Both Kickstarter and Indiegogo report that people continue to support donation projects. How to adapt your financing strategy to the times.
Free book preview No direct response BS guide for social media marketing
The ultimate guide to achieving measurable, monetizable results with social media marketing.
Read for 3 min
The opinions expressed by the entrepreneur's contributors are their own.
Given the economic situation and the closure of businesses, you may be wondering whether a crowdfunding campaign can currently be successful. Will people be interested in funding your next cool gadget or product?
Kickstarter's numbers show that supporters are still showing up to support their favorite projects. Indiegogo crowdfunding campaigns are also flourishing.
For those who are afraid to start a crowdfunding campaign, this is an excellent time to continue. While people are careful about how they spend their money, most continue to live and resume activities that may have interrupted them – including project funding. And since the number of live campaigns is smaller than usual, you can use less competition and take advantage of the platform's deadline extensions and reduced fees.
This is how you ensure that your crowdfunding campaign is successful.
1. Focus on the community
Community drives Kickstarted and Indiegogo campaigns. If you have a strong community, build on it. Get involved with your audience. Find new ways to arouse your interest and regularly inform them about product deliveries or delays. Consumers have more time to browse and buy products than they used to, so they're looking for something that resonates with them. Draw attention to yourself with the right news and product discounts.
2. Level-up promotion
When people make more conscious money decisions, it's your job to be more convincing in your pitch. Give the supporters good reasons to fund your project. Invest in Facebook ads and run aggressive A / B tests to get your messages and graphics right. Spend smartly on social advertising, no more.
Related: How To Start Your Capital Financing
3. Increase your range
Start or increase how often you send press releases, contact influencer marketing and guest posts, to name just a few outreach strategies. People spend more time online looking for content. Meet demand by sending two guest posts a week instead of one. Add to your social media content, connect with your audience and show what impact your product can have.
4. Plan a relaunch if you have supply chain problems
If your product relies on deliveries from a region with slowdowns and you have limited workaround options, let your community know. They will most likely continue to assist you during the delay.
Related topics: 12 key strategies for a successful crowdfunding campaign
If you notice a decrease in your funding despite communication, marketing and advertising, plan a relaunch. A relaunch in the next few months can prove to be more effective than stalling a campaign that may not be successful due to supply chain issues.
Regardless of your crowdfunding journey and your current status, communication is the key to a successful campaign. Talk to your suppliers and senders. Keep your community up to date and report any setbacks or problems. If you face challenges, you will not be able to achieve your donation goals.
Give your supporters the advantage of knowing the truth regardless of your situation. You will probably understand and try to meet you where you are. Keep pressing to get the best result and continue to involve your supporters. That's how it works today.
Related: Beyond Kickstarter: 10 niche crowdfunding platforms for startups