ArtSites Updates

Crowdfunding - Get Your Projects Funded by the Crowd - Part 4
(posted on 6 Sep 2013)


Kickstarter Canada

Over the past couple of weeks, I've written Part 1, Part 2 and Part 3 in this series on "Crowdfunding".

Today, I'm finishing up the series by focusing on some General Strategies and the Benefits of Crowdfunding.

So, without further ado ... here are some general strategies you should consider when running and managing your crowdfunding campaign:
  • Be Transparent
    When asking others to fund your project, provide as much transparency as possible!

    This is especially key for your budget.

    Contributors will appreciate knowing:

    • How will you get the project done?
    • How will the funds be used?
      (Tip: provide a detailed list of your budget.)
    • Have you invested any of your own money? How much?
    • Is there a project-specific bank account?
    • Will they have access to those bank account records, if they want?
    • Will you provide budget updates? How frequently?

    The more transparent you are, the more confidence you'll earn with potential contributors.

  • Communicate, Communicate, Communicate!
    One of the most important things to remember is to communicate constantly with ALL (potential and existing) contributors.

    Launching a crowdfunding project is like taking on another job! It's hard work!

    Here a few tasks that will be added to your workload if you want to make contributors feel appreciated:

    • Reply to all questions and comments on your project page
      (This is best if you do it within 24 hours)
    • Provide an easy way for contributors to contact you
    • Update your mailing list with new contributor contact information / details
    • Send personalized "Thank You Notes" to everyone who contributes
    • Send frequent and informative project updates
    • Announce major milestones and of course, when the project is completed!
    • Personally invite your "premium" contributors to the event, show, etc.

    Remember, you want contributors to feel that you're just as "in love" with them as they are with you and your project! ;-)

  • Provide "Special" Rewards
    Most projects require a list of "Rewards" or "Perks" for contributors.

    Remember that most contributors should be "in love" with your project and/or you.

    So, your "Rewards" do not have match the amount of money they're pledging.

    In fact, it's best if they don't! :-)

    Offer Rewards that promote and thank your contributors PUBLICLY, especially at the lower levels, e.g.:

    • Online list of contributors
    • Receiving a personalized & signed postcard using image(s) from your project
    • Acknowledgement AT the event or in the book, etc.
    • Tickets or a print or a copy of the book, etc.
      (Do make sure the pledge level exceeds your costs to deliver these :-)

    The goal of Rewards is to help entice and make contributors feel SPECIAL!

    Rewards shouldn't cost you so much that you have nothing left to make project! :-)
One thing to keep in mind about crowdfunding is that it's NOT about the money raised.

The biggest advantage to crowdfunded projects is the NETWORK you build!

Those who believe in YOUR project, believe in YOU!

Once the project is done, be sure to continue communicating with your network about EVERYTHING you're doing and producing!

These are your die-hard fans!

Make sure they continue to feel loved, appreciated and cherished! :-D

If contributors feel loved and special, they will pass on your projects to friends, colleagues, and other enthusiasts.

This can make the difference between a successful and an unsuccessful project.

But more importantly, keep contributors interested in your project once complete and they'll also be interested in your future work and activities, as well!

You want these people to be fans of your work for life!

I do hope Part 1, Part 2, Part 3 and today, Part 4 answer many of your crowdfunding questions, but if you have any more, please send them to me.

Now, go and get your art projects and ideas funded! :-D

Company