By Wendy Dessler
People, businesses, non-profits, and many others turn to crowdfunding to raise the money they need. Whether it is for kick-starting a business, funding a community project, or raising funds for charity, many people are wildly successful raising their financial goals through this medium. However, this is not true for everyone. Some people have very little success with crowdfunding. Why is this the case? Is one “cause” more important than another? That rarely is the problem. The cause is important to people of like minds. A person who values education and community will support causes that promote education and the local people who stand to benefit from it. Business people who had a tough time getting started will lean toward helping entrepreneurs. And animal lovers will donate to causes that tug at their heartstrings. So what is the difference between a campaign that is completely successful and one that barely gets off the starting line?
While sometimes we can attribute it to poor marketing, poor delivery, or lack of direction, usually it is something easier to address. Crowdfunding is a much larger resource than many people realize. It covers a vast array of tools. There is much to consider when using Crowdfunding and therein lies the success or failure of the program.
Research the correct platform for your cause. Kickstarter and Indiegogo are good for non-investment type projects, but you may need to drill it down to find the right part of them to complement your needs. Consider the fees in any platform and also consider this. Some platforms do not allow you to keep any money unless you raise all of it. Others allow you to keep part of it, but at a price. One of the best platforms available is Plumfund. Plumfund works for a variety of people and offers a zero fee platform, so add it to your list.
There are a lot of people out there who are attempting to get the same dollars you are. You have to have a story that will grab their attention and hold it until they have their credit card out of their pocket. This is not the place to be vague. Give exact details and tell them why they should turn their money over to you. If you do not have a good story and a good pitch, you will not get the prize.
What’s In It For Them?
After you have your pitch written, read it critically. Ask yourself, why you would go to any trouble to answer that call. There has to be a reward somewhere. In an investment the reward is owning part of what they hope is a big return. But what is your situation? Timing is everything. Successful programs raise the majority of the funds in the early part of the campaign.
Marketing and Networking
You may be offering the cure for baldness, but if bald people never hear about it, you sink. You need a strong marketing campaign. You also need to take advantage of people who already know you and believe in you. And they need to tell people who trust in them. This is networking 101. In order to be a Crowdfunding success story, this is not negotiable.
Once you have done the work and you are ready to begin, take a break and look at it all again. This is important. This is the chance you have been waiting for. Go get it.