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7 Tips for Pre-Planning a Crowdfunding Campaign

7 Tips for Pre-Planning a Crowdfunding Campaign

Beyond • December 18, 2013

Creating a winning crowdfunding campaign means setting things up ahead of time to be successful. Failure to plan is planning to fail. Be ready to answer questions, have information ready to present and your campaign stands a much better chance of success than someone who jumps in headfirst. You should allow a three to six month period to set this stage. Here are six tips that will make your crowdfunding campaign as close to bulletproof as it can be: The Elevator Pitch. You HAVE to explain your project in less than two minutes, about the same amount of time you can expect to be in an elevator with a potential investor or supporter. Refine your opening pitch until you can get it under 2 minutes, in 10 sentences and simple. Don’t expect your first attempt to be your best. Take several weeks to do this. Write out your online proposal. Over and over. Get other people you can trust to review it. A rule of thumb: for each $2,500 - $5,000 in funding you want, rewrite at least once. DO NOT jump onto a crowdfunding site and compose your proposal there. Again, several weeks is a good idea. Get real. Every project out there wants to raise $1 million, set a realistic goal. Furthermore, expect to invest your own funds. The minimum investment you should make creating and marleting your project is around 7% percent of the funding goal. In your online pitch, talk about what you have invested so far and what you plan to invest to reach your funding goal. Banking. Set up a PayPal, Amazon or WePay account to take donations. If someone reads your proposal in the beginning stages and they want to contribute, you need to be prepared to take that money right then. Since it can take a few days to set up and verify an online payment processing account, this DEFINITELY needs doing before you launch anything online. Set perks and rewards. This needs a lot of thought. Don\'t do it while you are composing your page on a crowdfunding site. Talk with some other people and see what they think is appropriate. Review similar campaigns that have had success and look at the perks they have offered. Have your own website or landing page. Yes. Your project needs its own dedicated website which you own. You need a place for supporters or investors to visit to see what you\'re doing, BEYOND what you post on the crowdfunding site. A good website also shows you are serious about the project. You will also use this page to work social media for funding. Research has shown 30 percent or more of your project funding will come from those in your network. This is what crowdfunding is all about anyway - making connections with individuals, sharing your dream and getting them to invest in your dream. If you want support, give support. Don’t forget to become part of the crowdfunding platform community. Crowdfunding campaign creators who have a history of supporting campaign greatly improve their chances of success. Even if the support is only $5-$10 per campaign, be sure you have a track record of supporting projects. Paying it Forward makes a difference in the transparent crowdfunding phenomenon. After Creating, Promoting and Supporting well over 100 crowdfunding campaigns, I can tell you that nothing will impact the success or failure of your campaign like the work you put in long before it ever launches.


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