Crowdfunding: 5 Steps to implement it according to your project
Do you currently have a cause that requires financial support? Crowdfunding is your solution.
It is considered as a practice to finance a project or company by raising small sums of money from a large number of people and it is usually through the Internet.
It is a form of crowdsourcing and alternative financing. In 2015, more than 34,000 million dollars were raised worldwide thanks to this practice.
If you need to raise money in a short time, crowdfunding (known in Spanish) is an efficient option, since it is easy to use, you can create campaigns and sharing it will not take much time.
There are 5 steps that you must take into account to carry it out and if you execute it well, you can collect almost half of your goal in the first three days.
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Steps to implement a Crowdfunding campaign :
1. Design your recruitment strategy
Although it is tempting to launch your campaign as quickly as possible, it is better that you take your time, preparing your strategy well.
The more time you spend defining your campaign, the less time you will have to solve any problem that comes up in your crowdfunding .
Remember that with a plan in place, you will already know what action to take to keep your campaign strong until you reach your goal.
Crowdfunding campaigns take time and energy to raise awareness and attract donors, and you may have to dedicate your resources to the cause you are fundraising for.
It is recommended that you delegate someone you trust, be it a friend or family member, to help you run your campaign so that you are not juggling.
2. Create a Crowdfunding page that is attractive and easy to find.
This is key as your contributors will learn more about your cause and contribute through your page. What's more, your campaign website should be easy to find in search engines in order to reach more people.
Now, for your page to contain 3 key elements:
>> Title of your campaign: This has to be easy to understand, attract attention and communicate why you are raising funds.
>> Design: Must contain images which encourage your donors to give. But the most important thing is that the design has to look very professional and legitimate.
What's more, it is proven that by including several images and even a video, you will be able to collect much faster.
>> Describe your campaign well: This element plays an important role in the visibility of your campaign in search engines.
That said, your description should not only add value but it must be concise enough to engage your potential contributors to your cause.
When a crowdfunding page is easy to find, they are likely to contribute more.
3. Your CTA has to be easy and fast
CTA is Call to Action in English, this means that the way you ask for a donation (a text or button for example), has to be accessible to your potential donors.
In addition, it is recommended that your fundraising website is the only place where you can accept donations for your campaign.
That is why you must use direct language and be clear so that they contribute and do not be afraid to ask for a specific amount. This will save them time since they won't have to guess how much to give you.
For example, if a contributor has any unanswered questions or doesn't understand your crowdfounding, these points are likely causing your donor to postpone their donation.
4. Use offline and online media to publicize your Crowdfunding
There are 2 ways you can reach your taxpayers:
Social media
They are the most common way to share crowdfunding campaigns, since they get interesting connections and get more donors.
To reach more people you can:
• Use hashtags to find your cause;
• Keep your message short and concise;
• Include an image, video, or other visual material to attract attention;
• Always link your campaign;
• Use email.
Sending emails or letters can also help you reach out to people you already know or to companies and foundations that might donate to your cause. In fact, you get more opportunities to express your need and reach out to the emotions of your donors.
You can even use this medium to announce the launch of your campaign and at important moments (that is, halfway through or a few days before it ends).
Local media
If you want to help your campaign pick up speed and raise awareness of your cause, consider contacting your local newspaper or other media outlets to see if they are willing to publicize your crowdfunding .
Provide them with all the information about your cause and the importance of being part of it. That way you can reach people on the channels to get involved in your cause.
5. Thank your donors frequently
In this step it will help you raise money quickly, so do not wait until the end of your campaign. Instead, thank 1-3 days after they donate.
By doing this you teach your donors that you are grateful for their support and that you care about them, you are not just focusing on the money.
When your contributors see this, they are more likely to continue supporting your cause by sharing your page with their friends and family or by making additional contributions.
Use a CRM to manage each donation
To have everything 100% ordered and get more donors, a CRM can be key. This tool provides you with the administrative, commercial and marketing support you need.