Crowdfunding Guidebook by Crowdonomic

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Want to start a crowdfunding campaign but not sure where to start? Whether you're a film-maker, a musician, a hardware enthusiast, a budding entrepreneur, or just a person with a great creative idea, …

Want to start a crowdfunding campaign but not sure where to start? Whether you're a film-maker, a musician, a hardware enthusiast, a budding entrepreneur, or just a person with a great creative idea, we've got you covered. Our guide will take you through the planning, designing, marketing and fulfillment of your crowdfunding campaign.

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  • 1. The Crowdonomic Guide to crowdfunding Photo by Ryan Li
  • 2. So#you#want%to%get%started?! Determining#if#your#idea#is#ready#for#crowdfunding! Things'to'do'before'you'begin! Creating)your)campaign! Perfecting*your*pitch! Making'a'video! Setting'a'target'and'campaign'duration! Creating)and)pricing)your)rewards! Launching)your)campaign! Finding&the&best&time&to&launch! Building(Buzz! During'your'campaign! Crafting)a)Marketing)Plan! Campaign(updates! Creating)and)keeping)momentum! Post"campaign! Fulfilling(Rewards! In this guide
  • 3. You$can$run$a$campaign$if…!  You$have$a$clear$and$executable$business$idea$!  You$are#based#in#Asia!  Your%project%is%not%a%charitable%cause%or%a%“fund%my%life”%project! But$are$you$ready$for$ crowdfunding?! Crowdfunding+success+is+highly+linked+to+the+level+of+commitment+ and$planning$that$you$are$able$to$put$into$running$your$campaign.$ Be#prepared&to&spend&a&lot&of&time&and&effort&on&your&campaign,& and$don’t$be$shy$about$asking$for$help!$Doing$it$alone$can$be$a$ difficult(journey,(so(try(to(recruit(some(team(members(to(support( you.%Our%team%at%Crowdonomic%will%also%be%there%to%guide%you% along&the$way.$! Things'to'do'before'you'begin!  Get$a$PayPal$Premium/Business$account!  Create&a&Crowdonomic&account&and&update&your&profile&with&your& photo%and%social%media%links.%!  Get$connected.$You’ll$be$using$social$media$extensively$to$get$the$ word%out%so%make%sure%you’re%already%well%connected%on%various% social'media'platforms.'You'should'already'be'a'part'of'various' groups/communities.before.you.launch.your.campaign.!  Do#your#research.#See#what#you#can#learn#from#campaigns#similar# to#yours.#!  Plan,&plan,&plan.&You#should#have#a#clear#goal,#a#proper#execution# plan%of%how%you%will%use%the%funds%you%receive,%and%a%clear%idea%of% who$your$target$audience$is.!  Get$excited!! So you want to get started?
  • 4. Perfecting*your*pitch! • Fill#out#all#the#fields#with%as%many% details(as(possible.(People(want(to( know%where%their%money%is%going%and% whether&you’re&qualified&to&execute& your%business%idea%successfully,%so% you$need!to#build#trust#and#be# transparent.)! • Tell$a$compelling$story—Let$ supporters(connect(with(you(on(a( personal)level.)Facts)tell,)but)stories) sell.%! • Make%it%visual."Break"up"the"text" with%some%pictures.%Choose%a%relevant% and$compelling$campaign$photo$for$ your%project(as(well.! • Proofread!for$any$spelling$or$ grammar%errors.%Once%you%submit%a% draft&for&review,&you&can’t&make&any& more%changes.%! • Choose&a&descriptive&title&and&be& specific.(Be#specific#and#avoid# something*generic*like:*“Please*help* me#fund#my#new#movie”.#! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Creating your campaign
  • 5. ! ! ! Tips! • Keep$it$short$(1"3"minutes)"as"people"are"busy"and"have"short"attention" spans!! • When%writing%your%script,%get%straight%to%the%point%and%tell%people%what%pain% point&your&project(will(solve,(who(you(are(and(the(story(behind(your( campaign,)as)well)as)what)you’re)going)to)do)with)the)funds)that)you)raise.) If#you#can,#show#us#the#rewards#too.#! • Get$as$much$feedback$as$you$can$from$friends$and$family$on$your$script$ before%shooting.%! • This%is%your%chance%to%connect%with%people%emotionally!%Even%if%you%may%be% camera"shy,%you%should%try%to%star%in%your%own%video.%Be%genuine%and%be% yourself!! • Make%sure%your%video%is%well"lit$and$that$the$audio$is$clear.$! • Add#some#music,#but#make%sure%you%have%legal%right%to%it.%Check&out:"Vimeo& Music&Store,"Free$Music$Archive,"Ccmixter,"Soundcloud.! Make%it%relevant.%Give%people%a%sneak%peek%of%your%project.%If%you’re% recording)an)album,)show)off)your)musical)talent!)If)you’re)creating)a)film,) give%a%preview'of'your'cinematography'skills'too! ! Creating)a)video! People&prefer&watching&videos&to&reading&text.&But&don’t"think"that" you$need$to$spend$thousands$of$dollars$to$create$a$good$video;$all$ you$need$is$an$honest$and$personal$message.$There$are$many$free$ tools%available,%and%it’s%possible%to%create%a%compelling%video%even% with%basic%video%equipment%(like%your%phone!).$You$can$upload$the$ video&directly&on&our&site,&or&embed&a&video&from&Youtube&or&Vimeo.&! ! Creating your campaign
  • 6. ! ! ! ! ! Choosing(your(campaign(duration! You$can$set$your$campaign$to$be$60$days$and$below.$A$longer$duration$ doesn’t(necessarily(mean(you’ll(be(able(to(raise(more(funds.(If(the( duration)is)too)long,)it)will)be)harder)to)maintain%discipline%in%promoting% your%campaign%and%you%might%lose%momentum.%Find%a%length%that%can% give%you%enough%time%to%achieve%your%goal%but%still%create%a%sense%of% urgency(for(people(to(back(your(campaign.(! Setting'a'target! Create&a&budget.&Remember&to!factor'in'the'cost'of'producing'and' fulfilling'rewards,'as'well'as'the'administration'and'online'payment'fees.' If#you#can,#break#down#the#cost#of#how#you#will#be#using#the#funds#raised# and$add$it$to$your$campaign$description.$People$like$transparency.! Be#realistic.*Try*to*quantify*your*reach*by*calculating*the*number*of* people%in%your%personal%network%and%their%potential%reach,%then%multiply% that$by$the$average$contribution$and$conversion$rate$you$might$expect.$! ! ! ! ! ! Creating your campaign For$example:! Your%personal%network%+%your%friend’s%friends%+%your%social%media% followers(=(4,000! You$estimate$that:$$Avg.$contribution$=$SGD$50$and$Conversion$rate"=" 5%! Target'='4,000'x'50'x'0.05'=!SGD$10,000!
  • 7. ! ! ! ! ! You$can$use$the$following$grid!to#help#you#determine#your#target! Creating your campaign
  • 8. What%are%Rewards?%Rewards!are!products!and!services!that!campaign!creators! give!to!supporters!in!exchange!for!their!financial!contribution.!Remember!to!be! creative!but!most!importantly,!responsible.!Supporters!will!expect!that!you!deliver! the!rewards!responsibly!and!in!a!timely!fashion.!Keeping!in!mind!your!target! audience,!you!can!use!the!following!grid!to!help!you!determine!your!rewards.! Designing rewards
  • 9. Do!  Think!about!your!target! audience.!What!will!they!find! appealing!as!a!reward?!  Offer!something!of!value.!It!can! be!a!one"of"a"kind!experience!or! a!highly!customized!version!of! your!product,!a!pre"order!of!your! product,!social!recognition,!or!a! creative!memento.!Be!creative!!  Ask!around!and!see!if!a!local! business!is!willing!to!“sponsor”! your!campaign!by! complementing!your!reward! offer.!It’s!a!win"win!situation!as! you!can!bring!them!new! customers.!  Research!similar!campaigns!for! reward!ideas.!  Still!lacking!ideas?!Get! momentum!by!setting!an!early! bird!price,!limiting!it!to!your!first! few!supporters.!You!can!also! offer!multiples!of!your!product!to! encourage!bulk"buying.!  Test!your!reward!ideas!with!your! friends,!family!and!even! strangers!by!reaching!out!to! relevant!online!communities.!It’s! a!good!way!to!get!the!word!out! about!your!campaign!too.! ! Don’t!  Create!overpriced!rewards.! Would!you!pay!$200!for!a!T" shirt!with!your!logo?!  Be!vague!when!you’re! describing!your!reward.!Be! detailed,!eg.!state!the!expected! delivery!date.!  Forget!to!balance!the!price!of! a!reward!vs.!the!cost!(and! time!it!will!take)!of!actually! fulfilling!it!!Sending!something! in!the!mail?!Add!in!shipping! costs.!You!don’t!want!to!be! using!up!all!your!funds!for! reward!fulfillment!!  Offer!too!few!choices.!Have!a! good!range!of!rewards!under! $100,!as!most!people!will! donate!in!this!range.!!  Overpromise!and!under! deliver.!Only!promise!rewards! that!you!are!certain!you!can! fulfill.!! ! Designing rewards
  • 10. Before&you&submit& your%campaign! So#you’ve#filled#out#all"the"fields," uploaded(your(video,(added(your( rewards'and'you’re'ready'to'submit'your' project(for(approval.(But(wait!(Once(you( submit'your'project,'you'can’t&edit!your% campaign(unless&you&notify&us&directly& at#admin@crowdonomic.com."So"make" sure%you%double%and%triple"check%so%that% everything*is*perfect.*Also,*try*to*get*as* much%feedback%as%possible%by%showing% your%campaign%to%others%before%it’s% published.+Having+your+friends+review+ your%campaign%will%give%them%more#of#a# sense$of$ownership$in$your$project,$ making'them'more'likely'to'share'it'with' their&own&social&circles.&! Choosing(the(right( time%to%launch! Once%you%submit%your%campaign,%we’ll% review&if&it’s&ready&and&notify&you&once& it’s%published.%If%you%have%a%particular( date%for%when%you%want%to%launch%your% campaign,)just)drop)us)a)note)at) admin@crowdonomic.com."! !! Building(buzz! Leverage'your'existing'network! Before&your&campaign&is&published,& you$should$spread$the$word#about# your%campaign%among%your%inner% circle&and&encourage&them&to& contribute*once*your*campaign*is* live.&You&can&even&plan&a&launch& party&to&gain&some&instant&traction.& Your%immediate%network%is%key%to% getting&momentum&going.&! Build&your&network&further! Research(relevant(supporting( communities*on*Facebook*and* Linkedin'Groups,'platforms*like*f6s,! referral&sources,&and&influencers,& like%bloggers%who%are%relevant%to% your%campaign.%Try%to%engage%in% conversations+and+be+a+part+of+the+ community)beforehand.)If)you$join$ groups'just'to'promote'your'project' immediately)afterward,)you)might) sound&disingenuous.&! Launching your campaign
  • 11. Crafting!a!Marketing!Plan! • Plan!and!schedule!your!marketing!activities!in!advance.!You!can!use!tools! like!HootSuite!to!schedule!social!media!announcements!in!advance,!like!the! number!of!days!left!for!your!campaign!or!when!you!reach!a!new!milestone.! • Draft!outreach!materials!like!a!press!release,!e"mails,!blog!posts,!thank"you! videos!and!campaign!updates.!Craft!your!messages!according!to!different! target!audiences!that!you!are!trying!to!reach.!! • Create!a!list!of!media!sources/bloggers/influencers!you!are!going!to!reach! out!to!after!your!launch.!Think!about!your!target!market—do!you!know! where!they!consume!news?! • Don’t!forget!about!offline!marketing!too.!Research!relevant!networking! events!which!you!can!go!to!during!your!campaign!to!build!your!network! even!further.!Asking!people!to!support!your!campaign!face"to"face!is!more! effective!than!an!e"mail.!Create!meet"ups!with!your!first!supporters,!or! workshops!to!educate!people!about!your!project.! ! ! ! Campaign!Updates! • It’s!important!to!keep!people!updated!without!spamming!them.!You!should! post!an!update!every!time!you!reach!a!new!milestone.! • Thank!all!your!supporters!as!soon!as!you!can!and!encourage!them!to!spread! news!about!your!campaign!through!their!own!networks.!You!should!also!be! prompt!to!respond!to!any!comments!or!questions!about!your!campaign.! • Make!it!visual!!Do!mix!up!your!updates!with!photos,!videos!of!your!team,! your!rewards,!and!more.!People!are!more!likely!to!share!visual!media!on! their!own!social!channels.! ! during your campaign
  • 12. ! Creating!and!Keeping! Momentum! ! • 70%!of!successful!campaigns!reach!their!target! within!the!first!10!days.!This!is!why!building!buzz! even!before!launching!your!campaign!is!really! important.!Aim!to!raise!at!least!one!contribution! during!your!first!day.!Having!a!higher!percentage!of! funding!lends!you!credibility!and!gets!your!campaign! noticed.!! • Within!reaching!50%!of!your!target,!there!could!be! some!campaign!fatigue,!so!craft!your!marketing!plan! to!build!more!buzz!around!this!point,!for!example!by! adding!new!perks!or!having!a!video!update.!! • Keep!looking!for!relevant!groups,!or!even! organizations!who!can!help!you!spread!your! campaign.! • During!the!last!few!days!of!your!campaign,!tell! people!that!time!is!running!out!and!try!to!build!a! sense!of!urgency.! during your campaign
  • 13. Fulfilling!Rewards! • Keep!supporters!well"informed! about!the!status!of!the!delivery!of! their!perks.!Are!you!expecting!any! delays?!Keep!them!updated.!Are!you! in!the!process!of!packing!up!rewards! in!boxes!and!licking!envelopes?! Take!pictures!and!share!them!with! your!supporters!!Engaging! supporters!doesn’t!end!when!the! campaign!does.! • Thank!all!of!your!supporters!! • We’ll!be!sending!you!the!relevant! contact!information!about!your! supporters!so!that!you!can!get!in! touch!with!them!and!fulfill!rewards.!! • If!you!are!shipping!out!rewards,! make!sure!to!budget!for!this!in! advance!and!do!take!note!of!smaller! costs!that!can!add!up.!!! ! after your campaign
  • 14. Start your project!