Friday, August 2, 2013

How To Crowdfund: 5 Crowdfunding Tips

With crowdfunding gaining traction, I thought I would revisit and update our crowdfunding tips.

1. Review other crowdfunding campaigns for best practices

As one blogger noted, "Before you start your crowdfunding campaign, study others who have done it well." There will be many examples of how to do crowdfunding right. Watch our Twitter feed (@Blackcrowdfund) 

2. Hustle

Develop a "strategic approach." Who are you trying to get support from? Why would they support you? What are the long term benefits to your supporters? Are you going to hit them up again? How many times?  Create a media list. Get "ambassadors," people who will speak on your behalf. "Plan ahead as much as possible. This means contacting your supporters before you launch to firm up their promotion and participation, and also developing a thorough marketing plan." Above all, get going!

3. Adapt quickly

As one crowdfunder put it, things may not go as planned. You will need to adapt, quickly. "It was extremely difficult to let go of our preconceived notions and admit that we had launched incorrectly. But that is part of the beauty of crowdfunding. Listen to your customers, as it could prevent you from making costly mistakes later on." 

4. Create your own rules

While it's key to study best practices, it's also important to seek out your own rules, as crowdfunding is a relatively new space and many best practices are still being defined."

5. "Get tactical and practical"

Start your campaign on Monday and end your campaign on a Friday. It will help you to maintain your momentum. Set your goal below the actual amount you want to reach." Also, the tone of the campaign is important. As Numa Perrier said, when discussing her successful campaign to raise $100,000, "Don't use begging words (please help us, etc." Make it fun. Invite people to join you. Invite them to participate.
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