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