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9 Strategies To Hit Your Crowdfunding Goal

What’s your #1 tip for raising your target funding amount using crowdsourcing?

 

 

Reward the media

eric corl“With a compelling offer to your backers, anticipation is built, and a great story is created. You’ll attract more backers and give the media something interesting to cover.”

 

Eric Corl | President + Co-Founder, Fundable.com

 

 

Provide crowd value

MattWilsonavatar-100x100-2“Kickstarter and Indiegogo have provided a huge platform for companies looking for pre-sales because they provide huge value for the person funding the project. If you can produce something that others want, then promise your funders early access to your product, and they’ll be thrilled to give as long as they get something of value in return.”

 

– Matt Wilson | Adventurer in Residence, Under30Experiences

 

 

High quality video

LoganLenzavatar-100x100“Every time I hear of a successful crowdfunding project, it’s being promoted via a very detailed informational video. First and foremost, the video must introduce the entrepreneur, tell his/her story, and summarize the problem they are solving. The better the quality of the video, the more it will look like you care about your initiative — and that’s what people want to get behind.”

 

– Logan Lenz | Founder / President, Endagon

 

 

Don’t bank on it!

David Ehrenberg“While crowdsourcing is an interesting idea that definitely works, the number of companies that are able to rely solely on crowdsourcing to obtain significant funds is still incredibly small. So, companies should not count on crowdsourcing as a primary source of funds, or spend too much time on it to the detriment of other funding strategies.”

 

– David Ehrenberg | Founder and CEO, Early Growth Financial Services

 

 

Stick with social media

andrew schrage“To effectively raise funds and reach your target goal, utilize social media for crowdfunding. There’s just no other way to reach such a massive audience of potential investors without a huge time or financial investment.”

 

– Andrew Schrage | Co-Owner, Money Crashers Personal Finance

 

 

Tell a compelling story

kelly azevedo“You can’t just show up and ask for money. Let potential investors get to know your business by telling your story, why you are raising this funding and what benefits will come from it.”

 

– Kelly Azevedo | Founder, She’s Got Systems

 

 

Be transparent

raul“Lay it all out on the table and show your cards. Using video is a great way to show the face and brain behind the company they should be investing in. They should invest in you first then your idea.”

 

– Raul Pla | CEO and Founder, SimpleWifi and UseABoat

 

 

Build momentum beforehand

aaron schwartz“With the proliferation of companies raising money with crowdsourcing, it’s becoming tougher to make a case that you have the product that folks should back. At a baseline you need a compelling story, but beyond that, people always want to back a winner. Build momentum by soliciting backers before you launch your campaign and have them donate early on, as an indication of quality!”

 

– Aaron Schwartz | Founder and CEO, Modify Watches

 

 

Approach existing customers

NicolasGremionavatar-100x100“If you have an existing customer or membership base, it’s best to approach them first. They already have a vested interest in your company and should be well versed in your products/services, which eliminates a number of initial hurdles.”

 

– Nicolas Gremion | CEO, Free-eBooks.net

 

 

Photo Credits

401(K) 2013The YEC

Author : Young Entrepreneur Council

The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.

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