Want to launch a new business on Kickstarter or Indiegogo? You're not alone. With inspirational crowdfunding success stories piling up, it's no wonder more and more starry-eyed entrepreneurs are looking towards crowdfunding to finance their next "big idea."
Why Crowdfunding?
One major reason why crowdfunding has become the go-to choice for many individuals is that it gives you access to a large pool of investors. There are also other benefits of crowdfunding, such as:
Investor Reach
Through crowdfunding platforms such as Indiegogo, Kickstarter, and the like, would-be entrepreneurs can reach out to thousands of investors via social media, increasing their chances of getting the funds they need for their new business venture.
Customer Experience
Entrepreneurs have the opportunity to share and promote their fundraising campaign with the help of email newsletters, social media, and online forums. They can use these platforms to communicate and get their message across to their audience.
The Strategies that Work
When it comes to crowdfunding, the strategies you use can make or break your campaign. The success of your campaign will depend on carving out a thoughtful campaign strategy that will coax potential investors into believing in your product and making a contribution.
Build an Audience
Needless to say, the success of your crowdfunding campaign mainly depends on how many eyeballs you can reach. This is where community building comes in. For instance, if you were offering a new eco-friendly water bottle, your core audience would be:
- Gym subscribers
- Athletes
- Marathon runners
- Local gyms
- Social media influencers
- Physical therapists