4 Major Factors That Drive Crowdfunding Success
Is it too late for you to profit from the raging success of this exploding business opportunity?
Crowdfunding is the killer of traditional lending models, many are getting their dreams financed through this funding model, without the embarrassing process that the traditional lending institutions offer.
The crowdfunding sites and the project owners/creators are not the only ones profiting from the growth and success of crowdfunding, there are three major groups that also are enjoying the success of this exploding market.
How can you claim your stake in this internet gold rush? Or have you missed the greatest opportunity in this modern age?
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The allure of the elusive crowd.
Ok, I can see that you are not laughing back to the topic, if you have not turned your attention to crowdfunding by now than you are perhaps missing a huge opportunity. This opportunity has attracted entrepreneurs, freelancers, and big business eager to get their share of this internet gold rush. If you are an investor, project creator, marketing guru, article writer, photographer, videographer, customer . You stand to profit from the crowdfunding boom.
There are internet marketers, who developed websites that claim to help you with your crowdfunding campaign. There are Facebook.com web pages completely devoted to your crowdfunding success. The same is true of twitter.com, and all of the other social media sites. There are groups being formed to study this phenomenon and figure out the secrets to a successfully ran campaign. There are a host of eBooks on the subject. There blogs that spend there days cover one project after another.
So, is it too late for you to get in on the action? Many prognosticators are predicting that crowdfunding will change the entire lending industry if not the banking industry. If that is the case then you have arrived at just the right time.
The remainder of this article will discuss the for major factors that drive crowdfunding success, and how you can use them to store up a little capital. And if money is not your motivation, than you can benefit by giving
"To give those who ain't got a little more". Bruce Hornsby. You can be sure that your charitable deeds and monetary contributions will be greatly appreciated.
In any event there are projects and creators not only in need of backers but supporters as well. Whether the project is large or small, whether the creator is wealthy or not, there is a need to bring the elusive crowd to the project and creator.
4 Major Factors That Drive Crowdfunding Success
The following discussions is meant for three groups, the project owner, and those individuals seeking to help the project become successful for monetary gain, (we will call you a marketeer). I also am aware that some like to offer your services out of charity, (we will call you a non profit organization).
It does not matter which group you are from, the following for factors could make difference between a successfully funded project, or a project that is DOA.
1. Low Funding Goals
Many projects fail because they set the goals too high, which could kill the project. Face it if you developed a new paper clip and ask for $100,000 to make your paper clip dreams come to life, it just will not be funded or the chances are very slim. Backers, the people with the money are just too savvy.
Also some of the crowdfunding platforms are all or nothing, meaning if you do not meet your goal, you get nothing. I have watched projects with a goal of $20,000.00 get pledges totaling $16,000 dollars and in the end the project was unsuccessfully funded.
Now how can you the savvy internet marketeer help these projects and help your self? If you study the thousands of projects on the various crowdfunding sites, you will find that the majority have not completed their due diligence or research. Lets look at it from an insurance actuaries viewpoint, they play with the numbers, statistics and market research. They look at the numbers and come up with the statistics that favor the market.
Some of these projects are worthy of the money, however they are not packaged properly. Thats where you come in, you are the actuary you look do the market research, pull the numbers together, line up the manufactures or suppliers, find the materials at a reduced cost, become the purchasing agent. Then you present a realistic package to the project owner. And the project owner will present it to the backers, with actual numbers to backup the requested goal.
If you do not think that there is a market for such a role. Ask yourself why do small and large corporation's have a person performing the above described job.
2. Decent Size Fan Base
Most successfully funded projects are funded because the project owner has a mid to large fanbase.
For those of you who boast a large
Facebook.com,
twitter.com,
instagram.com,
plus.google.com, or any of the other social network fanbase, friends, followers, chat buddy's. Why not offer your services as the middle man to bring the crowd to the campaign you can be the person that rallies the crowd like the campaign organizer who rallies the troops to a political cause.
Understand some of the projects are great ideas, but the project owner does not have the supporters, or sometimes the know how to find the crowd.
You are the real estate broker that brings the buyer and the seller together.
3. A Suitable Advertisement Goal
If people are not aware or do not know about the project, then the project ends up with 0% funded, 0 pledges, and 0 backers.
This is not a case of if you build it they will come, there are thousands of projects and campaigns on the various crowdfunding platforms and for any creator to think that their project will stand out to be different then they are mistaken and have made a unseen miscalculation.
You are the advertisement agent, you are that guy or person that knows everyone, or you have a knack for just walking up to total strangers and start talking. Now find those projects with 0 backers and contact the creator and pitch your advertisement gig. The project owner most likely, never considered getting the word out. If they did they would have at least two or three backers, A Mom, Dad, Sister, Brother somebody would have rallied to their cause.
They probably did not considered flyers, business cards, newspaper advertisements and the like.
The major projects that reach their funding goal, you can be sure they did some type of advertising. Some spend hundreds to make thousands and others spend thousands to make millions.
If you have a knack for getting the word out and you can keep track of the advertising campaigns you can offer a well needed service to the crowdfunding community.
4. A Likable Project
I read a project just the other day it was one paragraph long. Yes that was it, and they were asking for $4000. You are correct that project will not get funded.
You can have the best or worst project, but if you do not sell it, if you do not tell it, or pitch it in a way that is appealing. Any project will go unnoticed even if someone took the time to glance at it. You need a good story, or lot's of artwork, or an awesome video to make people aware of how special your project really is.
So you are the PR, maybe you have a silver tongue, you can see how the following things can go together, you have access to photographers, videographers, web designers, or you are a great story teller. Than there is a need for your special talents. There are projects after projects on these platforms that need your skills to bring their project to life to make it likable.
Consider again the small or larger business that hires a PR agent to handle making there companies more palatable to other companies or to the customer.
You are now that PR agent go help all those unlikeable projects become likable, just start searching through them find the campaigns that need help, rewrite it and than pitch it to the project owner and they will see the benefit of the new look. Just watermark the copy you present to them, and once you close the deal present the copy without the watermark.
What should you do with this information?
If you have a project and you are the project owner/creator seeking funding, even if you have to cancel or reboot your project, you must make the necessary changes to achieve the desired success.
If you are looking to start a part time job, or new career than go and find the projects that need your help, you can pick one of the factors of crowdfunding success or all of them. As I write this blog, one or more companies have just sprung up claiming they will help the project owner achieve success, but offer no guarantees to this effect.
Remember yours truly has a project of his own that needs your help.
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