However well your crowdfund does, the whole process from start to finish is a journey. A journey that is so fast and pressurised it is like going through a wormhole, compressing everything into an 8 week period; your marketing vision, your relationship with your customers and your handle on social media!
In order to ensure your journey develops more wormhole rather than blackhole it is key that you take note of several things:
- Planning. Your plan will change, but work out what each member of the team will do for every day of the crowdfund. Who will you contact, and how. What visuals will you produce? Who will do the thank yous? Make sure you understand your core message, but change how you say it so it doesn’t get boring! At the end of your crowdfund you can look back and see how much of your original plan changed!
- Your donors are your customers. They are gold-dust. They will get to know you very well over the period of the crowdfund, and you will certainly get to know what they like and what they don’t like, be prepared to listen. Some companies spend a lot of money on this kind of information – you, instead, are spending an intensive period of time, and lots of sweat.
- Use your crowdfund to co-create. Let your donors help develop your product or service. If you’ve got them hooked they’ll have plenty of ideas from their perspective and will be more loyal in the longer term.
- The end of the crowdfund is really only the beginning. Before your launch, few people will have heard of you or what you are trying to do. Now you are in the public eye – you’ve made promises and now it’s time to keep them. Make sure if you’ve got rewards, send them with thank you’s, send them on time, and send them to the right address!
- Make sure you take a break at the end. It is such an intensive period of time, emotions are frayed and you may even ask ‘was it worth it’. It really will have been, but to get onto the next phase you really need to be fresh, not run ragged and have no energy.
Watch our film interview with Medicine’s Dark Secrets here just after they finished their crowdfund on Indiegogo. Learn from them how they managed their journey, and what tips they have for others deciding to crowdfund.