You may have heard before that launching a crowdfunding campaign is easy and fast. Well, that's true. But, launching a campaign is only one step in the process of running a successful crowdfunding project. You've got a great project idea, now let us help you build a campaign that will help you achieve your goals and amplify your success!
Before even getting to the process of preparing a crowdfunding campaign, make sure you're prepared to tell your story. Who are you? What is the goal of your project and why is it important?
Here are some of the things you should have the answers to as you prepare your crowdfunding campaign:
An elevator pitch is an overview of your project that can be explained to someone in the same amount of time it would take to ride a few floors on an elevator. If you want to get people interested in your project, you should be able to let them understand very quickly and clearly what its about. Above all, the most important things are to be honest and to be yourself. Don't be afraid to speak in your own voice and let people see how passionate you are about your project.
Setting the right funding goal can be a tricky task for any project. Crowd Amplify has three different funding methods available to ensure you are able to select the right model for your campaign. (See here for details)
Once you decide on the appropriate funding model, the next step is to determine what your funding goal will be. Some important things to consider:
Identifying stretch goals can be a great way to encourage support throughout your project and can offer an additional boost towards the end of your campaign, even if you have already exceeded your initial funding goal.
What is a stretch goal? Stretch goals are benchmarks that explain to potential supporters what you are capable of achieving with different levels of funding once you surpass your initial target. Examples of effective stretch goals could be:
Whatever stretch goals might apply to your project, they are a great way to continue encouraging support over and above your initial target.
As you get your project ready to launch, there are two important questions to ask yourself about the timeline for your campaign:
The two most common approaches for campaign lengths are to do short campaigns (usually about 30 days) that are aggressively promoted or longer projects (usually 60 to 90 days) that take more time to reach a broad audience through prolonged promotion and word of mouth.
There are pros and cons to both methods (which we describe in our free interactive campaign planning guide) so discuss with your team and decide which option is right for your project.
Are there certain days that are best to launch a campaign on? (Hint: Yes) Are they the same for every campaign? (Hint: Not necessarily). Every project offers its own unique set of circumstances. Consider the unique traits of your project and your support network. Is there a logical start date? If not, feel free to reach out to Crowd Amplify's support staff for additional insight or…you guessed it…consult our free interactive campaign planning guide.
Creating a great campaign page is one of the biggest keys to a successful project. This page is the first opportunity you have to really educate potential supporters about what you are trying to accomplish and to convince them to help fund your project.
Ever heard the expression a picture is worth a thousand words? Well, its true. Images are an essential part of an effective campaign page. Pictures of your project at various stages of development or photos that visualize for potential supporters exactly why there is a need for the project you are running will do more for your campaign page than any amount of text can.
Some people might be intimidated at the concept of creating a video to include on their campaign page and that is understandable, but trust us when we say that you don't need production value or a video editor to make an effective campaign video. The important part is to let potential supporters see you and hear you speak about the value of your project in your own words. Keep it short and sweet... 1-2 minutes is typically enough for most campaigns. If you don't know how to go about creating a campaign video, we can help!
While visuals are key to a great campaign page, the text has to support them to help potential supporters understand your full vision for your project. A few important things to include are:
Remember to use your voice when preparing your campaign. Don't try to sound overly formal. Running a crowdfunding project is a very personal experience, so don't be afraid to let people hear how much you care about what you are doing.
One of the most overlooked aspects of preparing a successful crowdfunding campaign is to perform an honest assessment of the size and reach of your support network. While its certainly true that some campaigns go viral and attract thousands of new visitors through online promotion, it is much more common for campaigns to reach their goal by growing their crowd through active sharing by their early supporters and targeted promotional efforts.
Some important things to keep in mind when you are evaluating your support network:
The 30% rule is an unofficial "rule of thumb" that has gained some recognition around the crowdfunding industry as a reasonable barometer of the adequacy of your support network. Basically, this "rule" suggests that for a campaign to be well set-up for success it should be able to achieve approximately 30% of its funding target through contributions made from within their primary support network. (These are known supporters of the project).
Projects that are able to reach this point are in a strong position to receive the necessary support from their broader network as they continue through the campaign process. (For more information on the "30% rule", please see our free Interactive Campaign Planning Guide.)
The "Expected Funding" formula is a calculation project teams can use to help evaluate if their campaign is well positioned to succeed. Here's how it we calculate it:
EF = AACA x eS
Once you have figured out the information you need to input, let's take a look at how to interpret the results. The table below will offer a guide to give you a good idea of the strength of your network relative to your funding goals.
|If Expected Funding is:||Then|
|Less than 70% of your Total Funding Goal||You should consider delaying the launch of your campaign until you can further strengthen your network.|
|Equal to 70% of your Total Funding Goal||You are well positioned to launch your campaign and have a good chance of hitting your funding goal.|
|Greater than 70% of your Total Funding Goal||You are doing great! You still need to work hard, but you should be confident in your chances of hitting your funding goal.|
A marketing plan may not be something you would normally associate with a funding project…but it should be. The idea of "the crowd" is very appealing when you are in need of support to make your project a reality, and while we're confident that the support you need is out there to be found, getting the right people to see your project usually requires a planned effort.
An effective marketing plan is a document that helps you map out what actions you will take to support your campaign on a day-by-day basis from the launch date right up until the very end of your campaign.
Some of the things that would be included in the plan might be:
Offering rewards can be a great way to encourage more people to support your project.
Not every project is capable of offering a wide selection of rewards and many offer exclusively incentives that can be fulfilled at no cost. Whatever your project, we've got some suggestions to help you create the right reward offering for your supporters.
A copy of an album, a unit of a product, a print of artwork
A visit to a film set, an opportunity to participate in a community event, meet and greets
Thank you notes, photos, letter exchanges
While there are many great reward ideas, there are also some rewards that are prohibited on Crowd Amplify:
If you have any questions regarding the rewards or incentives you wish to offer for your campaign, please contact Crowd Amplify's support team.