In recent times, crowdfunding has become one of the most popular ways to raise money for startups.
If you are planning to launch a crowdfunding campaign (or happen to be in the middle of one), you are probably looking for ideas to increase contributions. In this blog, Michael E Weintraub Esq will discuss a few tips that will increase the chances of your crowdfunding campaign bearing fruit.
Tips for a Successful Crowdfunding Campaign by Michael E Weintraub Esq:
Tip 1 by Michael E Weintraub Esq – Do Your Research:
If you haven’t launched your campaign yet, Michael E Weintraub Esq recommends you to ascertain if the market even needs the product or service that you are looking to create. One way to do this is through product surveys which, thanks to the internet and social media, have become considerably easier to conduct. If you are not a pro, you can even hire an agency to execute the survey on your behalf.
The surveys need to target the right people and have the right questions, as the results will determine the value for your product as well as the factors that make it unique and desirable. You can use the results to plan the crowdfunding campaign and focus on the product features and benefits that fared best in the surveys.
Apart from product surveys, researching and preparing for a crowdfunding campaign involves:
- Scouring the web for the best crowdfunding tips (if you are reading this blog, you probably have that one covered)
- Choosing the right crowdfunding platform
- Analyzing other successful campaigns and taking a page or two out of their books
- Learning about the right ways to seek donations
Tip 2 by Michael E Weintraub Esq – Approach the Right People:
You should be able to identify the people who will be most receptive to your idea.
For instance, someone who has lost a loved one to diabetes would be willing to contribute to a campaign that wants to raise money for diabetes research.
On the other hand, someone who does not have or like pets might not want to contribute to a pet-care business.
Both situations are equally possible and, if you want to make the most of your time and efforts, Michael E Weintraub Esq says that you must only approach people who are likely to welcome your idea.
But, at the same time, you do not want to turn too strategic and end up overly-narrowing your options.
Tip 3 by Michael E Weintraub Esq – Focus on the Draft:
No matter how exciting your business idea is, Michael E Weintraub Esq does not believe that you will be able to draw attention to your crowdfunding campaign without a gripping campaign page. To captivate your online audience, you must open with an appealing product video, and follow it up with a draft that covers your story and the key features of your product.
Lastly, you need to include the kind of pledge reward chart that will encourage the audience to back and contribute to your idea.
To sum up, these were the top three tips that will help your crowdfunding campaign become a success. Remember that, at the end of the day, every campaign is different, and there is no one-size-fits-all approach. Regardless of the structure and timeline of your campaign, it is certainly one of the stepping stones to establishing your business and brand.