4 Tips to Ensure a Successful Crowdfunding Campaign
Having the idea for a product is one thing, but running a successful crowdfunding campaign is a completely different story. We’ve been there and done that – trust us, we know what to do and not to do.
Here are 4 tips we learned throughout the process of our first crowdfunding campaign. Hopefully, these tips will not only help you and other entrepreneurs avoid futile mistakes but ensure you make the most out of their campaign so you see success.
- Don’t Underestimate Video
We know many entrepreneurs who’ve launched campaigns with brilliant ideas but didn’t reach their funding goals. They had the idea, the support of family and friends, and a great write up. What did all of their campaigns lack? A video.
A good video is so important to have when running a crowdfunding campaign because it separates you from the rest. Even more, it tells your story in a way that’s easy for backers to intake. Videos are so critical. It’s even been studied and results showed that campaigns that feature videos raise around 110% more funds compared to those that don’t.
When you launch your campaign, make sure to have a video that talks about your startup, the team and people behind it, the product, and your goals. Bonus points for making it fun or funny. Ones that do have the potential to go viral, which can work wonders on your campaign.
- Spread the Word Before the Big Launch
Now here’s something we’re sure everyone has experienced before. You ask your friend to do something like “like” your page on Facebook, share a post, or anything else, and it just doesn’t get done. And if it does get done, it’s 3 weeks later. Yeah, I know the story far too well.
Since it usually takes 2-3 requests to get someone to do something, it’s really important to spread the word long before you launch. This will build momentum, excitement, and anticipation. The best way to do this is to send an email to your email list as a heads-up, and then follow up right before or right after the launch. Get everyone involved including your family, friends, and previous customers. Another great thing to do is to make it really easy for them share your campaign launch news by providing them with a tweet or Facebook post templates they can share.
- Value Your Backers
In the crowdfunding world, your backers are everything. Without them, you’d literally be nowhere. Show your backers that you value them and their financial support, but also just their support. Every time a backer shares your page, posts about your campaign, tells a friend about you, it’s a big deal. Show them you care and thank them by praising them on social media, or even emailing them personally. It may seem tedious, but it pays off big time.
Also, be sure to respond to people’s questions on your campaign page. If someone asks a question, they are probably curious and can easily be made into a loyal backer. Additionally, keep them updated on product or campaign changes. After our campaign ended, we ran into several production snags. It wasn’t easy informing our backers, and trust me, they weren’t happy with us. But we did our best to keep them updated and answer their concerns. Simply put, show them you care. Be real with your backers.
- Encourage and Implement Feedback
Valuing your backers is so important. We here at FUGU saw how necessary it is to have your backers’ support because things can go wrong, and they most likely will. That’s life!
Along with showing your backers you care and value them, it’s important to encourage their feedback. Hear what they like and don’t like, what they want changed or made different. Once you have their feedback, take it to heart and implement changes that were requested and ones you feel are good. Always listen to what your customers say – their happiness is the most important thing.
Here’s to a Fully-Funded Campaign and Successful Company
You have the team, you have the concept, and you have the drive. Now get to it and launch your campaign already. But before you do, don’t forget to take our 4 tips into consideration. From a company that’s “been-there-done-that,” you can be sure we know what to look out for and what to avoid if possible!