What make a great crowdfunder?
Crowdfunder is the UK's leading reward-based crowdfunding platform, harnessing people power to get people's dreams off the ground. There are huge benefits to reward-based crowdfunding - it validates your business idea, means you keep equity in your business, and is an alternative to debt financing. We've looked at how to run a great crowdfunding campaign - now we've sat down with Brand Communications Manager Jessica Ratty to find out what kinds of businesses do really well at crowdfunding. Here's what she told us.
Crowdfunders come in all shapes and sizes. Individual people with great ideas, businesses that want to expand, communities who come together to make their towns, cities and regions better places to live work and play - and of course, the startups, the life-blood of growing economies across the world.
We know crowdfunders. We know they are an ambitious bunch with big dreams and even bigger aspirations, the people who want to turn their great ideas into reality. But what makes a good crowdfunder? Behind the idea, what is it that encourages pledges and support, what makes people across the world put their money into a project, what are the secret ingredients that each successful crowdfunder has?
To give you a helping hand to getting funding for your business, we’ve identified some of the key skills of a successful crowdfunder.
Successful crowdfunders all have one key trait in common; they are driven by passion. They believe in their idea and it keeps them going.
Raising money in a short period of time is hard work. It requires planning and preparation; a crowdfunding campaign takes time, patience, dedication and sheer determination mixed with a great big dollop of passion for your product or idea. If you don’t have the passion to do this, why would anyone invest?
Crowdfunders are ambitious. Raising funds, by definition, is ambitious. To have a goal and to run a great business fundraising campaign is ambitious. Good crowdfunders know what they need to make their ideas happen and, coupled with the passion we’ve already highlighted, they've got two of the key ingredients for making their great idea a reality.
Crowdfunders who can “work a room” are in a great position. When a project is live, you’ll need to get it seen, shared and talked about by as many people as possible. Natural networkers are great at this - sharing on social media, speaking with the press, creating launch events, getting connected people and organisations to share the project page with their own audiences and databases. The more people that see a project through a great network, the more pledges and support the Crowdfunder campaign will get.
Making the most of social media, marketing and advertising of your crowdfunding campaign is vital - and the people who take up every opportunity and max out the exposure of their crowdfunding campaigns are the projects that become very successful.
The Wave Bristol was a great example of this, using some great social media assets to make sure that everyone saw what was happening - and wanted to get involved. It worked, the team raised £219k in 28 days - an impressive crowdfund using marketing as a pinnacle for support.
The crowdfunders who thank their supporters, who take them not just on a journey with their crowdfunding but make them a part of the story thoughout their whole business, are the ones that create ambassadors for a lifetime. A clear mark of a great crowdfunding project is one that continues to communicate with their supporters long after a crowdfund has finished. Snact is a great example of this - the little business with a big ethos gathered a host of pledgers when they ran their project on Crowdfunder, and they continue to share their story, and their thanks, with their community to this day.
There are many more traits that make a great crowdfunder, but we know that people who support people, those with passion, ambition, networking skills, and the initiative to market yourself - you’ve got a head start on getting your project funded.
Crowdfunder and Virgin Start Up are working together on supporting Great British crowdfunders - find out more here.