July 7, 2011
There are several factors anyone contemplating the use of a crowd funding project to raise capital should consider before executing such an effort. Here are five tips to consider when attempting putting into effect a crowd funding project:
1. Never beg – and don’t borrow or steal. Do not allow your crowd funding efforts to turn into begging tweets. Pleading in desperate terms tweeting incessantly will turn people off – not attract potential contributors. People are less likely to respond to whining requests versus well-worded invitations to participate in a worthy project by making a contribution. This is especially true for individuals involved in not-for-profit projects seeking to produce something of great artistic or educational value.
2. Do not overlook the end goal. Refrain from incessantly asking for money. Better yet, write about the project. Write about your ideas, your passion for the subject matter, why you love what you want to do in the project and why your readers will love it also. Tweet about the project progress and at what point you presently are involved in it. Give potential contributors evidence of your credentialed background so they can feel comfortable making contributions to your project. Do not simply tell potential contributors you want to conduct the project. Tell them why you want to conduct the project, what the project is, how it will be conducted, where, when and who you are.
3. Always help others to help you. The sheer numbers of Twitter followers and Facebook friends can be staggering when it comes to marketing to this audience. The fastest route to getting in front of others when it comes to using social media for crowd funding is o re-post or re-tweet someone else’s requests. Their appreciation will be provided through re-posting and re-tweeting your requests. Do not overlook helping someone get the word out about their event or cause. Play the numbers game taking advantage of getting in front of followers and friends you don’t have.
4. Do not limit your marketing efforts. Do not simply seek out avenues strictly concerned with your subject matter. If you are seeking to raise funds for a traveling art show about autism, always consider helping re-post and re-tweet other events and causes that have absolutely nothing to with your specific cause. Others will appreciate your help re-posting and rte-tweeting information about their events and causes, even if they are not seeking to use crowd funding to raise money. They will be amiable to helping promote your crowd funding efforts when you show an interest helping them promote theirs. You will receive a great deal more help when you show just how benevolent you are helping others than strictly looking to benefit but yourself. There is definitely a method to assuming an altruistic vein since people will respond much better to someone who appears less self-centered.
5. Take an interest in your audience when it comes to executing any crowd funding effort. This attitude will always pay off handsome dividends when executed properly. Getting to know potential contributors allows you to supply them with vital information about your project and how it will benefit them. You can even go to the extent on Facebook or Twitter polling potential contributors about what they might seek to gain from participation in your crowd funding effort. You might find out, for example, when seeking to fund a movie that contributors would welcome a “signed” script in return for making a “donation” to your project. Other projects, including ones that are educational or learning-based, may offer contributors valuable digital-based learning materials for a “donation.” When you find out what potential contributors are looking to receive from helping fund your project, write about it on Facebook or tweet it on Twitter. If you maintain a blog, make sure you write about the benefits people receive when participating in your project crowd funding efforts.
Use of social media can be the most effective means for getting the word out about your project and raising the necessary funds to make sure it is productive.
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