From attracting clicks to final pledges, do you know what are the crucial factors that determine backers' support? Explore the three decisive checkpoints you need to navigate for crowdfunding success.
For every ambitious creator, securing ample funding for their projects is always a boon. It means having the capital to unleash the full potential of their ideas, take them further, and even establish a widely recognized brand. Even if you're a first-time entrepreneur or a fledgling creator, don't feel discouraged, as countless projects on crowdfunding platforms have achieved tremendous success right from the start. Each project holds considerable potential, with 95% of it hinging on your strategy and only 5% on luck. In this article, we will analyze the factors that lead backers to support your ideas, based on real feedback from numerous backers. In this article, we will guide you in making the best decisions for each aspect to ensure your project surprises with success.
From the information we collected, backers discover projects through various channels, including directly browsing crowdfunding platforms, social media like Reddit, or newsletters from different platforms or service providers. The primary and most direct channel remains the crowdfunding platforms themselves.
So, the first checkpoint is about overcoming the challenge of standing out amidst the myriad of projects on Kickstarter or Indiegogo and catching the eye of backers instantly. You have limited opportunities with just a thumbnail, a short title, and a brief introduction, so it's crucial to find ways to highlight what sets your project apart and its unique value.
One effective approach is to craft a compelling and attention-grabbing headline that conveys the essence of your project in just a few words. A well-crafted headline not only sparks curiosity but also conveys the key benefits and emotions your project offers. Additionally, use high-quality and visually striking images that resonate with your target audience and portray the essence of your project effectively. And you need to craft a concise and engaging project description to keep potential backers interested. Clearly communicate your project's value proposition, outlining how it addresses a specific need or solves a problem for your target audience. Showcase the features and benefits that make your project stand out, demonstrating why it deserves their support.
Once backers click on your thumbnail and arrive at your project page, we move to the second checkpoint. At this point, they likely have some vague expectations and will begin examining the images and details on the page, including stretch goals, add-ons, and more.
Many backers pay attention to whether your project has already been successfully funded, as the crowdfunding space is not immune to fraudulent projects. Experienced backers are especially concerned about the project's credibility. Apart from funding status, they also look for a clear and well-displayed timeline, marking estimated times for various stages, and they gauge whether the production process has been adequately prepared and planned, including the potential for lengthy delivery times.
So, to ensure a positive impression, present your project with clarity and transparency. Clearly outline your stretch goals and how achieving them will enhance the project. This gives backers a sense of the exciting possibilities that lie ahead and can motivate them to support you further.
Additionally, provide detailed information about any add-ons or extras backers can choose to enhance their pledge. Making these options easily accessible and understandable encourages backers to customize their rewards and can lead to increased pledge amounts.
Provide evidence of your project's legitimacy, such as prototypes, testimonials, or a strong social media presence that showcases your progress and commitment. Also, you should put a timeline in the detail section. Showcasing the project's various stages, from production to shipping, helps backers visualize the journey and know what to expect. Regular updates throughout the campaign, with any adjustments to the timeline, demonstrate your dedication to delivering on time.
If they feel intrigued by your project, then they might watch your promotional video and start looking into specific pricing details.
Now, we arrive at the critical third checkpoint where backers become discerning evaluators of your campaign's pricing and shipping policies. They want to feel that their investment is worthwhile, and that starts with reasonable pricing. Backers are more likely to support your project if they perceive the rewards' value to align with the price they pay.
When setting prices for rewards, consider not only the production costs but also the perceived value to backers. Striking the right balance between cost and reward is crucial, as backers want to feel that they are getting a fair deal. Conduct thorough market research to gauge what similar products or projects are offering and ensure your rewards stand out in terms of value and uniqueness.
Shipping costs are another essential aspect that can influence backers' decisions. Backers want transparency when it comes to shipping charges, and any additional costs should be communicated clearly upfront. Surprise shipping fees can deter potential backers, leading to lost opportunities for support. Work closely with reliable shipping partners to calculate shipping costs accurately and try to offer reasonable shipping rates, especially for international backers.
Moreover, it's essential to provide an estimated delivery timeline that aligns with your production schedule. Backers appreciate knowing when they can expect to receive their rewards, and any potential delays should be communicated promptly with transparency and a revised timeline. Building trust in your ability to fulfill rewards in a timely manner is crucial for maintaining backers' confidence.
Additionally, considering unforeseen circumstances is essential to manage backers' expectations. Unexpected challenges can arise during production or shipping, causing delays or unforeseen costs. Having a contingency plan and factoring in some buffer time and resources can help you navigate through potential hurdles without compromising your backers' trust.
By offering reasonable pricing, transparent shipping costs, and a well-communicated delivery timeline, you create a positive experience for your backers. Satisfied backers are more likely to become loyal supporters and may even spread the word about your project, expanding its reach to a broader audience. Ensuring that your project excels in this third checkpoint will bring you closer to crowdfunding success and a community of passionate backers who believe in your creative vision.
