Crowdfunding: Planning Your Own Campaign
Money raised by crowdfunding has increased 557% over the last five years with an average campaign length of about 8 weeks and amount raised approximately $7,000.00. How do you get your slice of the $5.1 Billion crowdfunding pie?
The answer is simple; build a first class crowdfunding team – not expensive but high quality. It does not matter which crowdfunding model you choose, you will need to execute flawlessly to achieve that top 10% status of achieving your funding goal, rather than the 90% who fall short.
Out of the gate you must build your team. Campaigns with two or more people raise 94% more money than those campaigns run by a single individual. The success of your campaign starts with your story and ends with your team.
You will need diverse skillsets and plenty of people to share in the workload. You will also need their contacts – the team’s combined networks are larger than your own individual network so build a team that will invest their passion and energy into the product, service, or idea that you are crowdfunding as it will make a difference in the amount of funds you ultimately raise.
Build Your Team
Social Media Goddess
Those of you that are already doing social media and social networking very well will have no problem in this area but for those that have not yet mastered that, you will want to get all of your social tools together and launched prior to undertaking crowdfunding. Establishing and executing your social strategy to support the campaign will be the job of your Social Media Goddess, who will supernaturally keep the social fires burning and the campaign reaching new heights each and every day.
Content is king! It is the very energy that will pull the campaign along…it is like food – so that Content Superhero is a key role and not to be under estimated. This role will collect, create, and share campaign media. Campaign media can be everything from photos to mp3s to prototypes or diagrams of your product and absolutely MUST include a pitch video. Campaigns with a pitch video are 115% more successful than campaigns with just a pitch image so by all means plan to create a fantastic video. There are plenty of tools to help you do that with minimal cost.
It goes without saying that every person you meet during your day-to-day activities becomes a potential funder, especially for those campaigns rooted in local causes and supporting neighborhood businesses. Networking with all of the surrounding businesses, organizations, and community members can really payoff and is the primary responsibility of your Networker Extraordinaire.
Lastly, you will need someone to act as a liaison with your funders – your Funding Porter. This team member will facilitate a close relationship with those that have funded you and ensure that reward fulfillment is achieved, questions are answered, and additional donations are made.
Once your team is assembled, it is time to brainstorm together and answer a few basic questions to get the juices flowing for a fresh, exciting and energetic crowdfunding campaign.
Next week we’ll take a look at brainstorming questions for your crowdfunding idea and what mistakes to avoid.