A crowdfunding campaign is not for everyone, but it might be for you. Before immediately launching, we should step back to see all the necessary elements of a successful campaign. Start with a matured concept that will eliminate the market uncertainty associated with surprise changes midway through the development process. Once you have the concept, you will have to assemble a team that will help you plan and execute the campaign. Finally, you will have to develop a broad community of supporters whom you can count on to either promote your product or contribute time and/or money to the campaign. If you don’t have any of these, it doesn’t mean you can’t do a crowdfunding campaign, it just means you have a lot of hard work ahead of you.
Defining a Crowdfunding Campaign
If you carefully define the parameters of your campaign it will have a much higher chance of successfully reaching its funding target. To define the campaign, you have to:
Planning a Crowdfunding Campaign
You need to develop a detailed plan while keeping in mind that a campaign is hectic and the last day is almost as important as the first. To ensure a well-planned campaign you have to:
Executing a Crowdfunding Campaign
Now you have to combine the steps described above to execute the campaign. The way in which you execute will be the difference between meeting your funding target and going home empty handed. A significant portion of funding is usually earned during the first 2-5 days of the campaign. So, you will need a super-credible launch. To ensure your launch is super-credible, you will need to:
Once you’ve launched, you have to stay continuously engage with your community of subscribers to ensure the campaign continues to generate funds from the first to the last day. While staying engaged you will also have to react to the performance of the campaign, continuously making adjustments to ensure it remains visible. Above all, the success of your campaign will be determined by how well you plan and how committed you are to your concept.
About these authors: Claudius du Plooy has over ten years of experience in matters of business law, securities law, commercial real estate development, entertainment law and international trade law. Jovan Kljajic is a student at Du Plooy Law with an interest in entertainment, business, and intellectual property law.