Sensational success stories relating to different crowdfunding campaigns can easily create the wrong impression. It’s important for everyone to realize that we never hear about the thousands of crowdfunding projects that fail to make any impact at all. Achieving success with crowdfunding is a long and tiresome process involving several steps with no possible shortcuts.
The preparation before the launch of a crowdfunding campaign plays an extremely vital role and this step may take anywhere between one and three months depending upon your project and your crowdfunding goal. Regardless of how amazing your product or service promises to be, your venture will not succeed unless what you’re offering is liked by enough people. This is why you should start building a social media circle around your crowdfunding campaign well before launch. There are a few ways in which you can build a solid base of supporters even before your crowdfunding project goes live.
Your first step is to figure out your target audience at least a month before your campaign is scheduled to go live. Campaign owners often try to target everyone around them (friends, family, co-workers, etc.) because they don’t invest enough time to identify their target audience which gives them vastly expanded reach. This lack of focus is certainly not the most efficient way to market a crowdfunding campaign. In order to determine the target audience for your campaign stop and think about WHO can benefit from your product or your service. Then zero-in on key demographics of this audience by considering the age range, gender, income, and education level (as applicable) of the pool of potential crowdfunders who could or would back your project.
Other important factors for you to consider are the lifestyle of these people and how your project could make their lives easier or enhance the quality of life. After discovering the target audience for your project, your next step is to build an array of incentives that are of value to your target audience. This step is extremely important as it directly influences your pre-launch success. Your venture must have the potential to give them something they don’t already have or could enjoy if they had more of it. Examples include convenience, time-savings, education and development and, of course, entertainment. Otherwise, you may struggle to garner adequate support for your campaign. Therefore, you should build an incentive plan that makes your crowdfunding project impossible to ignore.
Your crowdfunding offer should get potential backers to skip a heartbeat, get sweaty palms or lose sleep at night thinking about how epic your project is and how it can transform their lives.
We frequently refer to this collective set of concepts as “reasons why”. The more reasons why people should back your crowdfunding project, the more likely they will. One powerful “reason why” can do the trick but it’s even better to have several solid “reasons why” people should back a crowdfunding project.
Building your crowd gives you access to more people who can consider all of those reasons as they make their decision to back your project.
The crowd building process may not be very difficult if you have devoted enough time to narrow down your audience and create an appealing set of crowdfunding perks. Since you have taken into account the preferences of your target audience while creating your crowdfunding incentives, building the crowd will be much easier. In order to reach this crowd of potential backers, use Google to find out the who these people might be via social media users and blogs that are in line with your target audience. You might be surprised by how many people would be interested in different aspects of your project.
Similarly, do your homework with different media and news organizations that matter the most to your target audience. Let more people know about your upcoming project launch by sending out well written press releases through these platforms.
As the world’s foremost crowdfunding promotion company with over 2,000 crowdfunding campaigns under our belt, we’ve observed that the most successful project owners carry out these important steps. Those that are not as successful most of the time don’t make this critical move until after their crowdfunding campaign goes live. This may prove to be inadequate because the implementation of these plans require some time. You could call this a case of “too little too late”. Therefore, depending on your project size, you should start at least a month before the planned launch date of the campaign. If your crowdfunding goal is high, perhaps $50,000 or $75,000, you should stage your pre-launch activities two months out. Plan on a three month pre-launch phase if you’re seeking $100,000 or more.