There’s widespread optimism for crowdfunding, fueled by the incessant campaigns by creatives and entrepreneurs alike. Campaigns reaching us are all amazing, from wild artistic projects to engineering feats by gadget inventors, from the Pebble Watch project to the Double Fine video game. Then, success stories with hundreds of thousands if not millions of dollars figures hit the web.
After following closely dozens of crowdfunding campaigns, plus also seeing statistics from major crowdfunding platforms, it’s important to stress that many crowdfunding campaigns are not successful. What’s more worrying is to stumble upon creative projects, with well-prepared campaigns, that don’t get crowdfunded. It’s puzzling, especially after all the positive press you might have been reading. It’s possible to see why though. Here are the top 10 reasons why your next crowdfunding campaign won’t work
Top 10 Reasons why your crowdfunding campaign won’t succeed – An infographic by the team at SeedingFactory
Embed this Infographic
Top 10 Reasons why your crowdfunding campaign won’t succeed – An infographic by the team at Top 10 Reasons why your crowdfunding campaign won’t succeed
You jump on the crowdfunding bandwagon but have no crowd, and start a facebook page or a twitter account a week before your campaign. Do you think you can get a crowd’s trust that fast?
You’re presenting a dream that everyone likes, but can’t offer anything tangible: no prototype, no pictures of someone using your product, no details on how it works.
NO REASON TO CROWDFUND
Doesn’t crowdfunding seem like magic? You publish any idea on a platform and you get a few thousands in your bank account. Well, sorry to disappoint, but you’ll get burned by the crowd. Crowdfunding campaigns are successful because there are specific reasons: a deadline, an imminent peril or success, or a very solid business case where the backer gets 100% of their money.
NO FUNDING EXPLANATION
It’s too easy to ask for $10,000 or $50,000, or another unsubstantiated figure. The crowd is not stupid! Have you done your homework? The funding goal should have a solid explanation
Many believe that they’ll put their project on kickstarter and ride on the network effect. Did you know successful project creators brings in 20% funding from their friends and family; and also brings in 60% of the visitors traffic? If you’re lucky, Kickstarter or indiegogo might feature you in their newsletters, but that comes in at late stages.
Here’s one tip: the more you work on your project before, the higher the chances of success. It’s not about starting a campaign to see if your idea or project has legs. It’s about starting your project first, and then using crowdfunding when you’ve got a working proof of concept, plus many fans believing heart & soul in the project.
NO STRONG OFFER
Crowds love to back projects that stand out. Did someone else did the same project before? Is there novelty worth sharing? Why would anyone care?
Statistically, a video doubles your chances of success. Voilà
A video is not a powerpoint. Understand what the video medium is: it’s about emotion, strong graphics, faces with expression, creativity, and much more than graphics.
NO PERSONAL WORK
Every day, I see campaigners copying & pasting text and documents from what they see successful campaigners. This is like copying’s someone else copy in exams. Every word should be come from you and be authentic. Don’t copy the structure, the headline, or anything else.
If you recognize yourself in a reason above, seek our crowdfunding advisory services. Sometimes, it’s just about correcting how you present your project. Sometimes, there is much more work to do, but in the end, it’s about respecting the principle of crowd and crowdfunding.