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Crowdfunding Tips from Burger King

Crowdfunding Tips from Burger King

Crowdfunding Tips from Burger King

At first glance you might think that crowdfunding tips from Burger King is some kind of joke.  What you’re going to read here is certainly funny in a sad kind of way.  An “SMH” kind of way but also a very valuable way.

Why?

Because crowdfunding is on the map of the business world.  As a result, anything you learn from the business world can be applied to the crowdfunding world.

A Burger King coupon catastrophe is instructive not only to the crowdfunder but anyone in the business world.  Read the article and feel free to let loose with laughter.  Me? I was stunned and kinda laughing with tinges of rage…

I find it ASTONISHING that not even one employee anywhere in the company picked up on this. From the cashier at a location notifying a manager the coupon seemed TOO generous (cashiers are in the front line and would know) to a manager taking a second look at a coupon, saying “Huh?” and calling corporate to somebody IN corporate like an accountant preparing a P&L to the CFO wondering why profits plunged while gross sales remained high — how is it that NOBODY picked up on this? Moral of the story: If you’re in business you need to mind the store and keep an eye on all of the numbers. Unbelievable!

Crowdfunding Tips from Burger King

Crowdfunding Tips from Burger King

1) Check your crowdfunding copy. The Burger King coupon fiasco started in the marketing department.  Nobody reviewed the coupon before approving it for distribution.  If anybody carefully reviewed the written offer before it went public, lots of money would have been saved. Give this same level of scrutiny to every word of your crowdfunding campaign.

2) Do the math. The Burger King offer made no sense if you ran the numbers.  They were relying on the old retail standard of the add-on sale to boost revenue on the entire transaction.  This calls to mind the cliche of “Want fries with that?” You need to do the math on your crowdfunding perks the exact same way.  Cross-check your offer against the numbers and ask yourself; does the math work? Too many crowdfunding campaigns are outwardly very successful in terms of money raised then find out they’re underwater because they lost money on every sale they made.  In this Burger King story they lost $1.50 on every coupon honored. Ouch.

3) Always pay attention. The Burger King bungle went on for as long as six months and nobody noticed.  I still can’t wrap my head around the fact that not a single soul in that company detected this money-losing problem for months.  That would never have happened if just one person was paying close attention to operations.