Do’s and Don’ts of Crowdfunding

You may be new to crowdfunding and perhaps you’re not sure where to begin.  However we’re not new and have helping 10,000’s of people on PledgeSports we are experts at this stage, and we want to help you in every way possible to have a successful crowdfunding campaign and raise as much money as possible!

So we’ve put together a simple guide of Do’s and Don’ts in crowdfunding.

Here are things you SHOULD be doing when starting a new crowdfunding campaign

1. Effort

The most important part of this process is putting in some effort, without a bit of back work you are not likely to succeed.

• Build an effective page
• Use good quality images or video
• If you can create hype and awareness prior to launching your campaign you are already onto a winner.
• Once launched reach out to everyone in your network for support.

2. Story

People want to get to know you so make it personal. Where you’re from, your background, why you want to do this – all of this information makes you more familiar and allows others to see your project from your perspective.  Say why you need the money and how you will put it to good use.  Tell them exactly what you are planning on doing and more times than not, people will be engaged.

Here’s a list of who can crowdfund on PledgeSports

3. Use Social Media

Social media is the core to most successful crowdfunding campaigns, and without some kind of social media you are losing out on potential supporters to help you reach your targets.  We recommend Facebook as #1, Linkedin #2, Twitter #3, Instagram #4.   But don’t look past the more traditional methods such as email!

Raising awareness on social media is a great way to gain new followers and allowing people to engage with you.

Some tips for social media posts –

• Create posts that grab attention, with some much being thrown out on different social media platforms these days you need to outshine the dim!
• Posting good quality pictures, videos and inspirational content are a must and are great ways to engage followers. From there, people are more likely to share your content with their friends.
• Tag us!  We can then like, retweet etc, helping your post to reach more people

Here are some great examples of successful crowdfunding campaigns and the reasons why they were successful

4. Use your network

Between you, your family, friends, fans or followers you have a big network.  This is a great chance for you to make money so ask everyone you know to support and share your campaign.  Remember that you are on a time scale to raise the funds you need so create a sense of urgency if you can.

As above, Facebook, Twitter, LinkedIn, Instagram and Email (very important) are all useful social networking sites that will allow you to precisely and quickly interact with those following you. So, increase your posting frequency, stay consist and be likeable. That likeable factor will aid you in growing a bigger following which will ultimately lead you to your goal quicker!

Here are some more tips on effective fundraising

5. Be Realistic in your target

Choosing the right target is one of the most important aspects in making a crowdfunding campaign successful. Most people choose a target that is way too high and this can work heavily against them. So start with choosing an appropriate target, our golden rule is choosing a target that you think you can raise..  not what you need. There is a funny psychology in crowdfunding, people like to back winners! In our experience, people are more likely to support if they feel they can help someone hit a target.  But if the person is very far from the target it can have the opposite effect.

Here are things you SHOULD NOT be doing when starting a new crowdfunding campaign –

1. Putting no effort into your story

When we get a campaign in for review that has a few vague lines with no personal details and spelling mistakes, we know that person has put no effort in.  Instant Fail!

2. Don’t set up a page then expect people to find you

Supporters are vital for you to have a successful crowdfunding campaign. In it’s really simple – If you don’t ask, you don’t receive.  So don’t set up a page and put no effort into promoting it as then we won’t help either.  We get behind and actively post about people making an effort.

Why PledgeSports are the best for sports crowdfunding

3. Don’t be lazy

Put your back into it!  Don’t just put up one facebook post or tweet then forget about it as this will almost certainly result in failure.  And when posting something, be creative.  There’s nothing worse than posting the very same thing over and over again.  Failure to prepare is preparing for failure!

3. Do not be Greedy

Much like being realistic, you sincerely do not want to seem greedy when setting up your campaign. While it may seem appealing to ask for as much money as you can, but it has been proven time and again that this is not an effective strategy. Be genuine and be realistic with your targets. Smaller and more reasonable targets always do better when it comes to crowdfunding.

4. Don’t bury your head in the sand.

If you need help, ask us or a friend, family or even better still someone who has done this before.  People do want to help so just ask.

5. No Gratitude

When it’s all said and done, whether you have smashed your campaign target or just came up short you should always thank your audience for supporting you. Showing no thanks can be disrespectful. So remember to always show gratitude and thank your audience for all their help and donations along the way.

PledgeSports is the global leader in crowdfunding & sponsorship for sport.

Are you or someone you know raising money for sport ? If so, get in touch with us via [email protected], or visit www.pledgesports.org and hit “Create A Campaign” to start raising money today!

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