Crowdfunding (3): 5 Tips

14.03.2018   |  Startup

This article is a continuation of my series on crowdfunding, started with a general description and a list of pros and cons. Read the following to get advice of successful campaigns.

1. Convince Your Folks to Be the First to Invest

To convince the public that your idea deserves financing, start with promoting it to your friends and family. If they believe your project is innovative or has potential, they will be the first to support it. This will also be an indicator of success.

2. Prove That Your Project Adds Value to the Community

As those who will support your idea are members of a local or global community, they need to understand very clearly what exactly you intend to launch and, furthermore, what its real value is. If you succeed in explaining clearly all these aspects, the public will adhere to your plan and will contribute financially to its putting into practice.

3. Choose the Spot as Presentation Method

According to recent studies, the general public responds better to audio-visual content than to written content. To present your project, make short spot showing in a creative, authentic and personal manner how your project differs from everything else that exists on the market.

4. Offer Rewards to Supporters

The crowdfunding platforms offer the entrepreneurs the possibility to reward the financing community according to the support received.

Considering the financial contribution, the rewards may be price discounts or the product itself, once it has been created. In case of musicians, for instance, according to the value of the financing, a reward may consist in the album in digital format (mp3), the CD, or vinyl edition, or various “deluxe” packages.

5. Invest in Promotion

Any new business idea requires a promotion strategy. Crowdfunding, however, takes lots of attention dedicated to the community members in order to create long lasting connections or to answer questions related to the product. And this means interaction on the social media that are popular in Romania.

The more you succeed in communicating efficiently to the general public, the better chances you stand to raise the funds necessary to launching your business.

Octavian Pătrașcu  |   14.03.2018   |  Startup

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