It is no secret that Crowdfunding is a great way to start your new business or creative project. Shoot a quick video, include a prototype of your product or explanation of your service, and click the launch button. Sounds simple, right?
In reality, running a campaign takes concerted effort and thoughtful planning to be effective. To date, about 35% of projects launched on Kickstarter are reaching their funding target. We’ve included a few tips to help you get the most out of your campaign and set your endeavor up for success now and in the future.
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Tip #1: Your Crowdfunding Page Mirrors your Business Plan
While you may not choose to create a full business plan right away, there are different tasks to manage. You will increase your chances of success if you develop your brand, optimize your Social Media presence and create a list of all potential supporters and connections.
Tip #2: Model your Campaign on Successful Projects
If you are struggling with your idea, have a look at other campaigns that were successful. Check out the company web page, or perform a quick news search to view updates and success stories. A good example to start with is the Pebble Watch, which raised a great deal of funds and continues its success with new and innovative products.
Tip #3: Pre-sell your Campaign and Get Firm Commitments
When you launch your campaign, you have limited time (often less than 30 days) to reach your funding goal. Why not start early, engage your audience and pre-sell your product or service? Target your friends and family initially to see how they view your product, this will help refine your campaign. The more interest you build up early on, the greater the chance your project will catch fire in Social Media. You will also receive feedback on your concept, which will allow you to make minor adjustments and fine-tune your campaign prior to launch.
Tip #4: Select a Reasonable Funding Target
One of the trickiest components is to determine your funding target. If you set it too low, your concept may be viewed as inferior or lacking in authenticity in some way. However, if you set it too high, your credibility could come into question as well. They key here is to be honest and transparent and take time to spell out exactly how you plan to use the funds that your backers pledge.
And Finally …
When you are ready to take it to the big-time you will most probably want to use a professional Crowd Funding Manager for your first big campaign. These can be found directly on the Crowd Funding sites and will bring your campaigns to the next level. Be sure you that you are able to dedicate the time to your project before you take this step – remember that when the money comes in, thats when the WORK REALLY STARTS !