Everything You Need To Know About Crowdfunding
Post #1: Introduction to Crowdfunding
Congratulations and Happy New Years!
If you are reading this then you have just decided to start your crowdfunding efforts with Crowdera. You are now a part of modern day fundraising. It’s easy to understand why you would want to start a crowdfunding fundraiser. Billions of dollars are being spent on crowdfunding each year, and the average person pledges $87. Wouldn’t it be great if your organization can take a part of that lucrative pie? Well, this guide will provide you with all the knowledge required to make your campaign successful. Before we start diving into all of the information, we should run through tools required for success.
Tools to be successful in crowdfunding
In order to have a successful crowdfunding campaign, you need:
- COMPLETE Knowledge of your nonprofit/campaign/idea/cause. You need to be able to answer any question related to your campaign
- Visual Resources (pictures, videos, infographics etc.). While there is no set amount that you need, keep in mind that information nowadays is moving to a visual base rather than a text base
- And most importantly, a strong cause people can get behind
- The target demographic you are marketing your cause to
That is a pretty short list, but in reality that is all you need. Take a look at the most successful campaigns, from The Relay 2015 to Seth Boyden Outdoor Learning Center or the latest campaign Securing Prajwala, they all have these similar qualities that attract funders.
Who are you?
People want to know all details related to your organization, your cause, and why you need their help to fund your cause. They want to know what you’re about for a possible connection, to verify your legitimacy, to whether you are trustworthy, and to simply determine whether or not you deserve their money.
Can people visualize what you stand for?
But at the same time, keep in mind that visual aids are becoming increasingly popular. Gone are the days where text filled pages had anywhere from 1-3 pictures to supplement the text. Nowadays, the text is encompassed within pictures and infographics. Information is being fed succinctly so that there is a greater chance that the user will:
- intrigued enough to read all the information provided about your campaign
- not lose attention
- donate to the cause
- share your cause
As a matter of fact, the average number of words in the campaign description is only 609 words! We will dive into how to effectively create your campaign’s description in future blog posts.
Who do you want to reach out to with the campaign?
However, none of this actually matters if you don’t know the target demographic you are reaching out for. You should cater your content specifically towards your target demographics. Why? Because the people who give any attention to your campaign are very more often than not within your target demographic. Making content specific to them will make it easier for them to relate to it and thus support you. For example, if you take a look at Two Cents of Hope’s campaign, you’ll notice that the content is focused upon the impact they make and towards people who care about education. That’s because the target demographic is composed of people who understand the importance of education. Identify your market before you begin. However you do it, be it surveys or independent research, make sure you keep it in mind as you read through our subsequent blog posts.
Last but not the least – What’s your cause?
At the heart of your campaign is your cause. This is the founding attribute that trumps anything else you can possibly think of. It is the most important aspect of your campaign. All of the material found in your campaign is just working for the cause (the descriptions purpose is to display the cause). Having a strong cause is the quintessential trait that every successful campaign shares. When people donate money to your cause, they don’t donate to the description, to the rewards, or to any possible attribute that serves the cause, they donate for the cause.
Now it is important to understand that not every campaign will turn out successfully. Many don’t, and it may not be your fault as there are a multitude of outside confounding factors. Don’t be discouraged and rule out crowdfunding as a fundraiser option if your first campaign does not succeed. The success rate on Kickstarter is 43.4% and on IndieGoGo is 9.8%. Don’t let those numbers scare you, because any campaign can be successful with the right tools. At the same time, don’t let those numbers be an excuse for why you didn’t succeed it. Like everything in life, having experience will allow you to grow and become successful in the long run, especially as you learn from your past unsuccessful campaigns.
Now that we have all of the basics down, you can see what you will learn through this series of blog posts.
Chapter 1: How to Create Your Title and Description
Chapter 2: How to Effectively Use Media
Chapter 3: How to Leverage Social Media With Your Campaign
Chapter 4: How to Communicate (With Your Supporters)
Chapter 5: What Incentives to Offer
Chapter 6: Pre Launch Preparation
Chapter 7: Maintaining A Live Campaign!
Chapter 8: Wrapping Up Your Campaign
Join us as we teach you how to become a crowdfunding