How to Quickly Fix a Failing Crowdfunding Effort
There it is — you’ve got a beautiful crowdfunding campaign up on a site like Kickstarter, Indiegogo, or here on WeGreenLight. It’s got a video, you’ve added content to the page, and you’ve launched it.
And while your friends and family have pitched in, the project doesn’t seem to be gaining traction. With just 4–6 weeks to raise money, your window of opportunity is narrow, and you’re not sure you’ll make it.
What do you do now?
The truth is that failing to plan is the biggest mistake that people make when crowdfunding, and it can be almost impossible to come back from. But, if you are able to quickly diagnose the problem and are willing to do some hard work, it can be done.
Let’s look at some simple ways you can get some momentum for your campaign, including:
- Making sure you’re reaching the right people
- Finding new audiences and fans
- Leveraging social media to help you build momentum
- Making sure your rewards are correctly structured
Segment, Segment, Segment
One of the biggest mistakes in crowdfunding is going after everyone in the same way.
Friends and family will often support you because they know who you are and appreciate your work, but even some of them, and certainly a broader audience, will respond more positively to a project that speaks to their wants or needs.
If your campaign isn’t doing well, look at it and break down the different groups of people who might be attracted to it. Then, match the editorial content or “themes” to lists of people, blogs, influencers, journalists, etc.
For example:
Journalists and bloggers that care about the environment will be interested in the unique aspect of your product that uses less energy or helps people conserve their own energy use.
One of the advantages to this approach is that if you’re going after the wrong crowd, it allows you to quickly pivot and focus your efforts on another segment.
Monitor Social Channels, Celebrate Victories (This, Too, Is Content)
Are you thanking every single person every time they donate? If not, start doing it. Don’t be afraid to go above and beyond — if you’re invested in your backers and supporters, they’ll invest in you (by sharing and evangelizing the project). Think of it as community building, but much faster than normal.
Pro tip: quickly sketch up different copy for this to get your head into the right space.
For example:
“Thank you @LauraMartinez! That $50 just got us over the $1,500 mark, now we’re cruising=)”
“So grateful for @JimCarlson, @GenaZ, @TianaAisla, who are contributing to our campaign and helping to tell the story of [something interesting about your project]”
Make Sure Your Reward Structure is Varied
People back a crowdfunding campaign for different reasons. Some see themselves as early adopters, on the cutting edge and aware of what’s new and cool. Others are simply curious, and they’ll pitch in $1–5 simply to keep updated and see how the project goes.
Here are a few rewards you should ensure are present in your campaign in some form.
- $1–5 rewards: these will help you connect with people who simply want to be a part of a new product launch, and who might help you access their networks.
- Core product rewards: these are the middle tier rewards, and should include your main product with a bronze / silver / gold model so that psychologically people can opt into the “one that most people do” which is the middle reward.
- Upper level rewards: these should focus on experience, and help give generous backers a sense of ownership in the success of the product.
Lastly, remember that speed and timing are both critical in a crowdfunding campaign. There is a level that, once you get your campaign to, people who have already been involved will want to push harder to see it come to life. That level is a bit different for each campaign but is generally in the last 25 percent of a project. If you can get yourself to that point, it’s often possible, both psychologically for you and for your backers, to make the final push.
WeGreenlight.com is a platform to help you validate your ideas, get feedback, and launch with early adopters. Join us and let’s help you launch your idea successfully.
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