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3 Fundamentals About Crowdfunding Marketing
In this article we cover 3 fundamental about crowdfunding marketing and why you should keep these points in mind when planning your crowdfunding project. The following points will have a direct impact on the success of your project and set you on the right path to reaching your funding goal.
1. Target Market
As a start-up owner we are passionate about our business offer and the products/services we develop. Especially if they solve a particular problem people face and will benefit the lives of those people. Even though you are providing a solution to people it doesn't actually everyone will want what you have to offer. Most people simply won't be bothered. Your offer won't be on their radar. That's why it's very important to understand who your ideal target market are. What is it that they like and dislike. What do they really need? How do they think, what do they say about the problem you are going to solve? Where do they hang out, how old are they? What are their interests? Develop your offer to appeal to the answers of these questions and you will create a product offer that your target market will love to get their hands on. You can then reach out to these people before launching your campaign, build a relationship with them. Sign them up and mobalise them, directing them to your campaign when it launches.
2. Build A Crowd
Most people who are new to crowdfunding generally think that they can set up a campaign on a crowdfunding platform, launch that campaign and people will simply give them money. This is so wrong on many levels. There are so many campaigns launching on platforms every week, that it's very unlikely most people will see your campaign and if they do stumble across it they most probably won't be ready to buy what you are offering. For example you launch a new campaign for a luxury watch you have designed. Most people have a watch, some will have more than one and the likelihood that any of them will want to buy another one is remote. So even if people see your campaign it's very unlikely they will back you.
You can't rely on your chosen platform to send you backers. Industry statistics show that around 75% of what is raised during your campaign comes from the crowd you build and send to the chosen platform. The other 25% does come from the traffic on the platform. For equity campaigns these percentages can vary as there are more 'potential' investors actively seeking investment opportunities scouring the platforms for the next 'Amazon' or 'Facebook', however these people won't invest, until they see your campaign is doing well and has already raised a significant amount of the funding target. Without your own crowd backing you this won't be possible. So a fundamental rule when crowdfunding is to build a crowd before you launch and then direct them to your campaign when you have launched. Once these people have backed you they will support you moving forward long after you have completed your crowdfunding project. Build your tribe and help your start-up survive and thrive.
3. Marketing Strategy
If no one is aware of what you are doing how can they support you? The answer is they can't. If no one supports you then your project is going to go up in flames from the start. All the had work you have put in developing your product offer will have been wasted. You don't want. When you break Crowdfunding down, what you must understand is that Crowdfunding is essentially - Marketing. You are developing lots of messages that are selling your product offer and implementing various tactics, which work together to build awareness of your campaign and reach the people you need, driving them to your project page. It's a lot of work, and implementing different tactics is hard, however when done correctly the results are brilliant. That's why is fundamental approach crowdfunding as a marketing plan and to develop a marketing strategy which is right for crowdfunding project. A great way to plan for your project is to carry out research and see how other similar 'successful' projects have approached their marketing. Make notes about the wording they use, the places the marketing takes place e.g. Facebook, Twitter, Industry websites and blogs. Model these tactics but don't copy them. Develop your own marketing message and pitch your story. You must have a unique message if you want people to take notice of your campaign.
Wow Your Crowd is a London based crowdfunding agency that specialises in helping start-up companies and entrepreneurs who are planning 'rewards' and 'equity' crowdfunding campaigns. Wow Your Crowd can help promote your campaign with crowdfunding marketing strategies and management.
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