The crowdfunding concept is purportedly easy, you simply launch your idea to the world and the dollars will start to flow to your agency. That seems easy enough right? Let’s look at the enigmatic success of “Puglet” (an all pug production of Hamlet) as an example of a recent quirky but successful crowdfunding campaign. 196 people contributed to a campaign to dress up dogs in Shakespearean outfits, over $5000 was raised for this event in under a month. To dress up pugs! If people are willing to pay money to see small pets don Elizabethan collars, of course they will support your agency’s worthy mandate! Or so you’d think.
A reality check may be in order however, because according to one the largest crowdfunding platforms (Kickstarter), the numbers are actually not in your favour. Over 70% of campaigns fail, and 81% of those, fail to meet even their 20% threshold. There are hundreds of how to articles online suggesting tips on how to run a successful campaign. Most of these advice columns agree on the following tactics.
- Plan ahead, set up a timeline, a launch date and research your target audience.
- Know your goals and or products in advance and have them fully flushed out and prototypes developed and or your programs/events outlined.
- Tell your story. This is key. Not just the why, but the who. Crowdfunding connects with others to buy into your dreams. You need to offer much more than a charitable donation does.
- Use high quality media, photos and marketing. HIRE someone if you can, to do this important job.
- Show appreciation to your supporters by offering experiences, gifts, pre-sales of products or something that connects them to your cause.