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The Vital Role of Digital Marketing in Crowdfunding Success
Digital marketing plays a crucial role in crowdfunding success, driving awareness, engagement, and conversions. It empowers campaigns to reach a wider audience, attract more backers, and achieve funding goals.
Almost every crowdfunding campaign that reaches seven-figure funding has invested a minimum of $50,000 in online advertising. Marketing aims to acquire leads and customers cost-effectively, while also serving as a valuable testing ground to identify effective strategies.
Crowdfunding campaigns often introduce a product to the world for the first time, lacking brand recognition and starting from scratch. Without public response, determining the most effective digital marketing approach for your campaign becomes challenging. Assumptions about your target audience, marketing content, and strategy can be deceiving, highlighting the need for careful analysis and adaptation is key to your campaign
When embarking on your advertising campaign, it's crucial to ask these key questions. Prioritize testing these 3 vital aspects during your pre-campaign phase.
Identify your intended audience: Who is your target demographic?
Understanding your crowdfunding campaign's target audience and their acquisition cost is paramount for successful digital marketing. Are they male, female, young, old, or based in the USA?
While you might believe you know your customers, building your entire campaign based on assumptions can be risky. Validate your theories by putting them to the test. Dive deep and explore every aspect of your audience's attraction to your ads, including their comments.
Digital advertising platforms like Facebook provide valuable insights into your target audience, often providing more information than you anticipated. Leverage this knowledge to your advantage by designing and adjusting ads based on the preferences of your tested audience.
The significant advantage here is that you can conduct these tests and gather insights before building your main marketing assets and launching your campaign. Proceed with confidence, knowing your customer, and enjoy the benefits of acquiring them at a lower cost.
What is the ideal positioning strategy for your product?
Crafting your marketing message and resonance-based messaging is essential for conveying your product's core story. Compelling headlines will captivate potential backers and leave them eager to learn more about your offering. Digital marketing provides the flexibility to experiment and refine your marketing copy for your crowdfunding campaign.
Discovering that your catchphrase falls short before launching the campaign allows you the opportunity to reassess and make necessary adjustments.
Product positioning revolves around refining your story. It requires a profound comprehension of the messaging that resonates positively with your customers. The foundational elements of messaging include your marketing statement (title in Kickstarter) and marketing message (short blurb in Kickstarter). During the pre-launch phase, our objective is to determine the most effective choices for these elements.
Similar to demographic testing, this process involves systematic testing, with each iteration deepening your understanding. For further insights on product positioning and other valuable aspects
What visual elements and creative choices should you consider for your marketing materials?
During the pre-campaign phase, it is crucial to experiment with imagery through digital marketing.
Certain segments of your potential backers' minds can become valuable real estate for your brand through strong brand association. Aim to create an association between your brand and specific phrases or images featured in your ads.
Conduct tests using multiple ads with identical copy but different imagery. Dive into the specifics. For example, if the ad showcasing a lightsaber you created receives more likes, views, comments, and shares when it features a woman using it rather than a man, don't stop there. Explore further. Does the ad achieve a lower cost per lead (CPL) when using imagery from the desert compared to imagery from snowy environments?
To test all your imagery,use whichever imagery performed best in your campaign marketing assets (video, campaign page, additional advertisements, etc.).
By testing your assumptions and leveraging data-driven insights, you significantly increase the likelihood of achieving a higher conversion rate and attracting a larger number of backers for your campaign. Embrace the process of hypothesis, testing, and conquering. Harness the power of digital marketing to your advantage in your crowdfunding journey!