In honour of National Crowdfunding Day on Sunday 14th March, we wanted to write a blog with a few tips to help you lift off your crowdfunding project.
It’s tricky to know where to start, you may have the concept actualised or the product ready to go. But where are you going to find an audience?
We believe that it is essential to build a crowd prior to launch. Your crowdfunding project is unlikely to succeed without an initial database. You will require early engagement to ensure your project is backed from day one.
Here are our top 5 tips on how to get started…
1. Start building a database and keep your subscribers engaged
Ideally you are going to generate a pool of potential backers prior to actually launching your project, giving you a wider reach and better chance of meeting your goal early on.
Email marketing is a great way to achieve this. Request sign ups to allow potential backers to stay informed about project updates in advance.
The larger the database the better. Only around 5-12% of this marketing database will actually back the project at launch.
2. Build your social media platforms to get your crowdfunding project out there
By scheduling regular social media activity, your followers can get to know more about the project.
It means you can drive organic traffic to your site/mailing list/landing page by engaging with relevant hashtags and keywords.
Social media is a great way to stay in your backer’s mind. By regularly posting, they can broaden their interest in the project after signing up. This helps to increase the chance of early bird backers.
3. Test advertise to gauge an initial sample of potential backers
We suggest initially advertising your product to a custom audience.
Write a list of different traits and interests your potential backers might have. Consider what jobs they might have, what they do in their spare time, how old they are.
Test advertising is great for this because you can look at the results after a week and make changes based on what works.
Furthermore, you can generate sign ups by directing your ads to your email mailing list or pre-launch page to track conversions.
4. Contact influencers who might be interested in your crowdfunding project
We always suggest setting aside a portion of products/demos in order to share with influencers who may be interested in reviewing your product prior to launch.
Some influencers will be willing to trial the device for an honest review. Others will charge a set rate for a blog feature or video sponsorship.
It is definitely worth playing the field and contacting relevant industry influencers. This can be great to spread the word to a large audience of people with a shared interest.
5. Use affiliate marketing sources
It can be beneficial to pay to appear on these affiliate sites, featuring in social media posts, newsletters and in-depth product reviews.
We need to make a buzz around your product and the best way to do this is to promote it to other pages where it will be seen by potential buyers and crowdfunding backers that want to support you.
Furthermore, on these sites you can set links for crowdfunding affiliates to share, providing a small referral commission for every lead they direct to you. This is great to drive traffic from users outside of your target demographic too.
Typically, around ⅓ of your overall backers will come from pre-launch interest and sign ups. ⅓ will come from within your crowdfunding platform e.g. Indiegogo, Kickstarter. ⅓ will come from your promotional advertising and outreach during your launch period.
If you are looking for assistance with your crowdfunding project journey, we are here to help!
Please don’t hesitate to get in touch, the BrandRefinery team is only an email or call away.