Raising startup capital from crowdfunding is an extremely popular idea these days amongst aspiring entrepreneurs. Inspired by the success of others, many of them rely heavily on crowdfunding platforms such as Indiegogo, Kickstarter, etc. to bring make their dream venture a reality. However, there is always the other side of the coin that often gets overlooked. Crowdfunding campaign owners and coordinators must understand that raising money on the internet is not a walk in the park. Ask anyone who has the experience of running a crowdfunding project that never reached its target.
There is no doubt that a failed crowdfunding effort not only puts the entire project on hold, but may also dent the popularity and profitability of the service or product offered by the business. Such campaigns can also create shadows of doubt in people’s mind about your competence, skill, and vision not to mention the viability of the product or service itself. However, this is certainly not the end of the road for you and your venture. In fact, you must recover quickly from the shock of failure and start making plans to get back on track immediately. As the saying goes – as soon as you fall off the horse get right back on and start riding again. Your approach is very important here because many projects receive their desired level of funding only after a crowdfunding campaign and is attempted again.
First and foremost – NEVER feel that you or your project has no value because your campaign failed. The fact is that your workload has increased significantly now with meritorious new labors of love. Your first task now is to reach out to all your backers and analyze their feedback. It goes without saying that no campaign would fail unless something goes wrong at some point in the crowdfunding process. There is no better way to find this out than talking to people who had shown confidence in you. Consider this step a crowdfunding autopsy.
The most common reasons behind an unsuccessful crowdfunding campaign are an improper pitch, inadequate promotion, unrealistic financial target, wrong time frame, and/or unattractive rewards. Your backers will easily point out what your real problem was. You should also analyze the way you went about managing the entire campaign and be prepared to accept your mistakes and learn from them so you can try again and succeed based on what you learned from past failures.
Once the problem areas are identified, address each one of them in close coordination with your previous backers. Now, do whatever it takes to stay away from repeating those mistakes and start planning the re-launch of your campaign armed with new fresh information and a fresh sense of inspiration. Start applying new techniques to bond better with more prospective backers. Start creating engaging, reader oriented content and promote them using as many avenues as possible.
Keep the energy flowing and pumping into your crowdfunding campaign each and every.
Finally, while making a fresh start with a new crowdfunding project, never try to hide the facts about past failed campaigns. The history of past crowdfunding campaign attempts are out there on the Internet for all to see at anytime. While starting fresh, always highlight your commitment to your campaign. Always exhibit passion for your project and keep your own personal fire stoked every minute of the day. Most of your prospective supporters will be more than happy to stand by you if you can impress them with your fighting spirit. Your unsuccessful campaign will be a thing of the past in no time.
CrowdfundBuzz can help you build effective strategies to boost your new crowdfunding campaign. In case you’re still not carried by the confidence of your convictions, keep your eye on the prize and remember what you want to achieve and why you want it as you engage potential crowdfund backers who can make it happen. No matter what went wrong during your previous campaign, our crowdfunding experts can help your re-launched campaign stand out from the rest. Get in touch wish us and we’ll do our very best to help make your crowdfunding dream become a reality.