9 Steps to Launching a Successful Traditional Crowdfunding Campaign
1. Share your story
Let your potential funders know how your product or business idea can benefit them. Share who you are, what you’re planning to do, where the project idea came from, what your budget is and why you’re passionate about it. This shows you’ve actually put some thought into the idea, which helps prove the legitimacy and credibility of your project. People need to know what problem you’re solving that will be appealing to consumers.
2. Offer great rewards
People will back your project if they think it’s worthwhile, but it’s always good to have great perks for your pledges, too. You’ll also want to be fair with your rewards in terms of price points, and make sure you can actually fulfill them. It’s fine to promise your pledges big rewards, but don’t forget that delivery can take considerable time and effort. Be realistic.
3. Set a funding goal
You need to be aware that with some crowdfunding platforms you must meet or exceed your funding goal as they have an all-or-nothing funding model. If you meet or exceed your funding goal, you get to keep the money. If not, you don’t get anything.
It’s important to think about how much money you need to get your business up and running, and how many people you know might be willing to pledge. Although you may attract the attention of new people with your campaign, most of your support is going to come from those who already know you. Be realistic. Also keep in mind that you can’t change your funding goal once you’ve initiated the campaign.
4. Promote your campaign
There are many different ways to make people aware of your crowdfunding campaign. Here are a few tips for getting the word out:
Use social media to spread the message.
Reach out to the media and bloggers to get coverage for your campaign.
Host a live event to drive up interest and engagement.
Your campaign is unlikely to succeed without a 100 percent commitment on your part. You need to think of it as a full-time job while you’re driving toward your campaign goals. Leverage every relationship and marketing channel available to you.
5. Update your backers as your project progresses
You need to keep your project backers in the loop as you move forward with your campaign. If you don’t share regular updates with them, you could lose their interest and might not be able to attract as many pledges as you’d like.
Be honest and regular with your updates. If things aren’t going exactly as you hoped they would, be transparent. Backers want to know that you can actually deliver on your project and the rewards you promised them.
6. Fulfill your promise
Your crowdfunding campaign isn’t over if and when you reach your funding goals. It’s over when you’ve fulfilled your promises. This means completing your project, delivering on your perks or rewards and making sure you’re communicating with your supporters every step of the way. Only when fulfillment is complete can you truly say you had a successful crowdfunding campaign.
7. Find a viable means to monetize your pain point
Fundamentally, the purpose of creating a new product is to solve a problem and alleviate a pain point. For a crowdfunded product to be successful — and for any product to be successful — people must believe that it can alleviate one of their pain points.
“You need to be able to convey the value of the product if you want support for your crowdfunding project. If people don’t believe it will work, they won’t back it.”
8. Find a manufacturer you can work with
If your campaign is for a product, your investors are going to want to know when they can expect to receive the product you’ve made them crave. The only way you can provide them with a reliable answer is to have a manufacturer ready to produce your product.
You also have to make sure you can deliver on shipping promises. This is only possible if you have a firm grasp of what the entire manufacturing process will entail from start to finish — and that begins with finding the right manufacturer.
9. Make changes based on feedback
One of the most important things you can do before you try to crowdfund your product is make sure you’ve taken the time to have people test and review your product. Getting that feedback is essential to making any necessary improvements before launching a campaign. You must take consumer and backer feedback seriously. You may have an amazing product, but that doesn’t mean it can’t be even better with a little extra work.
With traditional crowdfunding platforms all the funds go toward one campaign and you must get your campaign in front of the masses that have the desire to help you meet your goals. It’s no secret that crowdfunding campaigns can be a lot of work. But with the right structure in place, you can meet and even exceed your funding goals… In Summary, It’s a lot of work and What if you Do Not meet your goals?
There is an alternative to the traditional crowdfunding where the funds only go to one project or person!
CoopCrowdFund is the first and only cooperative crowdfunding platform where every donor becomes a receiver.
No Goals or Deadlines to meet!
No one judges your campaign or project
3 Simple Steps
1. We Give
2. We Share
3. We Receive
CoopCrowdFund – Your campaign can be for business, charity or personal reasons. No one judges what you use your funds for because everyone has their own reasons and all the donations are shared with multiple campaigns through 12 generations. We work cooperatively to help each other get all the funds we want. You can get started receiving funding for your campaign now simply by becoming an active donor and sharing with just 3 others who need funding for any purpose.
Now 3 Donation Levels To Choose From.
€10, €10 + €25 (€35) or €100
Join One or All 3