Why do crowdfunding campaigns fail?
Tough crowd! Is that what you felt after your crowdfunding campaign? Crowdfunding is not rocket science! In fact, there are some simple formulae and steps that can help a crowdfunding campaign succeed.
Therefore, in our #WednesdayWisdom post, we present to you a list of reasons that can lead to the failure in raising funds.
SOME OF THE REASONS FOR CROWDFUNDING CAMPAIGNS TO FAIL
- Lack of prep: Like any important endeavor, you need to prepare beforehand for crowdfunding. This post of ours will come in handy here.
- Unclear communication: Communicating the target of your campaign effectively is an important aspect in its success. So, make sure your story, videos and other elements succinctly yet clearly state the purpose of fundraising.
- Ineffective visual elements: Besides the description, the story behind a campaign is also communicated through visual elements. These include mainly pictures and videos.
- Improper goal setting: You may want to think this one from an outsider’s perspective. Make sure that the amount you are raising is justified by the end results it promises.
- Nothing unique: Whatever you are raising funds for, there would be several others needing funds for the same. There has to be something that makes you stand out in a crowd of campaigns. Figure this one out at the prep stage itself.
- Not touching a nerve: Any backer would support a campaign only if there is an emotional connect. Approach the right group of people with whom this connection is possible.
- Inadequate community engagement: Even a great campaign will not be noticed until you do something to present it to people. You can do this through social media, press, emails, newsletters or other avenues.
- Not following up: Often, old backers bring in newer ones. However, this is possible only if they are kept updated about the various milestones that the campaign reaches.
Now, that the beans about success in crowdfunding are spilled, why don’t you give it a try? Just come over to Crowdera and start raising funds for FREE!