Crowdfunding is becoming an ever-popular avenue for not only raising money to realize a project as well as an effective avenue for engaging your community. One of the most common questions I get asked by people creating crowdfunding projects is “what does it take to be successful?” Although there are a wide variety of tactics and tips, at the end of the day, there are four basic best practices that must be followed in order to be successful with your crowdfunding project:
Identify and Engage Your Community
I have seen several projects that made beautiful videos, solid descriptions and offered great rewards that barely made it out of the gate. As an industry, less than 50% of crowdfunding project successfully reach their goal. Why? Your project is only as good as the people who engage with it. Hence the name “crowdfunding” (or “community funding” as we call it), the most beautifully crafted project will fall flat on its face if it doesn’t have a primed, engaged community who that is ready to hear their message and take action to support it.