Crowdfunding : Know hows!
The crowdfunding is has seen an explosion of success in recent years. It is the most preferred and opted way to kickstart or grow your business. It is a buzzword which is being found time and time again in the startups and SME space.
Put simply, crowdfunding is the process of getting a large crowd of people to pay a small amount of money to invest in an idea or product, with the promise that when said idea comes to fruition, they will get first access to it. The idea can be anything, from an innovative piece of tech to a video game to a novelty gift. The key is engage people in your idea, be able to convince them to invest a small amount of money for a small reward, and then get them to share the project because they feel they have bought into something special and want others to know about it. The best crowdfunding projects get people talking about them and the investment follows on.
How do you set up a crowdfunding project?
There are many ways to set up a crowdfunding project.
- Choose a platform – There are number of crowdfunding platforms to choose from, such as Kickstarter, Indigego, Ketto, Bitgiving, LetzChange, BeNow are a few to name. Choose the platform that is right for you and create your project.
- Make your idea enticing – You have to be sure while selecting the kind of sales pitch. It should be short and snappy and having imagery or video content to attract the attention of potential donors.
- Offer good rewards for investment – It is very beneficial to announce some rewards for the investors. The rewards could depend on how much one is ready to invest but the rewards should be good to attract the investors rather than only ‘Thank you’. Discounts, Extra goodies will show people that they will get something back for their money.
- Make it easy to share your project – To make your crowdfunding project successful, it is very helpful to make your projects sharable. The investors who have contributed to the idea will like to share and tell others. So make sure they can share it on Social Media easily.
- Let people know about it – No matter how good your idea is, if you don’t tell anyone, how can they invest? Be sure to think about how you are going to get the word out, utilise social media, give networking a try, and definitely keep your investors updated on the progress of your campaign. Got some great news or reached a milestone? Let them know and there’s a good chance they’ll share the news, doing your marketing for you!