Our NEXT Crowdfunding Launch Lab starts Monday 13th January 2020

The Secret to Crowdfunding

WHAT IS THE SECRET?

The secret to crowdfunding is in the name - You need a crowd to go crowdfunding.

This is the most common question I get about crowdfunding - ‘why is no one backing my crowdfunding campaign?’

Over the years I have realised that having a responsive engaged crowd before you go crowdfunding is key to reaching your campaign target.

MISCONCEPTION

There seems to be a misconception that with lots of Social Media followers I should be OK to run a crowdfunding campaign.

In my experience that is simply not the case.

Fundamentally people do not like being sold to via Social Media. You do need to have and work with social media as this is key to maintaining awareness and engagement about what you are doing. Social Media is also great for customer service.

The bigger question is how active are you on social media and as a result how engaged are your followers.

What should you be doing with social media?

In my experience one of the activities you can use social...

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Top 7 Crowdfunding Fails to Avoid

crowdfunding strategy Sep 16, 2019
 

The topic that we have got today is, why do most crowdfunding campaigns fail.

The majority of crowdfunding campaigns do fail, and that is the sad reality. 

Did you know, some campaigns do better on some platforms than other platforms?

For example, if you're going to go crowdfunding on Kickstarter, they have a particular failure rate vs IndieGoGo. Kickstarter stats show around 39% of all campaigns succeed, but 61% do not.

It is very difficult to actually work out what the success or failure rates are on all other crowdfunding platforms, but the general perception out there is that about 70% of all crowdfunding campaigns fail.

So we are here to make sure you do not experience the same thing!

 

Let’s look at some of the crowdfunding fails to avoid.

 

#1 Reason Crowdfunding Campaigns Fail: Your Crowd

So when it comes to crowdfunding failures one of the most prominent causes relates to your crowd, or more often the lack of a crowd.

The simple truth is, you need...

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[Ultimate Guide] What is Crowdfunding?

crowdfunding Sep 02, 2019

Crowdfunding can open doors! 

It can bring projects and services to life where traditional methods fail.

It is an innovative way of unlocking funding for projects and services.

In short, the benefits of crowdfunding can be vast. But first, let’s launch into a simple explanation of what crowdfunding is.

 

What is Crowdfunding? 

Crowdfunding is a process that allows project creators to reach out to a ‘crowd’ of people for small sums of money, those small sums of money when put together amass to a large amount of money.

If all the success factors for a campaign are in place, then that large amount of money will accumulate to reach your campaign goal.

'Et voila', the project or service is off the ground.

We will touch on what we mean by success factors a little further down.

 

What is a Crowdfunding platform?

A crowdfunding platform is essentially a shop window for your campaign. It provides the necessary mechanisms and structure for...

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Top 10 Tips to Grow Your Crowd for Crowdfunding

You have grasped it. The key to Crowdfunding and online success is directly connected to the size and quality of your crowd. 

So, what is a Crowd?

A “Crowd” as we describe it, is your community, your tribe, and in some cases your super fans! They are tuned into you as a business, and you have nurtured them to know, like and trust you.

That is key. It is not always about the size of your list BUT how engaged they are.

If you are reading this article and are conscious you do not yet have a crowd then fear not you are in the right place.

Lets kick this off with tip number one:

 

Tip One - Sign yourself up for an email service

This is a crucial step! In order to grow your email list, you first need a place to store and manage said list.

Who can we recommend to manage email?

1. MailChimp

MailChimp offer a free “Get Started” level. As it currently stands they allow you to have up to 2000 contacts, one main list to feed those contacts into and...

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The Power of Market Validation

So, you have a great idea but do you know if people like and are ready for it?
 
That is the question.

Market validation. 

Anthony shared a great story with me recently and I wanted to pass it on to you.
 
It was a story about about a crowdfunding project by toy manufacturer, Hasbro's HASLAB.
 
Hasbro's first crowdfunding project was a toy sail barge inspired by the Star Wars collection - Jabba’s sail barge, "the Khetanna."
 
It is 4 feet long, costs $500. Essentially a massive collector’s toy that’s rare, expensive, and aimed at a very specific audience.
 
Here is where market validation comes in.
 
This project is very expensive to produce, so as you can imagine its definitely worth knowing that the target audience exists and likes the idea before going ahead.
 
Missing this step could mean throwing away a lot of money, time and energy.
 
Here’s how Haslab handled it:
 
HASLAB announced the project to their...
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