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“To get people invest in an idea, they need to believe it as a good idea!”
Crowdfunding is a boon if used in the best possible way. Each has a different best and needs to figure that out in a different manner. Although there can be some essentials to know how to locate that best. Crowdfunding mainly involves three main bodies: The Initiator, The Platform, The Crowd.
Let us explore how the initiator uses the platform to reach the crowd.
Initiator decides the PLAN:
No doubt that the aspirants (the one aspiring to raise funds for his/her business) already know what product or service they wish to start a business about, but a plan makes it more compelling. All the crowdfunding sites have a thumb rule that the aspirant must have a project (product/service) which makes it viable and beneficial for the users and society.
Initiator decides the ‘How Much’:
The ‘How Much’ signifies the limit. Here is the question – How Much is for:
What happens if the target amount is not raised in the set time frame?
Well, that can be better answered if the type of crowdfunding one chooses is known. In case of:
Example: Kickstarter, Squareknot.
Example: Fundly, ROCKETHUB.
Example: Indiegogo, GoFundMe.
Reaching the Platform:
The crowdfunding sites have emerged immensely during the past ten years. Many crowdfunding sites are offering various packages to the potential entrepreneurs (initiator) and even the existing ones. Thus, it makes essential for an initiator to know the classifying nature of varying crowdfunding sites and choose the platform that best suits their business objectives. For instance, the following factors should be examined to help the initiator find the proper crowdfunding platform for their business:
Communicating through the PLATFORM:
Images bring color to Ideas! Communicating the idea is essential in crowdfunding because it will help people decide if they want to back up the plan with money. A video presenting WHAT and HOW is a must. It would help people to know the viability of one’s project. The aspirant needs to communicate the reason for which people should be investing in his or her idea and the promising and unique value which focuses on backer’s and user’s benefits. In other words, the pitch should be loud and clear.
Initiator from the Platform to the CROWD:
Having a great deal of work may go in vain if the correct segment through the right sources is not targeted. As mentioned earlier, the time limit for a campaign is not long enough to reach people steadily. Project awareness needs pace to reach the potential backers. People who eventually turn into backers are:
Consequently, the idea is to reach and keep reaching to all three set of potential contributors until the due time of funding. Some may need to be personally approached, while some may require social platform promotions or others may be attracted with the viral marketing.
After the campaign is up on the crowdfunding platform and time for raising funds has begun, it depends on how one chooses to attract, educate and convince potential contributors to fund the business because no one understands any person’s idea and passion to make it a business as good as the initiator does.
This blog post was cowritten by Stavros Sindakis and Nipun Dhaulta
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