As crowdfunding model continues to disrupt investment and financing market, trends have continued to emerge to increase start-up entrepreneurship opportunities across the world. Many startup founders have raised funding to finance their Projects and more are still to come. While many project owners have successfully reached their funding goals, several others have failed to achieve theirs and live their dreams. In this post, we will show you the 3 most important factors to consider before creating crowdfunding campaigns on TechBnk.
After studying why many crowdfunding campaigns succeed while others fail, we discovered the following three important factors that project creators need to pay attention before creating their crowdfunding campaigns.
- Category, and
Let us take a deeper look at each of these three important factors.
1: Find Product- Market Fit
The first thing to do when an idea for a new product pops up is not rushing to create a campaign. Most crowdfunding campaigns will fail unless their owners take appropriate steps to put first things in perspective. Before creating crowdfunding campaigns for the idea you love, ask yourself:
- What pains or needs will my idea solve or meet in the market?
- Who will benefit from my solution? In other words, who are my customer segments?
- Who is offering similar solution in the market presently?
Whether you are building a piece of technology, game, film, or crafting a design, you need to treat the process as a full-fledged start-up project. As crowdfunding gets more competitive, the only people that will continue to succeed are campaign creators who clearly understood and fulfill the needs their products are meant to satisfy in the market. As customers become more enlighten and dynamic with their choices, contributors will only contribute to campaigns that offer great value and satisfaction.
2: Choose the Ideal Category
As in business, it is crucial for crowdfunding campaign owners to identify their ideal customers and serve them. Since people’s needs differ, it is impossible to sell a bowl of sweet potato salad to someone seeking to buy new technology no matter how hard you try. Before creating successful crowdfunding campaigns, think of the most relevant campaign category to build your project on. Identify the people within the category having the need for your product and engage with them. Find out who they are, where they live, their age brackets (if possible), and the platforms they socialize. Having these details will no doubt improve your marketing , and make it easy to reach your crowdfunding goal faster.
3: Choose the right Marketing Channels
Brainstorming your ideal marketing channel before creating successful crowdfunding campaigns is a fundamental success step. Marketing channel is your ideal route of reaching and engaging with your ideal customer segments. Some of the popular channels include Facebook, Twitter, instagram, blogs, SEO, and Press Releases (PR). Since not all channels are relevant for all categories, we recommend investing time to test several and find out what works best for your campaign. Assuming that you want to create a campaign on TechBnk in technology category, it might be good idea to invest in sponsored articles on a technology blog site than buying generic promoted twitter Ads. If you obtain press coverage on a popular tech website, then you could invest in social media channels such as Facebook or Twitter ads to spread the publication to a wider audience, and maximize your return.
You can also check out 7 Steps for Creating Successful Crowdfunding Campaign.
Ready to create successful crowdfunding campaigns? Awesome!