Crowdfunding has many benefits and is a great way to start your venture. Only some of those benefits are:
– You can test your product. Crowdfunding validates your idea and gives you a powerful proof of concept.
– Gives you access to further funding. You can unlock further funding from Venture Capitals, Angel Investors or Equity Crowdfunding Campaigns.
– Can be used as a Marketing Tool. As your campaign becomes viral on social media pages you can effortlessly get referral traffic to your website! Thousands of organic visits from unique users and potential funders.
– Helps you minimize Risk. Starting up a business is a very risky and challenging journey. Launching a Crowdfunding campaign hedges the risk and serves a valuable learning experience.
But in order to reap the benefits, you need to consider five elements that your campaign should have :
Early Funding and backing is the key to successful crowdfunding. This simply means that the more backers and funding received in the first few days of a campaign, the more likely it is to succeed. This suggests that designing a campaign to reward the early backer will lead to it being more successful.
Having large online social networks will help you achieve success when it comes to crowdfund your idea. So, you can intentionally use your social media network in order to boost your campaign.
- Add a video
Your video is the first thing that people will see when they visit your profile. The first impression is the most important one. If the visitors of your campaign will get excited about what you are doing or offering, they will probably back your campaign! Check Video editing apps, download the app that meet your needs and create your own video easily.
It doesn’t need to be something very special in order to engage your backers and excite them. Be yourself and explain what you are doing and why people should support you!
Note: People on the internet do not spend their time reading or watching big videos.
Upload a video that the maximum length is two minutes.
- Set the amount of money that you want to raise
Having a realistic target is important. Think about the minimum you need to make your project happen, you can always increase your target once you hit your first goal and start overfunding. Last but not least, remember that backers are afraid of seeing big targets that potentially won’t reach their funding goal.
In a virtual community, such as Pitchstor, supporting other people’s projects could be a good way to attract support for your own project as well. The positive impact of reciprocity indicates the crowdfunding platforms are virtual communities- where altruistic behavior makes innovators more likely to succeed.