social media channels and email once your project goes live. Make sure to respond to each of them. It’s important to make your backers understand that you are well-versed and prepared to make the product a mainstream success.
Keep Track Of The Traffic Source
Once you launch your campaign, it’s important to know where your traffic is coming from. Use platforms such as bit.ly or referral programs like Kickbooster to stay on top of your best traffic source. With this knowledge, you’ll have better insight for where you should invest your marketing.
Use Crowdfunding Promotion Services
Crowdfunding is not just about launching a campaign: You also need to make sure you are using the right platforms to promote your project at the same time. Sites like BackerClub and Funded Today are some of the most noteworthy promotional services for crowdfunding campaigns. It’s best to plan your campaigning one month before you launch your project. Reach out to these platforms, check the testimonials, and go for the ones you feel would work for your project the most.
Secure The First 30% Goal From Family And Friends
In most crowdfunding platforms, your project will go under the featured section if you are 30% funded within 48 hours. So, make sure you let your family and friends know about your project beforehand and also send newsletters to the sign-ups you gather from your web page. Right after your project goes live, let these people know so that you are able to reach the 30% goal within 48 hours from the time your project goes live.
Highlight The Press Mentions
Credibility is important for every seller out there, so you must be sure to highlight any press mentions on your crowdfunding page. This will enhance your credibility and make your potential backers feel more confident about your project. Using quotes you received on your project from renowned publications is a surefire way to increase your credibility.
With all that done, you will be closer to making your crowdfunding campaign a success. Remember, having a successful campaign is not the end of the story. It’s where your journey actually begins.