Do you have the motivation and the fanbase engaged enough to spread the word and buzz about your campaign? Before you jump into crowdfunding, make sure you have enough engaged fans, and do your everything to reach and motivate them to contribute.
Ask yourself at least these 10 questions and see if you have what it takes to succeed!
1. How much do you know about your fans and their wishes?
Knowing your audience is the most important aspect in all marketing, as well as in crowdfunding. If you don’t know who your fans are, start engaging in conversations, ask your fans what they want and take them as a part of the decision making process. Show your audience that you care and take them as a part of your journey. In return, people will become more emotionally invested in your project.
2. Are you encouraging word-of-mouth?
Word-of-mouth is a well known factor that will help you get contributions. A simple incentive for social shares might deliver some results, but it is not nearly as valuable as a truly engaged fan, who is excited to share their enthusiasm with others.
3. Are you prepared for funding peaks and valleys?
Most significant contributions come in during the first and the last days of crowdfunding campaigns. First wave contributions come from friends, family and co-workers or other similar groups in your close circle – from people who care. If you are unable to reach the backers in the beginning, it may be very hard to attract funding later, as the advantage of early backers has gone down the drain. Remember to make noise about your campaign, especially when the funding slows down.
4. Have you done the necessary prework?
Don’t be hasty – do not launch your campaign until you are well prepared. Make sure to reach the media and your potential funders way before launch and keep communicating to your contributors about the campaign progress on a regular basis.
5. Is the timing on your side?
When you are on top of the world, make sure to harness your audience potential. For example, in the Veronica Mars Movie crowdfunding campaign fans were motivated to fund because their actions enabled them to keep seeing their favourite character again after the series got cancelled. The timing could not have been more perfect as the campaign answered the fans’ wishes to see more of Veronica Mars.
6. Does your communication style resonate with your fans?
Make sure to establish a compelling way to speak to your fans. If you are looking for an inspirational example, The Iron Sky Team has a consistent, fan-friendly tone of voice and a fun, nerdy, Sci-Fi audience suitable twinkle in their eye that transmits for example from their campaign texts, social media posts, perk names and descriptions. Most importantly, it is a style which addresses their fans.
7. Are your rewards attractive enough for potential funders?
What kind of rewards would make your fans scream with excitement? What would make them share your posts and talk about your campaign to others?
Also consider what kind of perks would be interesting for the media. What kind of rewards do you need to offer to also attract the attention of non-fans? See our blog post on how to create awesome rewards for your crowdfunding campaign.
8. Is your funding goal realistic?
Be realistic about your funding goal, the size of your active fanbase and your fans’ willingness to contribute. Also, make sure to consider if your project is current enough to attract the expected amount of contributions.
9. How are you onboarding influencers?
Find and onboard influencers to spread your message. The most suitable influencers are people who are somehow connected to you or your project, who share the same values and have authority over your fans. If you have a solid fanbase of people adoring what you do, embrace that too and motivate them to spread the word.
10. Are you prepared to market and sell your campaign actively?
Crowdfunding campaigns require constant effort to stay on top of peoples’ minds. This includes taking care of media coverage, meetings, events, campaign updates, but also the art of selling. Think of suitable ways to sell your project and engage your audience, let them be direct calls, private messages or competitions, for example.
Which ingredients would you add to this recipe of successful crowdfunding campaigns? Share this and comment your thoughts below!
Sources & inspiration
- Paul Booth “Crowdfunding: A Spimatic application of digital fandom”, 2014. https://journals.sagepub.com/doi/abs/10.1177/1461444814558907
- Iron Sky the Coming Race IndieGoGo Campaign, 2014. https://www.indiegogo.com/projects/iron-sky-the-coming-race–3#/
- The Veronica Mars Movie Kickstarter campaign, 2013. https://www.kickstarter.com/projects/559914737/the-veronica-mars-movie-project