While crowdfunding might not be easy money, it’s among the fastest and effective strategies to pool funds to get your project or idea to the next level. Still, and similar to sourcing and attracting the attention of angel investors or venture capitalists, you ought to have a solid elevator pitch that will entice prospective backers into joining your campaign.
Bear in mind, launching a campaign before generating great buzz around your product/idea is a top reason why crowdfunding campaigns bite the dust. As a result, it’s imperative to present your campaign in a way that it will stand out on your preferred platform. As a starting point, having a compelling pitch will spark interest in your target audience, consequently setting your campaign on a successful path.
So, how can you make a captivating pitch that will propel your crowdfunding idea to a scalable height? Even better, attract potent and enthusiastic backers. The following are top proven and practical tips, regardless of the type of crowdfunding, that will go a long way in ensuring campaigners make their pitch impactful.
How To Pitch Your Crowdfunding Idea
A pitch is one of the critical and first documents potential backers will see when visiting your page. Therefore it would be best to make it brief yet detailed and enthralling.
Write Your Pitch Text
Your utmost priority even before drafting your pitch text is answering the Wh questions. Concurrently, you will gain an in-depth understanding of your target audience, and they will also get to know you. Also, the Wh questions, particularly ‘who,’ make your pitch more personal, which builds credibility and legitimacy around your campaign.
For instance, who are you, why you are raising funds, and who’s your intended target. Also, don’t forget to mention where your campaign will take place. Also, when drafting your pitch, it would be best to emphasize the potential opportunities backers will have when they contribute to your cause instead of promoting your products/services.
In summary, ensure your pitch text is eye-catching and lures visitors into wanting to know more.
To get an idea of what to write in your pitch text, you can sample some pitches on prevalent platforms like Kickstarter or Indiegogo. Alternatively, check out other completed and successful campaigns akin to your idea and see what they included in their pitch.
Film Your Pitch Video
Campaigns with pitch videos are likely to raise more funds. In fact, statistics from Indiegogo show that incorporating a pitch video in your crowdfunding journey raises funds four times more than campaigns without a pitch video. And it goes beyond creating just a video.
Your pitch video has to be versatile. That is, it has to be short, informative ( engaging breakdowns of larger concepts ), and entertaining. Still, it doesn’t rest at that. The editing has to be top-notch, with clear sound quality, some background music, and authenticity. If possible, you can include closed captions.
It can be pretty overwhelming to make the perfect pitch video. Therefore, you can consider working with proficient video production companies, especially those with prior experience on multiple crowdfunding videos.
Additionally, when talking about your project in the pitch video, you have to show passion, enthusiasm and act naturally. Bear in mind that most of your backers won’t have the opportunity to meet you face to face. The video is the only opportunity to meet the individual behind the promising idea. Worse, failure to include a pitch video is a sure way of losing people’s attention.
Make It Simple
As a starting point, your pitch title should tell enough of your story in a punchy and sensible way with an element of curiosity. As per most crowdfunding platforms, straightforward, quirky, and creative campaigns tend to have significant success.
The competition in most crowdfunding platforms is stiff; therefore, visitors’ attention span is limited. While there is no fault in creating a long crowdfunding pitch, there is a chance your target audience might lose interest before noticing the critical parts.
Make your crowdfunding pitch simple and avoid unnecessary filler words. Avoid buzzwords or fancy complicated grammar. Instead, focus on being concise and direct to make your project more convincing. Also, consider that not everyone you are reaching out to is knowledgeable about your industry or niche. Therefore, keep the terminologies simple, and it would be best if you didn’t use jargon.
Additionally, make the payment issues clear and concise. Don’t beat around the bush, and instead, state your intended target accompanied by facts and data.
Don’t Fail to Mention Rewards
The type of reward primarily depends on your preferred type of crowdfunding. Alluring and a fantastic reward program will make backers pledge more funds to your campaign for reward-based or equity crowdfunding. Still, don’t offer unrealistic rewards that you might fail to honor or, worse, incentives that overwhelm your project’s operations and money in packaging and shipping.
You have to be strategic about what you offer. Nevertheless, when pitching your idea, mentioning incentives and exciting offers to those willing to ride in your cause will boost the morale of your target audience and entice them to get more involved.
Upload any Documents to Back Up Your Story
Again, including critical documents such as business plans, investor presentations, and financial forecasts will build credibility and legitimacy around your crowdfunding campaign. Also, you can add your resume or prior work experience to show you have the knack to tackle your project.
With enough zest and knowledge about your product/idea, prospective investors need evidence before financing your campaign.
Utilize the space on your crowdfunding page to create a perfect elevator pitch. Even though the majority of your potential backers will pay attention to your pitch video, some will scroll down to gather more insights into your project/idea. When drafting your crowdfunding pitch, place yourself in your target audience shows. This will go a long way in ensuring you leave no questions unanswered.