As a crowdfunding expert I know everything there is to know about crowdfunding success – not just the funding that could be raised but so many other benefits that any organization, new venture start-up or existing business can reap.
Crowdfunding represents a new world of possibilities for so many people.
It could take a crowdfunder days to discover and absorb the tons of crowdfunding information out there and, even then, still not get the complete picture.
Here’s the complete picture as created by world famous serial entrepreneur Nisandeh Neta when he launched his Indiegogo campaign for crowdfunding mastery (check out his totally cool Crowdfunding Mastery project).
I am copying these key points right from Mr. Neta’s crowdfunding campaign:
I’ve been a serial entrepreneur for 28 years and I have NEVER seen anything as exciting, as engaging or as effective as… crowdfunding as a marketing strategy…
It costs (almost) nothing, and people actually pay you to achieve these 12 goals.
People actually pay YOU to join your mailing list.
People pay YOU to spread the news about your project on social media.
People pay YOU to answer your market research questions.
And so much more…
A Startling Fact
95% of the successful crowdfunding projects achieve only 2-3 of these 12 goals.
Everyone engaged in crowdfunding should keep these 12 different possible outcomes in mind when launching a crowdfunding campaign; especially the one about market research. Let’s look at the worst case scenario for a hypothetical new product seeking funds via crowdfunding….
You plan your campaign several weeks in advance.
You identify your target audience and start building your crowdfunding social media base early on.
Before launch you engage a crowdfunding promotion company (like us, for example) to get the word out there…
… and yet you fail to hit your goal.
The crowdfunding metrics of the money alone is worthy of measurement. Not necessarily because you reached your funding goal but the meaning BEHIND the money.
Every dollar is a vote. How many votes did your crowdfunding campaign get?
What if you came real close but didn’t hit your goal? That tells you the public responded favorably – but there’s still *something* missing. What if you didn’t hit your goal but you have enough funds (thanks to flexible funding via Indiegogo) to get the ball rolling on product development and delivery? Did you fail or just succeed to a lesser degree?
However it goes, you have very valuable feedback. Whether you raised a lot of money or not even a dollar, the public gave you priceless information. The kind of market research entrepreneurs and even billion dollar conglomerates used to pay a lot of money to get – AFTER they risked a lot of money in research & development to get to the point of market testing.
With this single extrapolation of the 12 benefits of crowdfunding it’s clear; even if your crowdfunding campaign didn’t succeed you still won.