Thursday, January 30, 2014

Strategies: 7 keys to crowdfunding success

"1. Have the right type of product or business. A large number of people must be able to understand your idea easily. Consumer, food, consumer electronics, and fashion products are particularly well suited to this.
2. Create a compelling video. Most people will want to hear your story, see who you are and see prototypes of your product.
3. Raise sufficient funds. On some crowdsourcing platforms, you don’t receive any money until you raise your total goal.
This means you want to set an achievable fund-raising target. But you may not be able to go back for additional rounds or raise more than your target, so make sure you set the bar high enough to execute your vision.
4. Choose the right crowdfunding platform. Make sure the site you choose meets your particular needs, including the right type of product or service, the type of rewards or equity you can give, the amount of money you can raise and the amount you need to raise before receiving anything.
5. Have good quality photos as part of your campaign.Pictures help supporters spread the word about your venture through social media.
6. Make sure you have a “coolness” factor. Your idea is more likely to garner support and go viral if it’s unique, attractive and cutting edge.
7. Plan a marketing campaign. You must plan your crowdfunding fund-raising campaign as if you were launching a new product."
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