Contrat to some perceptions, crowdfunding isn’t easy money or luck. So it’s reasonable to gather why every individual wants to capitalize on crowdfunding as an alternative or primary funding source. However, most people fail to comprehend that only one out of five ventures profit from a successful crowdfunding campaign.
Yes, we have to acknowledge that several startups and projects have found their footing through a successful crowdfunding campaign, hence the immense success of the crowdfunding market.
As a result, competition in crowdfunding platforms has been and will continue to be stiff. Gone are the days when creative and promising ideas/products go viral by just launching on Kickstarter. Even with zest and proper marketing techniques, creators have failed to hit top pages on most platforms.
And what attributes to that? Failure to generate enough buzz around their idea/product before launching their campaign. In fact, failure to build interest before a campaign is a key challenge and drawback with crowdfunding.
A pre-launch page drums up support and builds the initial momentum to get your campaign noticed. Consequently, your potential backers and clients will have a hint of what’s coming and will be anticipating your products. For instance, Apple products receive an overwhelming response on their inauguration day thanks to their effective pre-launch marketing strategy.
So, how can campaigners capitalize on this crucial step to ensure their crowdfunding journey garners optimal success?
Top Pre-Launch Strategies For a Successful Crowdfunding Campaign
Primarily, you should divide your pre-launch marketing strategy into two broad categories: creating a buzz and curating a perfect pitch story. Additionally, build interest in your campaign tentatively five months before the official launch.
Creating a Buzz
Buzz marketing can massively increase online traffic, social following, sales, and leads when done right. Creating a buzz, or in plain terms, building awareness and arousing inquisitiveness around a product/idea, both online and offline, is among the best forms of marketing. In addition, effective buzz marketing generates organic PR, social engagements, and web referrals.
Here are practical tips for creating a buzz on your crowdfunding campaign:
A Website or a Landing Page
A domain that reflects your project should be a starting point. On top of it, great visuals and content that speaks volumes about your products or organization. Remember, don’t overload your website with a lot of texts. Instead, include photography photos, let’s say of your prototype, with short and lucid information. Keep updating the website for it to get crawled frequently on top of the search engine. It might take some time for your website to receive attention, but you will be on the right path with the appropriate content and great stuff.
Incorporate Social Media Networks
Social media networks and influencing allow you to venture into various territories full of opportunities. Using your Twitter, Instagram, Linked In, and Facebook accounts can put your campaign in the spotlight and widen its reach. Even better, enlisting the help of influencers, who frequently share photos or videos about your product to their followers, builds trust and eagerness before the official reveal.
Create an Email List
Creating an Email list is a cost-effective and powerful relationship-building strategy for generating potential leads. Besides word of mouth, email marketing is the second most effective marketing tool for SMEs and startups. So it’s reasonable enough for campaigners to capitalize on this goodwill to reach their goal.
An email list is the foundation of any campaign. Without it, your crowdfunding journey might as well be a waste of resources and time. Therefore, collect the email addresses of every visitor on your website, landing page, or blog. Alternatively and even better, use established platforms like MailChimp or SendGrid to receive email addresses and connect to your landing page seamlessly.
And, it shouldn’t rest at that. Any emails you send should be personalized and have straightforward content.
Also, it would be best to launch your campaign first to a select group in your email list. This way, you can gather appropriate feedback and some funding to give your campaign momentum.
Word of Mouth
As mentioned, word of mouth is the most effective marketing strategy and creating a buzz. Discuss your project with everyone around you, from close family members, distant relatives, friends, colleagues, and everyone who shows interest. You must ensure the official launch shouldn’t be the first time people hear about your product.
Note that it’s impractical to create a buzz without the perfect story.
Crafting a Story
A unique, creative, and exciting pitch will grab the attention of investors and backers. Rarely has any boring ideas/products had immense success in crowdfunding platforms. The utmost priority of any campaign should focus on connecting and convincing individuals about your project instead of selling.
Like other investors, people want to hear the story behind your project more than the benefits they will get from the product. Therefore, when crafting a story, it would be best to put accentuate the following elements:
Your story will be the lifeline throughout your campaign. Therefore you must be lucid as possible and don’t leave any doubts that may otherwise make people assume you are running a fraudulent campaign. Respond to any queries as soon as possible. Additionally, your pitch must show how passionate you are about the project. Finally, and importantly, curate a story that will make your audience feel that they relate to you.
Overall Capital Requirement
Yet another critical area backers scrutinize. Unrealistic figures in your story hoping you will impress the masses will turn out to be a red flag and turn-off. Therefore, calculate the total expenses to run a successful campaign, including the crowdfunding platform fees.
A Solid Call to Action
Use a call to action that excites and creates urgency on your project. As a starting point, simple online messages informing your audience on how to sign up, the official launch, and how they will get special deals will go a long way in motivating your potential backers.
What’s The Reward Strategy?
Don’t kick-start your campaign without designing and figuring out a reward strategy that will inspire and allure investors. Also, please don’t overdo it to the extent that it might overwhelm your project’s operation.
Crowdfunding is more competitive than ever. Without paying attention to a systematic process, it’s unlikely your project will gain traffic in the crucial first two days. Unless the project has been a success from the beginning (backers in place and having raised some funds), people will barely click on your page. For a productive journey, employ the highlighted top pre-launch strategies for a successful crowdfunding campaign.