You’ve got a passionate idea and have poured in so much time and energy researching its benefit to your target audience. Now you cannot wait to create your crowdfunding campaign and raise the money you need to bring your idea alive. But before you hit the ground running, here are 7 steps you need to create a successful crowdfunding campaign.
Creating and executing a successful crowdfunding campaign takes anything between 3 – 6 months. We recommend beginning the process two months before your planned launch date at the minimum. This will give you good enough time to build a community and create sizable email list, all of which you will need to market your campaign. To set yourself up for success, you must start planning your campaign early, and stay focused to execute your important actions relentlessly. This is the summary of how you can create a successful crowdfunding campaign on TechBnk.
Let’s walk you through the steps in detail.
1. Select Your Best Talents
To create a successful crowdfunding campaign, you need a team of passionate and committed people to work with. Your odds of creating a successful crowdfunding campaign is high if you can build a dedicated team of individuals who are willing to compliment the relevant skills you don’t have. Not only will you be able to create a quality crowdfunding campaign, selecting a team of best talents will give you campaign enhanced exposure to an extended network of possible contributors. Assign tasks to your team on the basis of their skills while focusing on your own area of strength. Assign deadlines also, and receive input as you work together towards your goal.
It’s important to recognize that best talents are not necessarily graduates from Cambridge or Harvard. In fact some of the important members of your team could be friends, family, colleagues, or individuals you trust to have the right skill to help turn your idea into reality.
2. Be Socially Visible
Social media is an incredible tool for getting the word out about your crowdfunding campaign. The starting point is to create your profile on all relevant channels you’d like to use. There is a wide variety of channels including Facebook, Twitter, LinkedIn, Google+, Youtube, Tumblr, Instagram, and much more. Since not all social media platforms appeal to everyone, your most appropriate channels will depend on the type of crowdfunding campaign you are creating. Find out the media your target audience (customer segments) are on and join them.
After creating your social media account, get ahead of the game by sharing your contents – blogging, posting video, news, graphic images, or regular updates about your upcoming campaign. You could schedule your posts in advance of one month with social media scheduling tools such as Hootsuite to ensure consistent posting. This will help you to build online community faster and facilitate engagement with them. Research key influencers in your industry and engage with them. These are people who have already established authority in the relevant industry and have a voice. Key influencers can help to share your campaign to reach a wider audience.
3. Create Email List and Build Community
We mentioned earlier that building a community of inspired followers, and creating email list of inspired supporters are critical steps to success in crowdfunding. You need to create a strategy that allows you to capture the names and email addresses of people you believe may be interested in your crowdfunding campaign before launching. We highly recommend creating landing pages for capturing prospect’s contact details. Once created, it will help you to drive traffic to your landing pages in combination with your social media posts. You can also create events pages for people to subscribe or attend face-to-face network meetups to share your passion and exchange personal contacts with others. The more you collect email addresses from many sources, the quicker you can expand your network of potential fans and supporters. With your email list, share regular updates about your idea and request your subscribers to engage with you on social media, blog, or any other online or offline networking platforms you are involved.
As you share interesting updates and engage with your prospects, study your mailing statistics and built your marketing outreach list. Your outreach list will contain the contact details of people with highest open/read rate for your emails. They will most likely be your early evangelists – people who will contribute first and help spread the word when you launch your crowdfunding campaign.
4. Offer Attractive Rewards
One of the key factors that attract contributors to successful crowdfunding campaigns on TechBnk is the quality of rewards on offer. Rewards are offers you make to contributors in return for their contribution to your project. If your audience like your rewards, they will contribute to your campaign. You need to brainstorm a combination of possible rewards. Think of what is appropriate and valuable to attract people and inspire them to contribute to your crowdfunding campaign. Generally speaking, rewards are great ways of giving back to your community in appreciation of their support to bring your idea alive. It could be anything from “Thank you” message for the least amount of contribution, to an item of important value. You could create “Featured Rewards” to attract higher number of contributors. Think of rewards from the perspective of designing a pricing model. You will need to items of value to entice contributors.
Study shows that:
- $25 rewards are the most frequently claimed.
- $100 rewards raise the most money and makes up about 30% of total contributions.
As much is possible, think strategically. Calculate all your relevant production costs including the time it takes to manage your project, and the cost of shipping the rewards to your contributors in order to get a good idea of the value of rewards you are giving away.
5. Build your Crowdfunding Campaign
So far you have focused on first things first – building a rock solid foundation upon which your campaign will run. Now, it’s time to start building your crowdfunding campaign on your TechBnk.com account. Begin by choosing a title that resonates with your idea. You need to brainstorm a project title that will attract the right audience to your campaign, and be sure to select the right category also.
Set a reasonable, achievable funding goal. The best goals are SMART. A SMART goal is one having the following key characteristics:
Campaigns with bogus goals fail, so aim for the mid-point. If you have not done so already, create a PayPal account and verify it to enable you receive your PayPal campaign proceeds. Choose a reasonable campaign deadline and work hard to achieve your goals within your deadline. Campaigns on TechBnk can run as long as 60 days, but we recommend creating a sense of urgency on your project by choosing a shorter period, say between 30 days to 40 days. Study shows that campaigns with shorter funding periods have higher rate of success because of the urgency they create in demand.
6. Create your Crowdfunding Marketing Plan
Every crowdfunding campaign needs a marketing plan to stay focused and execute the right actions to reach its goal. We have designed a crowdfunding marketing plan to help you execute your marketing actions strategically and achieve your goal.
A key part of your marketing plan is creating a Unique Value Propositions. This is the statement or pitch that clearly communicates the solutions that your idea or product is offering. You can write 10 to 15 clear, short, and memorable sentences that describe your project; and test each to pick the most compelling. Google insights or email marketing system such as Mailchimp can be useful for testing and comparing results.
7. Tell your Story and Engage Your Community
Telling an inspiring story about the idea behind your project is one of the fundamental steps you need to achieve a successful crowdfunding campaign on TechBnk. You must be able to communicate your idea and its benefits clearly to your prospective contributors. Make them aware about why they should support your project and tell a compelling story to draw them in. Below are the important final steps you must go through when creating your story…
The “Campaign Details” section of your dashboard is where you will tell your contributors what you are raising funds for. This is your chance to engage your prospects and explain why they should care about your campaign. Include your compelling value propositions and append relevant quality images to create powerful imaginative perception in your prospects’ minds.
Write your video script and rehearse it several times in advance before recording your final video. Include all relevant facts and statistics about your project in your video pitch. When recording, say the important things first, keep it short and interesting, and end with a call to action. Video adds credibility to crowdfunding projects and raises campaign creator’s odds of success compared with campaigns without video. Once launched, upload your video on your Facebook timeline and share with your community. Study shows that videos receive 62% more interactions on Facebook than Photos.
Fill in your rewards section with rewards you have already created. We recommend inserting images of some or all of your rewards in your campaign story section for your contributors to see and get excited to contribute.
Write your Press Releases
Having created your crowdfunding campaign on TechBnk, it’s time to start writing press releases for distribution to your local media outlets. Press releases are powerful for creating immediate outreach for your campaign. You can learn the 5 steps to attract media coverage for your campaign here.
Social Media Campaigns
Once you get your press releases out of the way, schedule at least 20 tweets on your Hootsuite account which is already linked with your Facebook and other social media channels of choice. Get your team to do the same also. Consider uploading images to your tweets and hyperlinking your campaign page. Study shows that tweets with images are retweeted 35% times more that tweets without images.
If you prepare your TechBnk campaign outreach early enough as recommended on this post, you are likely going to manage your activities very effectively and achieve outstanding results. Keep an eye on your social media channels including blogs. Answer your audiences’ questions and posts any updates regularly as they become available.
Feeling ready to get started with your crowdfunding campaign?