A Network Asset Map is the anchor to your campaign. It is your starting point, your reference, as well as your lifeboat when your campaign feels like it’s sinking into oblivion.
There are several ways of compiling a NAM, and it is dependent on whether you like to create visual mind maps, hand-drawn – or whether you are an excel spread sheet fiend. A NAM is simply a list of everybody you know personally and professionally;
- Those who owe you a favour (great for thinking up rewards)
- Those who owe you money. (great for first day donations)
- Those who know somebody who knows somebody who may be interested in what you’re doing,
- Those who are influential in your field through blogging or tweeting.
- Friends and family
- engaged networks in your area of interest
Organise your map into different categories and then split those categories into different methods of communication. There may be some who don’t use twitter or facebook but who are incredibly influential when they pick up the phone. Others may only communicate on LinkedIn or by email.
Next write in comments as to how you know these people and any other comments – this will help you to prioritise.
1 Around 70% of donations on a successful campaign are from friends and family. We take this to mean contacts who know and trust you (they don’t have to be close family and friends), so if you can identify and prepare as many people before you launch the crowdfund, the sooner you will reach 70%. From that point onwards those who don’t know you are more likely to trust your campaign and donate.
2 When things are quiet, you can scroll through your NAM and work out who you haven’t contacted yet. The team behind Medicine’s Dark Secrets had a NAM of 250 contacts. Half way through the campaign and when it was quiet we reminded them to go back to their NAM to see how many people they were still to contact. They still had over 100 to contact. Knowing this revived them, and they went on to exceed their target by over $2,000.
If you want to find out more about creating a Network Asset Map contact us here.
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
When you “don’t know what to do”, you seek information. Then you may know what to do, but the danger is you don’t do it. So, what we want to focus on is the WHEN to do it” because this helps you to avoid procrastination. The infuriating “should I” “could I” thoughts that take over your mental processes and permit you to rationalise your procrastination, delay your action to accomplish your goal.
If you check out the timeline at the bottom of the page you’ll see what you do in different stages of a crowdfund, from the pre-planning, all the way till after the crowdfund. We find this helpful when helping to coordinate successful campaigns. The colour differentiates the different stages, the upper block that runs consistently throughout is your engagement – We see honest engagement with your audience and networks as a core to sustainable enterprise development.
We have assumed that in the initial strategic planning stage you have already vetted your project/ idea as a good Crowdfunding opportunity (if you don’t know, ask us as we can help you to assess the feasibility of your project). Each stage prior to the crowdfunding is extensive in itself and deserves full attention to detail.
In summary, use this timeline to assess where you are in your process and what you need to do to get to the next stage. If you need any help, get in touch.