Crowdfunding is a buzzword i’m sure we’ve all been hearing in the last couple of years.
Almost everyone has heard of indiegogo, Kickstarter or GoFundMe.
There are fantastic success stories that have sparked trends #fidgetcube
Efforts at making the world a better place #finalstraw
And scary tales of scams or false advertising #ossic3d
But how much do we non creators really know about the entire crowdfunding process?
Lets try and shed some light on the concept that birthed a thousand others.
Every great endeavor starts with an idea. Crowdfunded products are no different. Often people just like you and me start down this path because they hit upon an answer to a problem they face in their daily lives. Feel sad that your pet won’t be entertained when you aren’t home? Think of the solution. Let’s call this the spitballing phase. Ideas are thrown up on the drawing board and dissected and rehashed. I’m sure we’ve all had this experience at one point or another. But the key difference is the next step.
The planning phase. Once you’ve come up with a viable solution, the next step if you’re serious is of course to plan how to go about materializing it. This would definitely require loads of research and legwork as a would be creator would have to plan out exactly what their product is going to look and feel like, look into the manufacturing process, contact suppliers and factories and do costing estimates. This may seem overwhelming and it is. But the good thing is that you’ve got your passion driving you. This phase ends when you’ve got your prototype out and you’re happy with it.
Next up is something our parents used to do when we were kids. That’s right, marketing.
Jokes aside, marketing is really important. You’ve got to get as many people on board the hype train as possible. This is where your social media expertise comes in handy. Facebook, Instagram, SEOs.. these are just some of the many keywords that will fill your days during this period. Some of us will be naturally good at this and others may need help. But good marketing can make the difference between a successful campaign and one that you scroll past.
Launch! That’s right, it’s time to launch your campaign. You’ll often know how things are swinging within the first few days of launch. An overwhelmingly positive response is of course desired. The feeling of being successfully funded in under a day is glorious. To know that the people of whatever crowdfunding site you’re on believe in your idea and concept is immensely satisfying.
Now that you’ve been funded the real work begins. You’ve got to fulfil all the backers who’ve trusted you with their hard earned money. Give them the product they deserve, the product that you’re satisfied with. Don’t cut corners or skimp on quality. A happy customer is a loyal customer.
Of course the alternative could occur. You could fall short of your funding goal. But don’t be disheartened. The good thing about crowdfunding is that even if you fail, it’s a learning experience. The host of potential backers have tons of constructive criticism that you can use to improve your next campaign.
Well in a nutshell that’s about it. Do you feel ready and empowered now to embark on your crowdfunding journey? Or as a potential backer do you feel you’ve now got a better understanding of what a creator goes through? Oh you do, coolz.
Head over to our Live-Funding section now!