Key Factors Involved in a Crowd Funding Campaign
What is crowd funding?
In simple words, crowd funding is a fund raising campaign where a group of people (crowd) is helping you hence called crowd funding.
From idea to execution, crowd funding involves several factors that you should be aware of before you start your campaign on some crowd funding website. So, let me walk you through all these factors one by one.
Pre-requisites: Before you sign up on some crowd funding website, you must acquire sufficient knowledge about these sites, their working, and percentage of profit sharing, rewards for backers (the people who will be funding your project) and above all your idea.
Idea: The basic idea that you want funding for is the most important point that will determine the success or failure of your campaign. So, you should spend sufficient time on it and must critically analyse it. You should ask yourself questions like “Why should people fund this project?”, “What will be the return on investment (ROI)?”, “Is this idea really workable?” etc. If you get answers to these questions in your favour, you should proceed further.
Funders: There is a strong possibility that people who know you and have trust in you will be the active funders of your crowd funding campaign though there might be others involved as well depending upon the nature of your idea. Rewards that your funders will be getting from time to time will make them active participant in your campaign and they might be very helpful to ‘shout out’ your word to the other people they know. This way, you might get more funds for your campaign.
Crowd funding platform: There is a long list of crowd funding websites that you can search online. However, going for the right platform would not let you end in the mid of your campaign. For example, WO Funding (www.wofunding.com) would be a right choice for you if you’re from Australia, Vietnam or China.
Promotion: Though crowd funding websites offer promotion of your campaign, however, it would be you actually taking it to the next level. So, using social media channels like Facebook and Twitter would be really helpful. Moreover, you can create a viral video of your campaign to get attention of the real people for your campaign. Do some research on these sites and know how people are doing promotion for their crowd funding campaigns. Updating your followers about your weekly achieved targets will add to their trust in you. So keep updating them through your tweets, Facebook statuses, YouTube videos, blogs or press releases.
Sum up: From the discussion above, it’s obvious that crowd funding is a facility to bring your best ever ideas to life that was otherwise not possible because of lack of funds. Crowd funding is new industry evolving rapidly. It will change the future of fund raising activities even in the countries where this phenomenon is still not very popular.
Tags: Crowd funding Australia, Crowd funding Vietnam, crowd funding China, crowd funding marketing, free fund raising