PART 4 - 11 tips on how to achieve success with your crowdfunding project

Blog post   •   Feb 20, 2013 15:02 GMT

Have you thought about starting a crowdfunding project? Here are tips on how you become successful. This blog article is part of a series of five blog articles.

1.  Produce a plan

As normal when you start a project, campaign or enterprise, it is essential to have good planning and to establish the objective and purpose, target groups, strategy, budget and resources. Decide how much money you need to procure via crowdfunding.

2.  Break down a larger project

To collect large sums of money takes too long and people are unlikely to see the point or have the energy to back the project.  People want to feel their contribution makes a difference and that the project really comes to fruition. There is a better chance of reaching your financing goal if you break down the project into smaller and more manageable elements.

3.  Find an angle on the project that engages many people

Find an angle on the project that you believe that many people can relate to and that helps to persuade people that it is worth backing.  Preferably a subject or theme that already has groups or communities tied to it and that also has a presence on the Internet.

4.  Recruit ambassadors

Where a crowdfunding project is concerned, it is especially important to find a specific segment in your target group that you believe can create a sense of involvement amongst others, so-called ambassadors. These ambassadors may be found, for example, within a specific geographical area, have a certain interest/hobby, value, religious outlook etc.  The fact that the target group perceives that they are making an investment may also create a sense of engagement.  Involve these ambassadors; they will thus surely forward the message to their friends and acquaintances, so-called viral marketing. Also involve your own friends and acquaintances.

5.  Develop a captivating pitch and other content

There are many competing crowdfunding projects. Develop a pitch that captivates and involves the reader. We are all attracted to and inspired by stories i.e. storytelling. Don’t be shy about highlighting yourself; often people find it easier to back individuals than the project itself. Feel free to state how the idea arose, why it is important, the benefits it brings and for whom. Develop other content with descriptive texts and images. A video is frequently a good method of attracting attention to your project and for achieving viral diffusion.

6.  State clearly how the money shall be used

Regardless of how interesting the idea and project you have, most people wish to know exactly where the money goes that they give. Select something in your project which you think creates special interest in attracting donors. Describe in detail and clearly what the money shall go to and what the costs are. This will create credibility and confidence.

7.  Entice with a reward

For those who see themselves as investors, you should attract their interest by showing what they stand to gain from your project. There may also be other benefits such as a free product, profile articles or discounts. A concrete example is that they will be invited to the premiere or your project launch. Use your creativity and fantasy. But you don’t always need to offer a reward. Often the target groups can be sufficiently moved by the subject or theme itself, the idea or product which has a value in itself or they feel strongly committed to lend their support. Read about more reasons why people contribute to crowdfunding projects.  Link to my blog article.

8.  Choose right crowdfunding website

There are many websites to choose between in the process of being able to start up your crowdfunding project. There are websites for different types of project, ranging from websites that relate to film projects to starting a new enterprise. To choose the right website may make the difference in having a successful project or not.  You need to find a crowdfunding website that suits your target group.  Here you can read my tips on different crowdfunding websites.

9.  Spread via social networks, your own website, other marketing sites and via PR

Not everyone in your target group is familiar with crowdfunding nor are they to be found in such places. You therefore need to utilise your social networks, create your own website and contact the media in order to inform about your project. Make it easy for your target group to forward the message to others to back the project, e.g. through “forward” or “share with” facilities.  See also the bloggers as your best friends. Focus on getting popular bloggers who have the same readership circle as your target group to write about your project.

10.  Be flexible and make changes as you go along

Even if you have developed a good plan, crowdfunding is not predictable. This is one of the reasons why it is so exciting to work with crowdfunding. Your donors will offer valuable feedback during the progress of the project and it is vital to have the impetus and be bold enough to make changes.

11.  Build up with new details and arguments

Most financing projects are carried on for between one and three months. Most raise the money at the start of the project and at the end. Through communicating new and interesting details on the project during the fund-raising period you can flatten out the curve. Be prepared to plan in advance which novelties and information you intend to build on.

You are welcome to read the last part (part 5) in this article series on crowdfunding - 6 crowdfunding-websites that market your project

You are also welcome to read the previously published articles.
PART 1 - What is crowdfunding?
PART 2 - 6 reasons why people contribute to crowdfunding projects
PART 3 - 6 reasons for starting a project with the help of crowdfunding

Many thanks for reading the article!

Feel free to comment on the article. Say if you have any useful tips and experience concerning how to make crowdfunding succeed.

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@ThessanW, Therese Walve
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