By Fernando Berrocal

Over the last decade, crowdfunding has transformed the way startups raise funds and find investors. The worldwide crowdfunding industry was worth $13.93 billion in 2019, and it's expected to quadruple to $39 billion by 2026. It's no wonder that everyone wants it, and nowadays, there are a multitude of platforms and organizations where would-be entrepreneurs can pitch their big ideas and market test them easily.

A great concept, however, is simply the beginning of the crowdfunding process; the quality of your campaign might be the difference between meeting your goals and being ignored. Indeed, your campaign may be the first time your customers see your goods or service, so establishing a strong first impression is crucial. But what constitutes a successful crowdfunding campaign, and how can you pitch your big idea to a worldwide audience?

Make your message specific: Your campaign will be driven by a targeted message that engages your audience and speaks directly to their needs and desires. You'll struggle if you try to appeal to everyone, so figure out who your product or service appeals to the most, and start there. All of your marketing decisions should be based on this, from how you write your content to the images and advertising criteria you choose.

Find out what distinguishes a good campaign from a bad one: There are innumerable instances of effective and ineffective campaigns online, and you can usually get the information you need immediately from your chosen crowdfunding site. Take some time to look through the profiles and look for similar themes. If possible, talk to other entrepreneurs about what worked (and what didn't) throughout their campaigns.

Build a community before launching: Building an email list of people who are interested in your product is one of the most important things to focus on. They'll be the first individuals you reach out to spread the word, contribute to your campaign, and write about your product after it arrives. Learn how to acquire email addresses during a pre-launch campaign with these tips.  To promote your message and get people on board, you may use tools like questionnaires, surveys, newsletters, social media, and both online and offline events. Competitions and incentives can also help to increase participation.

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Speak to specialists: The people who manage your chosen crowdfunding site have seen it all, meaning they’re best situated to assist push your campaign in the correct direction. Talk to experts about message copy, video formatting, reward selection, and email methods–as well as how to create realistic campaign targets and goals.

Know your launch target: Well before you have your profile up and running, you need to have a 30% commitment to your crowdfunding effort. The most successful campaigns are built on momentum, and starting with a 30% bump within the first 48 hours will rapidly demonstrate that your concept is viable. This is where your existing social network comes in. Reach out, determine who will commit (and at what level,) then compare these results to your campaign objective. You're ready to go live when you're at least 30% committed. Sending proactive email reminders that it's time to invest ensures potential supporters commit as soon as possible.

Make use of several types of media: Good crowdfunding campaigns include videos and animations, which provide a lot of info to your potential investors in a short amount of time. However, resist the temptation to waste a lot of time and money on them, since they might backfire.  All you need is a basic, honest, and quick video to express your message and showcase your ideas. Make the first 20 seconds of your video as eye-catching and entertaining as possible. Additionally, consider enlisting the support of members of your community or influencers to speak on your behalf.  This will help extend your network.

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Establish Clear Roles Among your Team: Managing a crowdfunding campaign could take more time than you think, especially if it's doing well. Every day, you'll receive dozens of questions and comments, and you'll need to respond quickly to keep potential investors engaged. Among other tasks, make sure to delegate responsibility for managing press interviews, marketing, and customer service.

Concentrate on the Press: Social media is useful, but media publicity is the most effective technique to break out of the online bubble.  Learn how to do PR on a budget, create a focused media list, send a well-written press release, and structure a strategic plan to reach as many media outlets as possible. A local emphasis, depending on your goods, may help with an initial boost.

Make Plans Three to Six Months Ahead: Planning, organizing, and executing a successful crowdfunding campaign will take at least three to six months. On top of your full-time employment, it will be another full-time job. The more effort and time you put in - particularly in terms of community development (following the suggestions above) - the more likely you are to succeed.

Ready to bring your startup to the next level? Apply to MassLight’s next batch. MassLight supplies capital and a dedicated tech team. We take equity in return. Have questions? Refer to our FAQ page.

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