02 Feb Top 5 Crowdfunding Mistakes Every Campaign Owner Must Know
You are ready to venture into the unknown.
By that, we mean crowdfunding.
You know what platform you want to use (maybe you don’t), and you have a project or idea ready for funding. While you think you are ready, we suggest familiarizing yourself with these campaign-killers that are notorious for ensuring great ideas never get off the ground floor.
Here’s 5 Crowdfunding Mistakes You Must Avoid
- Picking The Wrong Platform
There are tons of platforms out there, so you need to decide which platform works best for your idea. Some charge fees, others do not.
Celery, for example, gives you the freedom to keep your funds, but you will do all the designing. Kickstarter keeps some of the funds but helps you create the design a little quicker.
You’ll want to assess the pros and cons of all platforms out there and consider which works best for you. You may want to consult with a professional, because they could share some insight as to which platform is best based on your type of campaign.
- Not Doing Your Research Before You Start
Crowdfunding is not something you just jump into.
Instead, you need to assess the competition, find out how to design an effective campaign, and work toward effective marketing. You have plenty of homework to do long before you ever launch a campaign.
If you dive into crowdfunding with no research and no information, you are not going to see results.
- Assuming People Will Find You Without Advertising
If you start a crowdfunding campaign and just think people will find it, you are not going to get much traction.
Instead, you need to get out there and advertise.
Sally Outlaw at Entrepreneur suggests using your personal network as well as any subscribers or followers you already have. Also, you need to focus on a new network and audience — the people most likely to pledge for your campaign.
She highly suggests the use of social media, because this is what will bring your message out there faster than any other platform. Create a Facebook or Twitter account devoted solely to your brand or campaign cause too — this creates a community-like environment.
- Asking For Way Too Much
While you need to request the right amount of money, you also should not be requesting more than your project is due.
Too high of a funding goal is just setting up your campaign for failure right out of the gates. Even if you are raising on a platform that lets you keep all your funds, such as Celery, you still need to ask for the minimum you need to get started.
Shooting for the moon and asking for your “ideal” starting amount could be too much for people to match. If you don’t reach your goal, you don’t get any of the pledged money. So, it is best to reach for the attainable.
- Offer No Backer Rewards
People don’t give anything away for free these days. If you are starting a crowdfunding campaign, you need some reward.
Kickstarter recently released their list of 96 pledge reward ideas, including studio visits, food photography, a boxed set, credit, and customized cases. If you offer up something, people are more likely to provide a pledge. Just keep the reward in line with the pledge amount you are requesting.
Don’t Go At It Alone — Get Backup
While you may know it all, you should never try crowdfunding without an expert by your side.
The team at LC Media can help you take your campaign from conception to success.
We offer everything from website design to social media empowerment and more.
Schedule a consultation with our pros today and reach crowdfunding success. Say hello through our online contact form, and we will be in touch soon.