If you have an idea for a product and you are looking for funding, crowdfunding is definitely an option to consider. The global crowdfunding market is currently valued at 12.3 billion US dollars, and it’s expected to continue growing at a rate of 11% each year and double by 2027.
Aside from helping you get the money you need to develop your idea and launch your business, crowdfunding campaigns can help you build a buzz around the launch and set the right expectations. And, of course, your future potential customers can start to know and love your company.
At the same time, there are always more businesses that are using crowdfunding campaigns to grow their products and services. So, how can you be sure to obtain the funds you need? It isn’t as easy as it seems, even if you have a great idea for a product. In the sections below you can find some extra tips for an even more successful project.
5 Tips To Successfully Crowdfund A Revolutionary Idea
Set Goals and Timeline
When launching a crowdfunding campaign, it is crucial not to rush in. Indeed, having a great idea for a project is excellent, but you will need to convince your donors that you won’t just run away with the money.
As an entrepreneur, you should learn how to set SMART goals for your campaign. You will need to have a business plan in place, a marketing strategy, and a reward structure. Planning a crowdfunding campaign is not so dissimilar to planning a product launch, and you should take all the time you need to create a campaign that is credible and appealing.
Partner With the Right Team
You might be a visionary entrepreneur, but you may not have all the skills and experience necessary to launch a successful crowdfunding campaign by yourself. Ideally, you should surround yourself with a diverse team of experts who can help you craft your crowdfunding campaign and product launch. For example, you might need copywriters, research and development experts, HR professionals, marketers, and designers.
Study Your Competition
It is important to keep in mind that a brilliant idea might not be enough to help you reach your funding goals. Indeed, on crowdfunding campaigns, your marketing strategy, visibility, and network count. And, there are players out there with hundreds of successful crowdfunding campaigns under their belts!
If you are unsure what standards to set for your campaign, consider studying the competition and learning from them.
Find Professional Help for Your Marketing Campaign
Your marketing strategy can make a difference in how popular your crowdfunding campaign will be and how many donors you will be able to convince to help you in your project. So, while you can craft a successful social media ad strategy by yourself, the reality is that you will also need the help of a professional. For example, experts such as Joey Armstrong can help you create viral campaigns and design content that truly stands out.
Interact With Your Audience
After you have launched your crowdfunding campaign, it is important to continue interacting with your audience, answering their questions, posting updates, and keeping them engaged via social media platforms. All of this won’t just help you encourage donations, it will also help them establish a connection to your brand.
The value of these interactions extend beyond your crowdfunding campaign. Remember, you’ll need an audience to market to after your product launch. Consider your crowdfunding campaign as the first step in the audience-building process.