7 Things All Failed Crowdfunding Projects Have In Common
Posted on 30 June, 2015 by Team Wishberry
Murky project descriptionCampaigners either tend to talk a lot (most of it in circles, therefore redundant) or they don’t talk anything at all (because, suspense!). Either way, it all tends to fall flat on its face. Too much information is not only going to overwhelm potential backers, but also make them lose all their interest because nobody has the time to sit and extract vital information from that huge thesis that’s in front of them. Similarly with too little information, users aren’t going to go scavenging for information if they don’t find what they need where they are actually supposed to find it.
Within the first 15 seconds of hitting a campaign page, a visitor should be able to understand the following- what is this campaign all about, who is doing it, what makes it special and who will benefit from it?
Boring videoIf there’s anything worse than having no pitch video at all, it is having a badly shot, so-boring-it’s-deadly pitch video. The importance of a mega-epic, high quality pitch video cannot be stressed enough. We’re yet to see a creative campaign that has gone ahead with a mediocre and boring pitch video and succeeded at raising the funds it needs. Nobody is going to want to have anything to do with a video where there is only the boring droll of talk, talk, talk. It does not have to be funny, but it needs to be gripping, engaging and make the viewer want to fund it.
Obscure GoalsIt’s so easy to say, “I need a million or ten to make this film” or anything that’s similarly generic and unhelpful. That’s probably why campaigners do it so often. However, if people don’t know where their money is going to be used, they aren’t even going to touch their wallets, let alone use it. Everything is so much easier when you know exactly what you want. But that’s not enough. It’s even more important to make sure that the crowd also knows exactly what you want.
Not reaching 20% soonestThis might sound a little weird and crazy even, but the projects that don’t even touch 20% in the first two-three are the ones most likely to fail. The first burst sets the ball rolling and helps add validation and credibility to the campaign. If the initial traction isn’t generated, campaigners are forced to spend extra time creating buzz later- something they don’t really have the time for. There obviously are exceptions, but that’s mostly owing to the fact that the campaigner has his/her inflow of backing figured out.
No outreachImagine this- you’re in a cave and you have an idea. If you shout about how great your idea is, is it going to make any difference? The most you’ll end up doing is land a few rocks on your head with all that noise. Similarly, if you launch a project on a crowdfunding platform without a steady fanbase, a good network of people who know your work and support you, and excellent promotional activity, just what good is a campaign?
Every failed campaign tends to ride on the notion that just having a great idea is good enough.
Most campaigns also fail, in spite of doing plenty of social media promotion, solely because neither are they making sure that their content is reaching people nor are they actively seeking out potential backers and talking to them.
Not explaining why you’re the right person to do itSure, you may be a genius. But what good is it if no one knows that? One important key to seeking backing successfully is establishing trust. And the best way to do that when you’re not really famous is by showing how and why you are the best person to do this project. A lot of project creators think that it’s best to let the work speak for themselves. But even for that, the work needs to be put out there!
Most campaigners forget to show that they have done their homework and know exactly what they are doing.
This only serves to raising more and more questions from the people, answers to which may not always be available.