Crowdfunding is a method that involves people or organizations raising funds for specific purposes. It has become a very popular way of raising funds.
There are even some websites that can help you raise your fund using an online registration system. These technologies are specially designed to execute crowdfunding events.
Here are the most important things in marketing your event. The more people get to know about the event, the more chance to raise your funds. In this article, we are presenting you some do’s and don’ts about crowdfunding events that can make you achieve great funding throw crowdfunding.
Do’s
Choose the right style
When you are thinking of crowdfunding, there are several styles you can choose according to your business. Basically, there are four main types you can find for crowdfunding.
They are respectively rewarded with debt, donation and equity. Reward crowdfunding offers rewards like a product or merchandise aspect to the project for investments to the investors. Debt crowdfunding refers to borrowing money against businesses.
In donation crowdfunding, there is no return for donors in exchange for their contribution. And equity crowdfunding offers investors equity in the company in exchange for their investments. Now you can choose the suitable style of crowdfunding for your business.
Create a plan
Crowdfunding is not an easy task. So you need to create a plan, especially aspects of marketing and communications.
If you research crowdfunding, you can see that most of the people who generally fund are connected personally or some degree, separate away.
When you have already started the campaign for crowdfunding, you won’t find any time for planning, so create your plan before starting.
Research before execute
Research is a must for any plan to execute. When it’s about launching a crowdfunding campaign, it can’t be thought successful without doing research.
There is a handful of platforms available for crowdfunding, and each has different facelifts for you. So research them and find out the one which fits perfectly for your event.
Maintain transparency
Try to be transparent as much as possible with people. As crowdfunding campaign target people to believe in your cause and show them to you with their cash, always maintain transparency to have more contributions. List Making updates to your investors as the number one priority in crowdfunding.
Campaign with videos
When it comes to a crowdfunding campaign, videos always work. Videos are the most effective way to tell people about your visual story and get them connected with your event.
People can get all the updates through videos, and it’s also about giving your audience something easy to share. It has been seen early that campaigns with video can raise twice fund compared to those without videos.
Offer great perks
Perks are considered rewards that you can offer people in exchange for their funds. There is no one who doesn’t want to be rewarded.
Many people will get in just to get rewards. So you should offer an attractive set of rewards to get more people in for your event. For example, you can include discounted tickets, sponsorship packages or VIP seats in your perks. Try to be creative and imagine what perks can be appealing to your attendees.
Set a deadline
Try to set a deadline for your crowdfunding event. Normally 40-45 days is considered a good time length for the crowdfunding campaign. Besides that, setting a deadline will help you to create a sense of urgency in people about your cause. Generally, a fixed-time campaign is proven to attract more money than others.
Don’ts
Think of crowdfunding as a money pit
Crowdfunding is not just creating a page, launching your project, and waiting for the money to come. You need to observe how many people land on your page and how many have a chance to convert according to your fundraising target.
Statistics show that 65% of the fund will be gathered in the first 48 hours of launching the event. If you find a different situation with your event, then you should stop and rethink it.
Do it alone
When you are up to organising a crowdfunding event for your business definitely, you will need to invest a couple of months. Besides these, you will need a well-organised team to execute your plan in all aspects. Statistics show that a campaign becomes 94% more effective when there is a team to run it.
Focus only on digital marketing
Digital marketing is important but doesn’t spend all your time in front of your computer. Get outside, connect to your contacts, tell them all about your business, and make them feel interested. Don’t isolate your campaign in day-to-day business. Make sure got to be in front of people and speak at events.
Set large and unrealistic funding goals
When you are up to setting the goal and time limits for your crowdfunding event, make sure to set a realistic one. Do your math fast and have a clear concept about what you want to do with your crowdfunding event. Having known all these facts precisely, you can predict the practical amount and time to reach your goal.
Give up
It has been observed that crowdfunding projects normally have a U- shaped curve. That means in the first and last weeks you will get more money will come along. Normally the funding will slow down at the middle point. But don’t worry; stay tuned and wait for the big push at the last session. So choose your team before you get started.
Summing all up, we can say that you will be able to execute an engaging crowdfunding event if you follow these do’s and don’ts wisely. Besides this, when you are thinking of holding a crowdfunding event, you can take the help of any event ticketing organisation like EventBookings. They can be your best partner of yours, providing you with an easy ticketing system and managing to sell event tickets for you.
