Last month saw FirstPort’s Founders Fund successfully complete a crowdfund raising £4235, which was £1235 over their target. So, how did they do it?
SoLoCo helped them to work out their messaging, campaign strategy, social media strategy and appropriate platform to raise funds for the ‘Barry Ayre Award’, an award won by social enterprise City of Play.
The £3,000 target was to celebrate the achievements of the outgoing Chair and Founder of First Port, Barry Ayre as well as those of social entrepreneurs who FirstPort have supported over the years.
So this is what we did.
- Helped to Create a Network Asset Map of all the social enterprises supported by FirstPort as well as other social enterprise network organisations in Scotland.
- Identified the appropriate messaging based on the SoLoCo crowdfunding pillars: reputation, branding, social media engagement, networks, geography and hook.
- Identified relevant rewards
- Identified the appropriate platform – in this case buzzbnk.
Challenges and our solution.
Having identified the networks and how to communicate with them, we wanted to work on a strategy that counteracted the ‘big dip’, the time half way through a crowdfund where activity tends to ease off. The aim is to find something that will re-energise the campaign; you want to attract new audiences without boring those who funded you in the early stages and you really want to keep the momentum going.
Because the crowdfund was for an award, we announced the shortlist two weeks before the end, and those who donated could also vote for who they wanted to win, which meant that the friends and families of the shortlisted entrepreneurs wanted to join in and share the crowdfund too.
- Really work on your network Asset Map. Are there people who you know you can call on to donate on Day 1. There is nothing worse than seeing a crowdfund with no money in it’s first week.
- Work out what your hook is – why will people want to stick their hands in their pocket for you?
- Make sure your rewards are relevant to your campaign. T-shirts and wristbands may be easy to organise, but is it really something that your target market wants?
- What can you do half way through the crowdfund to revitalise the campaign, bring in a new audience? (if you’re bored, so are your followers!)
- Ask around from other people who’ve crowdfunded – what is the customer service, technology been like to use?
If you have an idea and would like some help to crowdfund it contact us here