Why Your Crowdfunding Project Is Failing
Lately I’ve had a lot of messages and emails that go like this:
“Hi Kat,
I’m running a crowdfunding project and it just isn’t getting the traction I expected! I know it’s a good idea and I’m putting heaps of effort into promoting it, but no-one is backing me! What am I doing wrong?”
If you’re not getting traction, it could be one of three things:
- You’re not telling enough people about it and need to work on your promotion.
- Your idea sucks (sometimes it happens, but for the purposes of this post, let’s assume your idea is awesome).
- Your page doesn’t convert.
If you have a good idea, and you’re getting views, then you’re not converting
Promotion is about getting someone to view your page.
Conversion is how many of those viewers turn into backers.
Conversion is the reason I like to be involved in campaigns early. Everything from your messaging, to your branding, to your video and the rewards you have on offer can affect your conversion.
The first place people go wrong is in their video
Starting with long meandering shots might seem like a good idea, but if you don’t get to the point quickly, you’ll lose viewers. If you lose viewers, they won’t convert into backers.
You have 15 seconds to convince people to watch your video, so get to the point quickly. If you have a conversion issue, re-cutting your video to make it shorter, snappier, and faster might help.
If your viewers are getting to the end, then did you actually ask for the money? I call this “The Ask”. If you’re not asking, people won’t be giving.
Need more help creating a great crowdfunding video? There’s heaps of information in the Video section of my website.
Maybe you aren’t answering questions or providing enough detail in your description
Look at some similar projects that have funded. See how they’ve laid out their descriptions, and the information they cover. Copy what they did for your own project. When it comes to your description, it can be too short, but it can never be too long.
I wrote The Ultimate Guide To Writing Your Crowdfunding Description to make it as easy as I can for you. Is your project answering your viewer’s questions?
You might also be inadvertently be using phrases that put people off. Avoid begging, put the value proposition to the backer rather than putting your hand out.
Are you actually explaining your concept? The Curse of Knowledge is when you know something so well, you miss a vital detail. It might be so basic to you, but critical for a backer’s understanding. Ask a friend or acquaintance to check your campaign to check.
You may also be using too many words. Or writing in really long sentences. Or you may be missing visual elements such as headings, images, and videos that break up text and make it easier to read.
Perhaps your rewards aren’t juicy enough, or cost too much
This is the hardest one to fix once you’ve launched as most platforms won’t let you edit rewards that have already been bought. But with many platforms you can contact them and ask for edits — particularly if you’re making the rewards better.
A common mistake is starting too high. Try adding some $5, $10, and $25 rewards to encourage those people who like your idea, but don’t have a lot of spare cash to give.
And be generous — it’s better to over-give than be stingy when it comes to your rewards. There are plenty of tips on great rewards (that don’t eat your budget) in the Rewards section of my website.
When was the last time you said thanks?
It’s been proven that regular updates help projects fund. Sending an update every 3–4 days will help your chances of success immensely. It shows that you are present and engaging with your backers, which helps convince others to get on board.
Don’t know what to say? I’ve written a few updates in my day and have covered that right here (and designed some templates you can download as well).
Finally, are you really failing?
Many people panic when their campaign slows down. It doesn’t mean you’re going to fail. In general, successful campaigns:
- Have 10% of their funds secured in the first 48 hours
- Are at 30% by the end of the first week
- Don’t reach 60% until the final 5 days of the campaign
- Fund in the final 2–3 days.
The emotional journey can really screw with your head. Maybe you don’t need to panic at all!
Kat Jenkins is a Crowdfunding Strategist and founder of Multitude. She has worked on nearly 50 crowdfunding campaigns and helped to raise $1.2 million dollars with an 87% success rate.
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