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Five Essential Crowdfunding Tips for Success

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Read on to discover five essential crowdfunding tips that you must follow in order to make your business campaign a success and help you achieve your funding goals. visit shanebarker.com

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Five Essential Crowdfunding Tips for Success

  1. 1. Five Essential Crowdfunding Tips for Success www.shanebarker.com
  2. 2. www.shanebarker.com Since crowdfunding is continuing to rapidly grow worldwide, it is important to be aware of some top crowdfunding tips. Crowdfunding will help you transform the way you seek out finances and engage with online communities.
  3. 3. Read on to discover five essential crowdfunding tips that you must follow in order to make your business campaign a success and help you achieve your funding goals. With the convenient online platforms of crowdfunding, you and your business are able to access loads of prospective backers who are willing to contribute. www.shanebarker.com
  4. 4. www.shanebarker.com 1 Shorter Campaigns Are More Successful  Often times, it is tempting for start-up companies to create long, drawn-out projects to enhance the opportunity to drive up donations and build a momentum for success.     Unlike popular belief, success rates actually drop the longer the project goes on. However, short projects consistently raise more capital because the deadline encourages lenders to pledge quickly. In fact, those that last 90 days or more notice a 30 percent drop in success rates.  Therefore, make sure that the project length is around 20 to 30 days, so that you can realize the average success rate of 60 percent.
  5. 5. www.shanebarker.com  Entertain with a Compelling Story2 Crowdfunding campaigns are more than just proposed products that people may want to purchase; they are also meant to appeal to people’s interests and passions in life.      Not surprisingly, campaigns that are focused on sharing a compelling story are also the ones that inspire the most people to contribute to their funds. Stories are the best way to take potential investors on a journey, teach them, inspire them, and draw them in to make a pledge. Usually, investors do not make decisions based only on numbers and finances. They tend to react to stories about your business’ origins, future endeavors, and progress, because they will be interested in becoming involved in the next chapter of your story.
  6. 6. Although the average success for campaigns is around 50 percent, those without a good video plummet to a rate of only 35 percent. www.shanebarker.com   Incorporate Engaging Crowdfunder Videos3    Crowdfunder videos also enable you to put a face to who is the mastermind behind the project in an easy to share format. Using a short video is one of the top methods of communicating and pitching your business’ ideas across the crowd platform. Since potential funders will not watch videos that are longer than three minutes, it is suggested that you keep it short and engaging. Draw in investors with an engaging video that clearly communicates a concise message for the ultimate driver of pledges.
  7. 7. www.shanebarker.com Offer Seven or More Reward Tiers4 If you try to start a project without offering a little reward in return for their investment, you will quickly discover that few will take the time to pledge.     Research studies have found that seven is the magic number for gaining a success in your crowdfunding campaign. Most backers expect to receive something in return, so it is necessary to provide incentives for their support. In fact, campaigns that offer seven or more reward tiers consistently achieve a 50 percent rate of success. On the other hand, those with fewer reward tiers see their success rates dramatically drop down to below 30 percent.  There are many options to create eye-catching and exciting rewards, so pick ones that fit your campaign and create at least seven tiers for the most success.
  8. 8. www.shanebarker.com Select a Platform that Best Suits Your Campaign 5 There are now hundreds of different platforms for crowdfunding that each offer entrepreneurs something special.     Before launching a campaign, ensure that you carefully think about which platform will be the best fit for your project. From Kickstarter and Spacehive to Fundageek and FundingCircle, there are a variety of platforms that are tailored to fit business’ financing and industry needs. Once you make the big decision, make sure that you keep these five essential crowdfunding tips in mind for the greatest chance at breaking your financial goals.
  9. 9. www.shanebarker.com Please contact us today to set up your FREE 30-minute consultation with Shane Barker immediately!