Powerful funding is the ultimate expression of connection and democracy. the web allows this phenomenon to grow continuously. Crowdfunding means people are contributing money to a selected project, be it a show, event, cause, business, game app, etc.
There are usually rewards for the backers: they get promotional materials, or to undertake out beta-versions of the merchandise, and if it’s an occasion, they get exclusive backstage access.
In this way, the creator of the project raises capital to try to to it, and therefore the contributor gains the rewards for supporting a project he or she believes in. Sounds too good to be true? Well, there’s a catch. For the project to boost money, it must follow specific guidelines. Here are the seven best practices for running a successful crowdfunding gig.
Build It Before Launching
Many crowdfunding campaigns go under because they fail to get the groundwork before introducing their project to the masses. you would like to possess a social presence. Either a Facebook, Twitter, or YouTube account already.
Have your website describing the project you’re doing. this may assist you to harness the facility of your audience for getting the campaign off the bottom, and it also allows people that don’t know you to trust you more.
Nobody likes giving money away for no reason, so having your name and your campaign’s site crop up on Google when a possible pledger is checking out you outside the crowdfunding site will help build trust in your project.
Know Your audience
There are plenty of crowdfunding sites out there. It’s your job to understand which website your potential pledgers (the people are contributing to your project) are browsing. Meaning understanding each site’s audience. check out what kind of projects are featured on the homepage, and what campaigns are most successful on the location.
If a specific site raises the foremost money for music projects, and you’re doing a piano recital, that’s the place for you. If you’ve got a cause awareness campaign, you ought to inspect MightyCause or RocketHub.
On the opposite hand, appsplit, the primary app crowdfunding site launched in 2010, is great for mobile development.
storytelling and Psychology
Believe it or not, the crowdfunding model is older than the web. During the 19th century, newspaper publisher Pulitzer (yes, the inventor of Pulitzer Prizes) raised quite $100,000 in six months.
The goal? The pedestal restoration of the Statue of Liberty, which resulted in 125,000 people pledging towards it. Why? Because they cared and will identify with the story.
Most people browsing KICKSTARTER are looking to support things they believe or care about. There also are certain psychological trends all humans fall under. Tony Robbins talks about this in a superb TED talk.
How To Tell A Story
Think about this when you’re presenting your project’s story. Remember to form it emotionally. The six keys elements you’ll get to address in your overall project presentation are Certainty, Variety, Significance, Love & Connection, Growth, and Contribution.
Most of the people want all of these things, so mention them. The trick is to convey the ideas to the eventual pledger by hinting at them. confirm they catch on within the primary minute. Let’s say, I’m trying to boost money for a social job platform for Android. Here’s an intro that works well:
“My project is certainly significant because we try to attach children with their potential future jobs, contributing and improving to the general employment rate here in Romania. we’ll impact quite 10,000 people within the first four weeks, and with a minimum conversion of twenty-two, our app is sure to drastically change the lives of 200 people.”
The combination of real numbers, overall tone, and therefore the six elements bring a compelling story. What takes it to the subsequent level, though, is that the human element involved.
Video? 100% Yes!
What better thanks to telling a story than through video? Having a video for your project is an absolute must. “More than 50 percent of crowdfunding projects with a video is successful. Conversely, only 30 percent of these without a video succeed,” says Kendall Americo, CEO of ClickStartMe.
You need to convey the following:
- Who you’re
- How your story is connected with the six key elements
- What the rewards for the contributor are
- Asking exactly for what you would like and explaining where the cash will go
- Thanking everybody beforehand, already assuming they’ve pledged
Consider making knowledgeable video as an investment, and if you’re not comfortable together with your accent, maybe hire voice talent.
Competition for funds is fierce nowadays. That’s why you’ll want to form sure you’ve got a couple of friends or relations as first investors. People often imitate others so as to belong to a tribe.
Take advantage of this “group mind” by planting the primary seed yourself. Once you’ve got your 1st round backers, others will come.
Lots of Rewards
Rewards are awesome, and offering them may be a no-brainer. Try giving rewards for even the littlest of donations. Here are a couple of ideas:
- Behind-the-scenes photos or videos
- Autographed materials, photos, t-shirts, mugs, and other souvenirs
- Including the pledger within the product’s credits
- the particular product (free or largely discounted)
- Invitation to launch parties, events, social gatherings
- Unreleased beta-versions of the merchandise
- Including the pledger’s name within the game/product
- Access to the team or one-on-one talks with you
- Direct involvement within the script/features of the campaign
Get the word out.
The Internet is filled with blogs and publications about every topic under the sun. Immediately after your campaign starts to grow, contact as many as possible. Once you reach your first milestone, your project can become a story, especially if you’re raising money for a cause.
Media attention spreads like wildfire if it’s an exciting project. Best to not contact anybody on launch day and wait until you hit your first milestone. which will prove some interest in your idea, and you’ll be more likely to attain a piece of writing.