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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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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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