Updates, highlights, and what matters about Crowdfunding in Armenia

...with your (potential funders) both on the good & the bad news!!

 'You can't expect to tell a story, leave and then get all the funding you need. Not only doesn't it work like that, but it can ruin your whole campaign. Never let your followers and fans hanging (especially when they ask questions)'

 Those who already have, or are considering contributing funds will be interested in how your campaign is going, so keep communicating with them about progress.

This could be on anything from update on an added feature of your project, to how you have taken on board feedback, responding to questions or just thanking backers for their comments.

This is also the case when things go wrong. For example, when the Fkying Disco Ball project struggled with their Burning Man installation due to bad weather, they kept updating their backers on what was happening and thereby managed to avoid complaints and disappointed funders.

...and finally: Learn and steal from other campaigns

Finally, remember, there is an abundance of campaigns out there that have already been successful. Before, after and during your launch there will be lots of easy wins for your campaign by copying what has already worked for others

Source: Nesta

...and the rewards and perks you offer funders!!

Making it clear what people get back from their investment is an integral part of the plan for any organisation seeking investment, whether it is through more traditional types of investment or crowdfunding. 

However, for reward-based crowdfunding campaigns in particular, structuring the different tiers and offering better rewards as you move from low to high level tiers is a key feature of maximising the overall contributions you can get from funders.

For example in the lowest tier of the campaign for a certain computer game $15 gets you one copy of the computer game, whereas the medium $100 tier gets you three copies of the game plus a range of game merchandise.

Also, it's important to ensure that the tiers and rewards are set at the right level and correspond with what funders want and are willing to pay for. We know that the average pledge is $70, but the common pledge is $25.

Source: Nesta

 

...and make the most of social media!!

 

While the project campaign is launched on the crowdfunding platform, most of the actual marketing and building a movement around the project happens outside the platform.

Social media and online networks are crucial in this part of campaigning, as Othmar Manfred Lehner concludes 'Crowd -funded ventures rely heavily upon networks, mainly provided by the Internet. Sites like Facebook, Twitter, Linkedin can help give exposure to your campaign. 

Having friends, families and fans promote your campaign can help give an initial boost, but the highest impact comes from targeting social media influencers that have clout in your target crowd.

 A tweet, or even better, a blogpost from them, can communicate your campaign to thousands of followers and readers.

Social media is not just a way to promote the campaign, but also helps facilitate the two-way conversation with updates on progress comments and feedback on the idea, between funder and entrepreneur, which is a key element to any campaign.

Many campaigns also successfully set up dedicated blogs for their project. As with more traditional marketing, getting your campaign mentioned by online or print media can provide a massive boost towards reaching the funding goal. For...

 

... and get your core community to donate early on!!

The odds for campaigns successfully reaching their goals are TEN TIMES HIGHER once they have reached about half of their funding goal.

To understand this and maximise the number of people that will contribute to your project two factors are important to consider. 

 One is that many people may only look at your pitch once so you want to ensure you maximise the likelihood of them funding when they come to your pitch.

 Two, the more you have already raised the more likely someone is to contribute. Keeping these points in mind it is important to segment your potential funders into groups of how likely they are to invest and try to bring those less likely to invest to the pitch when you already have significant amounts of capital raised.

A useful approach is to encourage friends and family and other core backers that have been reached through the pre-launch to donate in the first days of your campaign, create momentum and get it towards 50 per cent which will help convince potential new backers of the increased likelihood of success.

Source:Nesta