Crowdfunding Best Practices
These crowdfunding campaign best practices checklists are designed to be your compass in the crowded sea of crowdfunding wisdom. It’s tailor-made for those who are determined to bring their dreams to life and want to ensure that no detail, no matter how small, slips through the cracks.
Crowdfunding Best Practices #1: Campaign Planning
- Choose a launch date, ideally a Tuesday, Wednesday, or Thursday. Remember that the time you launch will also be the time of day your campaign ends, so in an AON campaign make sure you launch at a time that makes sense for your finish.
- Set a run-time. Average = 4-6 weeks. Even if you don’t think you need a deadline, they are valuable tools to create a sense of urgency.
- Overall, the campaign look is creative and on-brand, with carefully chosen colours, fonts, pictures, and videos.
- Craft an informative and catchy title. Use your project’s name and identify what kind of project it is. The more specific, the better. You can include:
- The title of your project or character;
- Your name or the name of your company/band/group as a byline;
- The kind of thing you will create: book, series, event, item, film, etc.
- Write a solid social media summary with recognizable keywords and a clear call to action.
- Ensure your campaign information is organized. Use the tools available to keep the campaign story from becoming too cluttered, such as extra tabs and links to outside sites.
- Build a team of family, friends, and co-creators to assist with customer support.
Crowdfunding Best Practices #2:
Story Writing
- Create a video highlighting your story. Around 1 to 2 minutes long.
- Break down your goal. Highlight how your contributions will be used; this creates transparency and, therefore, trust. Be specific.
- Ensure your supporters know who you are and can see your face in a picture or video.
- Use the second person, with lots of pronouns (‘you’), so the reader feels like you are talking to them.
- Consider comparison pricing. What is the cost of your product compared to others like it? It might be a lot less, but it also might be more – and that is okay as long as you clearly state your value proposition.
- If applicable, discuss who/what would be affected or benefit from your project. This could be a person or group of people, flora, or fauna.
- Highlight any eco-friendly measures you’ve taken. Care for the environment is a significant factor for many potential supporters.
Crowdfunding Best Practices #3:
Rewards
- Create a sense of scarcity. For example, suggest that numbers are limited.
- Price your rewards within reasonable means of your target supporters and include a wide range of price points. The average is around $35-$100.
- Have a low-cost item that’s an easy sell to sway those undecided supporters. Make it a claimable item, not simply ‘Just contribute and buy me a coffee!’ Studies have shown people are more likely to claim something than give a nominal amount.
- If you are just starting, limit your rewards to 4. Once you build a following, you can consider more offerings and even a storefront.
- Upsell with add-ons and new perks in the middle of your campaign. This keeps the momentum going – rolling a ball uphill with all your strength still might not make it.
- Consider some ‘Unlockable’ rewards. For example, when the campaign reaches $1,000, you will add something exciting and relevant to all previous supporters, maybe even for free.
- Plan your shipping strategy early to ensure costs remain as advertised in your campaign.
Crowdfunding Best Practices #4:
Communication
- Constantly interact with your supporters. Thank them by commenting on their contribution!
- Ensure speedy responses to questions/comments/concerns. Make customer support a top priority.
- Make it easy to contact you. Insert a clear, easy-to-find email and link to your website contact form.
- Communicate estimated shipping times, including any challenges that arise causing delays.
- UPDATE UPDATE UPDATE! As often as you have content, an update is NOT asking for more contributions!
Twice a week is a good goal, especially for those just starting out.
We’re here to help!
Our Discord channel is a place to connect with other creators and the Crowdfundr team to ask questions, seek advice, and share strategies. But if you don’t do Discord, or want to schedule a demo, feel free to email us at support@crowdfundr.com.
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