Crowdfunding Mistakes Your Brand Should Avoid
Updated February 2024 – Many campaigners don’t realize that crowdfunding is not an overnight success, regardless of how spiffy your Kickstarter pitch may be. While it is not an exact science there are definitely things that you can do to line up your stars as much as possible to create real success in your campaign. Here are the top five crowdfunding mistakes to avoid as told by the PR pros at The Silver Telegram (and trust us…we’ve managed our fair share of crowdfunding campaigns)!
Launching too soon
Prepping for your campaign at least 4-6 months in advance is not uncommon. People tend to think you have an idea, you create a page, you launch and that’s the story of a beautiful million dollar campaign. WRONG! Prep time is the most important part of a successful crowdfunding campaign.
Not having a website landing page
With crowdfunding happening at every corner it is important for your potential customers to feel a sense of security and credibility. Establish a landing page with everything they need to know in advance so there is a little bit of trust created between you and your growing community.
Not having a network or email list
While even I have worked on successful campaigns (early on) with no email lists and generated amazing traffic, that is not the norm. Having an established email list to give you a jumping off point will highly and positively affect the impact of your campaign, especially those that want to get into the higher numbers. Remember this email list can be your personal and professional network too. Don’t be afraid to ask (in advance) for support. You may be surprised at how responsive they are.
Not knowing where your first 30% will come from
These days having an amount secured in the first 24 hours is a key to momentum and campaign success. That said before you launch you should have an idea of how you’ll get the first 30% of your funding goal, be it your email list, partners, existing customers, through PR, advertising, etc. Make sure you attempt to get this 30% secured asap. The more, faster, the better.
Not having an easy to understand page
I’ve seen many ideas that may be good turn into a convoluted mess on crowdfunding platforms. It is important to simplify the message and highlight the value proposition as much as possible. You want the community to be able to make a quick decision on if they want to support the campaign or not.
The Takeaway – Crowdfunding Mistakes to Avoid
At the end of the day the quality of the product, your campaign and your prep time is really what makes a huge difference in its success. Do not rule out that some of the more successful campaigners have prepped for several months and others even a year to ensure optimal success. Here are five things you can get started early on:
Set up a simple landing page for email collection, with your value proposition
Set up and become active on social media (Facebook, Instagram, and Twitter/X are ideal)
Recruit your network to get additional emails
Find potential partners to expand your reach
Contact the platform to gain their support
Need more help making sure you’re not making fatal crowdfunding mistakes? Feel free to contact The Silver Telegram for a complimentary call to chat about your brand’s crowdfunding campaign.