A is for Aaaargh!
Over the next few weeks we’ll be writing the A-Z of crowdfunding. We want to give you some top tips, some of the pitfalls, the ups and downs of creating and delivering a crowdfunding campaign and attempt to unravel why some campaigns are successful and others are not. Our blogs will focus on the donations-based model, the space we’ve lived and breathed for the past 18 months. So, A is for Aaaaaaagh….should I, shouldn’t I??
The first question to ask yourself is: do I really have something that people want or can use or can buy into; if it doesn’t have the “wow” factor or a hook to engage micro-philanthropists how will you persuade me to give you a little of my money? Perhaps you think your proposition is great but have you checked with anyone else, do your customers or users think your idea is great too? I think you need to be completely honest with yourself, if you’re not there’s a strong chance you will waste a lot of time and resources going nowhere. Remember, an overwhelming number of crowdfunding campaigns fail, we hear about the successes but not so much about the failures.
Something else we’d recommend in the first instance is to have a look at all the major platforms, see how other people have done it, see what makes something work or not work, you don’t have to dig too far to find projects going nowhere, languishing on crowdfunding websites with no chance of raising funds. Spend the time to research propositions similar to yours, take it seriously, use sites like ‘social mention‘ or ‘topsy‘ as a guide to their social media presence. Be aware of the commitment that a successful campaign requires. It maybe that after some serious research you decide crowdfunding is not for you, on the other hand you may just be inspired to go for it.
Next up, B is for Building Relationships