Advertising a Crowdfunding Campaign on TV – A Cautionary Tale.
I was a first-hand witness to crowdfunding history this morning. What is usually a lazy Sunday morning turned into a scramble-for-my-phone and record-something-fast moment. That’s because I saw the first-ever TV commercial advertising a crowdfunding campaign.
Yes indeed friends and neighbors! I was a witness to the next evolutionary step in crowdfunding promotion; a TV commercial for a crowdfunding campaign.
What does this mean for you? The stakes on promoting a crowdfunding campaign just got higher. Not necessarily better. Or more effective. But higher. And a lot more expensive. Check out the GoFundMe crowdfunding campaign and you be the judge of how effective these commercials are.
My initial impression? I was impressed at this new high water mark for advertising a crowdfunding campaign but totally unimpressed by the result. Not a single dollar was raised within 45 minutes of that commercial airing. It aired during the 8 AM hour on the local Fox channel. Not a little channel and it didn’t air in the middle of the night. In other words, lots and lots of people saw the commercial yet nobody decided to act on it. What’s less impressive? This campaign is nine months old and has only raised $6,910 of a $250,000 goal. The last donation was over three weeks ago – on July 7th. Ignoring all other considerations for just a moment — it’s a shame that such a noble project hasn’t raised much more money in far less time to help our veterans enjoy a quality life after leaving the service.
What can we learn from this? The strategies for advertising a crowdfunding campaign should be carefully considered not only in terms of cost but also effectiveness. We see all too often the stunning amounts of money people waste on ineffective crowdfunding marketing. Too frequently, crowdfunders operate under the mistaken notion that crowdfunding success is guaranteed if they just spend enough money on advertising, public relations, etc. This myth is dangerous as too many people burn through lots of cash on all kinds of crowdfunding promotion only to find out that everything they tried failed to make the mark.
Effective crowdfunding marketing is not determined solely on the amount of money you spend. Many of our clients spent no more than $799 on our Pro promotion plan, lined up lots of articles and interviews and did an impressive job at grassroots promotion and ended up hitting – and in many cases exceeding – their funding goal while saving themselves bundles of cash.
There’s much to learn from this crowdfunding campaign – and not just about advertising a crowdfunding campaign. I encourage everyone to study this project very carefully from every angle. And make a contribution of any amount. Veterans put their life on their line for us. The least we can do is make a tax-deductible contribution to help a veteran live their life with dignity — https://www.gofundme.com/veteransvillagelv