9 Tried And Tested Crowdfunding Tips From Wishberry That'll Definitely Help

Posted on 31 May, 2016 by Team Wishberry

Tried-and-Tested-Crowdfunding-Tips-From-Wishberry After understanding all that there is about crowdfunding and how to go about it in the best possible way, you've finally decided to take the plunge. Awesome! After helping more than 250 projects realize their goal, we've managed to collect a few aces of crowdfunding up our sleeves. And now, we're sharing it with you so that you too can sail into the glorious sunset of crowdfunding success.

Get your 30% funding in the first week of crowdfunding

Why? The simplest reason is that strangers will trust your crowdfunding campaign only when they’ve seen that you’ve raised a good chunk of money in a short time. Moreover, crossing the 30% threshold in the first week itself gives you ample time to get the remaining 70% over the course of your crowdfunding timeline. In our years of crowdfunding so far, we've seen that every campaign that has gathered 30% in the first week has succeeded in meeting its goal.

Milk personal networks!

Now, where do you get this first 30% from? Personal networks, of course! Go through every group and network you are a part of. Start by creating buckets such as family, friends, professional network, alumni and associations. Craft messages tailored specifically to each group (you wouldn't approach your relatives the same way you would your colleagues!). Start reaching out to these guys weeks before your crowdfunding campaign is going to go live so that they are ready, and you reach the 30% of your goal in less than a week.

Spend time on PR and social media

Don't think of sailing crowdfunding waters without a solid PR as well as social media strategy. A good PR strategy and key media mentions will not only help establish legitimacy for your project, but also make people sit up and take notice. Paired with good social media efforts, this will help create a snowball effect. Let’s not forget that social media is the fastest way to spread the word and get strangers with similar interests to support you!

Don't launch on a weekend or in the holiday season

While this is not a hard and fast rule, in most cases it's seen that people's online activities reduce significantly during the weekends, as everyone's either taking a break from their screens or are just chilling and in no mood for online transactions. Don't launch your crowdfunding campaign during the holiday or festive season either, as once again, people are offline or have spent their money elsewhere.

Tap into interest-based audiences

Find hooks and angles that can appeal to specific interest based groups of people, and then use it to get their attention and funding. Confused? Here's an example. Punyakoti is a first of its kind Sanskrit animated film based on a South Indian folksong. During its crowdfunding, the team identified its audience on the basis of the following hooks: a. Sanskrit film, b. Collaborative project by 30+ animators from around the world, c. South Indian folklore. Then, they reached out only to these communities and individuals instead of anyone and everyone.

Keep the rewards simple, but cost-justified

Remember this- people are funding because they either love you, your idea or they identify with your cause. They're supporting you without expecting anything in return. Therefore it is important that you acknowledge their generosity well enough. Give them an experience money can’t buy otherwise; keep your rewards unique, exclusive and experiential (for e.g. A workshop, a jam session, cook for them!). Check out this list for ideas.

Stay in touch with backers ALL THE TIMES

They've invested their time and money in you, without any idea about how the end product is going to turn out. That's a leap of faith they've taken for you. Therefore, they're going to keep their eyes on you at all times. No matter how busy you are, keep them posted about the project's progress, delays, challenges, announcements etc. A simple email to your backers is more than enough. But, do not, DO NOT EVER, leave them in the dark for long durations.

Analyze the data and make sense out of it

How are people responding to your social media activities? When is your audience most active? Which outreach platform is working the best for you? Which community/group is responding best to your crowdfunding campaign? How many hits is your campaign page getting per day and is it enough to meet your target? Answer all kinds of questions, get your insights from the data you gather, not only will it help you improve your crowdfunding campaign's performance but also benefit your overall project immensely.

Leverage a trend

Check what's hot on Facebook and Twitter at the given time. What's everyone talking about? Get creative and leverage this trending topic to your benefit. It will put your project out there to be seen by a lot more people. Also, gauge audience sentiment. Is there a hot topic that falls in line with the theme of your project? Then don't be scared to leverage it! For example, documentary Proposition for a Revolution launched its crowdfunding campaign just when the Aam Admi Party was formed and was quite the topic of discussion, thereby helping the campaign go viral! Those experienced in crowdfunding, what are your tricks and tips? Also, got questions for us? Ask away!

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