If you have a great idea for a product but you don’t have the capital to develop it, crowdfunding sites offer a viable solution. But the reality is that not all crowdfunding campaigns are able to meet their KPIs. Studies show that only 30 percent of crowdfunding sites have met their success metrics. Getting people to support and finance your business concept may not be as simple as it seems. However, with a solid foundation through well-built crowdfunding websites, you can improve your chances of being part of this upper 30 percent of startups that have achieved success from this funding strategy.
Build Your Own Crowdfunding Site
For many people, implementing a crowdfunding campaign entails creating a page in a platform that specializes in these fundraising exercises. You might want to build a presence in Kickstarter or a similar site. This enables you to reach an audience actively looking for concepts or groundbreaking ideas to invest in. However, you’re also at risk of getting your product proposal lost in a sea of similar campaigns. If you want to stand out, it’s important to learn how to build a website of your own.
You can get your own website up in minutes using a reputable website builder. Strikingly features a collection of free website templates to enable you to start building a web presence for your venture easily. You can use your website to market your crowdfunding campaign to a wider audience and bring the focus back to your startup.
Elements of Successful Crowdfunding Websites
As the competition is understandably stiff in the crowdfunding world, it’s better to assume that the odds are stacked against you and you need to work hard to make your innovative product stand out. Here are the common characteristics that successful crowdfunding sites have to keep in mind for your own campaign.
1. An interesting and creative product to offer
Unlike typical ecommerce stores where people want to get their products almost automatically, early adopters and investors of innovative concepts are willing to wait for months to get first dibs on the next cool thing. Having said that, crowdfunding is not appropriate for moving inventory or selling something that has been in the market for a long time. You have to offer something different and groundbreaking - a product that no one has thought of before but can actually solve a common challenge that consumers have.
2. A well-defined target audience
A crowdfunding campaign requires a well-defined target market just like any other new product or service. You need to identify who your potential backers are in order to be able to speak directly to them through your website. It’s important to be clear about the demographics of your market. What are the qualities of the perfect buyer for your concept? If you were only able to produce one unit of product, who would be the best person to buy it?
3. A solid marketing plan for a great back story
Crowdfunding websites are platforms for sharing your ideas and your story with the rest of the world. Use your site to share this interesting story in an engaging way. For example, you can create a video to cover the key features of the product you are pitching to backers.
Having said that, a clear marketing plan is key to building a web presence. Most campaigns require less than 1,000 backers to fund a project and you want to develop a plan that will reach those investors before you launch your product. Sell up your product’s unique selling points and provide great rewards for opting in to your project before launch. Make your product worth a backer’s money and explain it clearly in a way that your audience will easily understand.
Best Examples of Crowdfunding Sites by Strikingly
Over the years, Strikingly has empowered small businesses, startups and aspiring entrepreneurs to share their ideas and passions online. Here are some of the best crowdfunding websites built on this platform to inspire your own crowdfunding journey.