5 Questions to Ask Yourself Before Launching a Crowdfunding Campaign
Crowdfunding is an amazingly powerful way to raise funding for a startup, however it doesn’t work for everybody. Getting a crowdfunding campaign right requires you to not only develop a great product or service but also to put in a lot of preparation, have a pool of keen supporters and spend a substantial amount of time on marketing and PR.
But what if crowdfunding isn’t for you?
Before you start investing your time and money into pursuing a crowdfunding campaign, sit down and ask yourself these 5 questions:
What differentiates your product or service from competitors?
Do you have a strong brand, an IP or a patent? Do you have an idea for an online platform or an app that will revolutionize how we do things and can scale at low cost? Do you have an established base of fans or consumers? Think of your existing assets and whether you will be able to leverage those to win investors.
How well do you know your target audience?
Market research is vital to a successful crowdfunding campaign. Have you made an effort to get to know your target audience well? Do you actually know who you are targeting? Who will be your end users and why? What are their biggest challenges? What keeps them up at night? What are their dreams and hopes? Do you know where they ‘hang out’?
Do you know how much effort on your part is required?
Crowdfunding success is not down to luck. It is the fruit of hard work. Make sure that you understand the personal and professional demands of this process before launching your campaign. And make sure that you are willing to put 150% to make it a success.
How much support will you receive from the platform?
Various platforms offer different level of support during the crowdfunding process. Money will not necessarily come in because you have chosen one platform over the other but it’s definitely good practice to know how much support you can expect from your chosen platform before getting started.
Do you have the right tools and resources at your disposal to succeed?
Running a successful crowdfunding campaign will require you to have a set of tools and resources in order to prepare for, run and monitor the results of your campaign. Do you know what you need? If not, don’t worry, we have you covered!
Here at IdeaSquares, we’ve got a start to finish toolset to support your application success.
We provide automated tools and support so you can:
Test your ‘crowdfunding readiness’
Understand the effort involved in crowdfunding
Create a strong video script
Prepare your crowd for your upcoming crowdfunding campaign
Pre-launch your equity-crowdfunding campaign
Track how engaged your ‘crowd’ really are
Perfect your crowdfunding pitch
Plan and prepare for a quick and successful crowdfunding campaign
A crowdfunding journey can be difficult and daunting if you go at it by yourself. With our proven strategy, we will hold your hand and guide you through the entire process. Get in touch today, we would love to help!