Serial entrepreneur Matthew Toren recently posted on Blogtrepreneur on the keys to a winnning crowdfunding campaign. Some people imagine that, given the right project, a crowdfunding page would take care of itself. But Toren argues that the success of a campaign “will depend on the foundation on which you build it.” He offers seven steps to help create that foundation:
- Select a project with significance. Ask yourself why the project you have chosen matters — what will it do for the community at large? Most importantly, would a stranger think it matters?
- Craft a killer pitch. To Toren, this means “crafty headlines, images, and answering [potential donors’] questions.” Readers should be able to clearly pick up on who you are, what your project is about, and why they should invest.
- Choose your funding goal carefully. That is, according to your project’s objective and appeal. As Toren says, “It’s easy to get a bit carried away,” so don’t ask for more than you need, and keep it realistic.
- Create a limited time offer. Give readers a sense that their donation is urgent. Toren says a 30-day campaign is ideal, if done properly. This means building up interest and momentum before starting the campaign.
- Film an engaging project video. Do videos always catch people’s attention? “There are no questions,” Toren writes. The majority of readers will be more compelled to donate after watching a video, rather than just reading text. Just keep it under three minutes, he advises.
- Let your donors know you care. Offer them an exclusive look at the project, or special updates; a limited edition copy of your product, or a discounted rate on your services.
- Don’t forget to expand. Not just on social media, or via e-mail, but by constantly engaging with your audience and with the crowdfunding platform. “Always remain authentic,” Toren concludes.
Posted February 20th, 2013 under Tech Transfer