Crowdfunding 101: What Not To Do With Your Fundraising Campaign
You can drive a point across and make a very powerful impact if you know how to carry out your crowdfunding plans effectively. However, less than a third of campaigns actually become successful. It is not really as easy as it looks like and needs dedication, discipline, and the right channels. Here are some things that you should NOT do with your campaign.
A lot of crowdfunding campaigns are not well thought of. Of course, we are talking about the internet where everyone is free to do what he or she wants. However, if you want to be successful at crowdfunding, you will not achieve anything when you do not identify and cultivate enough prospects for your planned campaign.
To do this, you have to make sure that you are treating your donors well. You have to assure them that you will deliver what you have been promising. This might not come easy or cheap, but it would greatly help to invest in some research techniques such as electronic prospect screening. There are also older methods of screening that can still do wonders, such as holding rating and screening sessions with supporters. You should always have a prospect in mind and stick to it.
Not Having a Soft Launch
You may be excited about how big your campaign will be but hold your horses first as you really would have to dip your feet in the water to see how cold or hot it really is. As applied to crowdfunding campaigns, you will need something that will show how well your campaign will be received by your donors. A soft launch will let you gain some campaign momentum before it goes full blast. This is when you can see how successful your end product will be.
People are more likely to donate when you are closer to your goal. If you get a few key fundraisers before your official launch, you can set the ground. To do this, contact your best fundraisers and most avid supporters and ask them to create a fundraising page before the campaign officially launches.
Making the Campaign Long and Not Urgent
Not a lot of people will donate if they have all the time to think about whether or not to do it. If your campaign runs for too long, it will grow stale and eventually lose momentum. People will think that since they do not have to be rushed or have a lot of time, they will donate later, only to find out that they will not. They will eventually forget about your campaign and move on with their lives.
On the other hand, if your campaign is short, this will create a sense of urgency amongst your potential donors. It is advised that you limit your campaign to just a week or two. When your campaign is short, your donors will not have much time to decide, so if they consider donating at the back of their minds, they are more likely to be pushed into doing it.
Having Weak Leadership
Your leaders have to stand up for your campaign. Weak leaders will lead to a weak crowdfunding campaign no matter how well structured or good your ideas might be. Campaign leaders have to take charge and address key financial issues. They should cut back if needed and take part in the assessment of your campaign.
This could also mean that your leaders should give you their best. Make sure to make your board participate actively in being part of the solution. They should always be involved, especially when there are important issues to tackle.
Not Planning an Impact
If your potential donors will think that putting their money with your idea will not make any difference, they would not bother to give. If, however, your suggested donation sizes have a very visible and tangible connection with real world impact, your audience will be reminded that they get their money is in good hands. They will feel like each cent that they have entrusted with you will help feed a hungry child, educate someone or care for underprivileged people.
While you may have a plan about your campaign, it is also important to be aware of things you might be doing that will do more harm than good. What do you think of these tips? Share with us your thoughts in the comments below.
More in Crowd Funding
The Millions Keanu Reeves Gave Away
Keanu Reeves is a Hollywood icon. Everyone knows that. However, he’s also a philanthropist. The actor has donated his worth to...October 30, 2017
How Giving Up Social Media Can Let You Live Your Best Life
These days, it is not uncommon for people to have their faces practically glued to their phones for hours on end,...October 30, 2017
Saudi Arabia is Coming to Emerging Markets in USA
Recently, Saudi Arabia garnered an achievement in its markets. The iShares MSCI Saudi Arabia ETF (KSA) rose to 12%. This made...October 30, 2017
Megadeals Push Global Takeovers Past $1.2 Trillion
Around $50 billion worth of takeovers saw global volumes exceed $1.2 trillion. This was a record-breaking feat within the quarter, experts...October 30, 2017
Which Marvel Actor has the Biggest Paycheck?
Marvel Comics has created a whole new world where people can’t seem to get enough. It’s a universe where anyone can...October 30, 2017
Best Places to Travel in 2018
There is a good chance that you’ve probably had enough of winter at this point. Unfortunately, with still a couple of...October 30, 2017
Warren Buffett Has Spoken: How to Invest in the Stock Market During Inflation
As one of the richest men in the world, it goes without saying that Warren Buffett knows a thing or two...October 30, 2017
Billionaire Starts GoFundMe Page to Save Toys R Us
GoFundMe campaigns have sure helped a lot of independent entrepreneurs to get the kind of money they need for a business....October 30, 2017
How Crowdfunding is Helping the Survival of Tasmanian Devils
Crowdfunding is considered by many as one of the greatest platforms ever created on the internet, because it has been beneficial...October 30, 2017