Those who are acquainted with the history of modern crowdfunding would definitely know of the British rock band Marillion. As early as 1997, they raised funds from their fans to conduct a tour of USA. With artists, authors and filmmakers using this fundraising methods, the dynamics of crowdfunding for a music album or other requirements of a musician have changed quite a bit as well.
Our previous posts have told you about using crowdfunding for a book and a movie. In today’s #FundraisingFriday post, we thought of giving some specific hacks that musicians can use. We also suggest that you do some basic ground work and preparation before jumping into crowdfunding.
Heed the ‘1000 true fans’ theory:
This theory was introduced in 2008 by Kevin Kelly, the founding editor of Wired magazine. According to it, any artist needs to acquire only 1,000 True Fans to make a living. Provided that these true fans are interested in supporting any work coming from the artist. This is somewhat like the old-age practice of patrons supporting artists, with the number of patrons increased.
Don’t forget the family and friends
For any successful crowdfunding campaign, the family and friends of the fundraiser are usually the first donors. Ensure that you make some of your close ones to pledge donations even before launching the campaign.
Keep the fans involved and engaged:
This is one of the most important steps of crowdfunding. However, it is advisable to have a relationship with your true fans that goes beyond the campaign. Be in touch with them, give them regular updates through social media. Also, take their inputs and opinions into consideration at every step of creating an album for them. While doing all this, create a unique brand identity and dynamics with your fans.
Plan the timeline well:
As professionals, you need to take into consideration all the constraints and limitations. Make sure you are done with some of the work, like writing most of the songs and composing the music. Keep only the technical work for until after the campaign. Even then, keep a sufficient buffer time so that you are able to fulfill all the reward requests at the promised time.
Give away handsome rewards:
Remember its your fans and backer for and because of whom your campaign will be a success. Therefore, you must design a reward system that would be beneficial to them as well. Give them a chance to interact with you, and involve them in the process of recording your album.
Tweak, when necessary
While choosing the platform for your campaign, make sure you can introduce changes to it at any stage. (Some platforms don’t allow such changes at any stage, while others like Crowdera are more flexible.) These changes should not relate to your goal unless you have a real strong justification. Depending on the most popular rewards and the most common donation amounts, make changes in the reward tiers. At a certain point, you can even introduce new rewards to the campaign.
Don’t forget fans when campaign ends
When the campaign ends, don’t lose the connection and rapport you created with the fans. Thank all the contributors publicly, perhaps name some of the more generous ones on social media. Keep giving them regular updates about the progress made with the help of their donations. Make sure to keep them engaged between the campaign and the release of your album.
If you are looking to crowdfund for a music album, we hope this post made you a little more confident. So go right ahead and plan for your campaign. And, if you want to create your fundraiser absolutely free, choose Crowdera, the first truly free crowdfunding platform of the world.