Have you ever wondered why less than half of crowdfunding campaigns manage to reach their desired targets? Generally, 33% is the accepted standard of success but there must be a way to blueprint a successful framework. This article will focus on how to attract the necessary pre-launch subscribers and the utilization of vital components of that success like public relations. Firstly, let us develop and go through what we call the best pre-launch crowdfunding campaign checklist:
A- Brainstorm a concept or idea
B- Analyze self, product and market environment
C- Design a prototype
D- Shoot high resolution pictures and videos of our product (s)
The penultimate goal of the pre-launch campaign is to identify a quantifiable following that will attract as many investors on the day of the launch and the rest of the investment within a short period of time. A good projection of the goal would be one that gets at least 30-50% of it’s total funding from the pre-launch subscribers alone.
Put in an equation shared by Indiegogo…
S=number of prelaunch subscibers needed to hit the minimum target
E=The launch announcement emails conversation rate
T=Total funding goal
P=Percentage of the total funding goal expected to be covered by prelaunch subscibers
Calculation would be: S= (T*P)/E
Now, things are never as simple as applying an equation to getting satisfactory results, so let’s look at four major barriers to an effective pre-launch crowdfunding campaign to avoid the unnecessary mistakes:
- The product (s) does not carry a resonance with the targeted audience or customers
- Faulty planning, poor flexibility when things go wrong
- Unattractive perks
- No initial traction and interest in the product
Now when your get rid of the small avoidable issues, look at running your campaign with three main functions that lead to a successful crowdfunding campaign:
1-EFFECTIVELY pre-launch the crowdfunding campaign
2-Interact with early adopters and collect feedback
3- Launch the main crowdfunding project campaign
In addition to this try to choose the correct campaign for their needs and product. Allow different perk offerings for a different amount of pledges and set goals for every tier individually.
After setting out a target subscription number, one fundamental subsequent step is setting up a landing page with a subscription form then driving traffic to the site to build an email list. Then, offer the lowest tier perk from your crowdfunding campaign as an incentive for referrals.
An example includes early bird access to the product, and discounting options for when the product goes on sale or a new line of products that can be used as rewards themselves.
At the core of the project is the landing page converting visitors to subscribers which should have clear and precise copywriting, aesthetically pleasing visuals, bold and engaging ‘calls to action’ buttons (SUBSCRIBE NOW / BUY NOW etc).
On site copy-writing should be set to persuade people to buy or invest in the product but engage any visitor to the site with information of the value provided by the product. Passive, over complicated language usually drives people away while, establishing a brand also makes a difference.
The design of the landing page, like the copy, should try to be simple, bold and engaging. Pages with a bevy of information may serve as a deterrent to success whereas simplicity correlates positively with success. Uniformity throughout the site and high definition pictures and/or screenshots of the prototype will increase the appeal of the site as a whole.
Calls to action is a last critical step in converting visitors and interested parties into subscribers of the pre-launch crowdfunding campaign.
Most people who create a product believe in it, fundamentally, but potential alone does not ensure success. The pre-launch will be used to test and warm up the distribution channels including-
1. Social media and Paid marketing(advertisement)
2. Pushers or influencers and Groups, gatherings and / or online communities
3. Public relations and Quality output or content
1. Social media and paid marketing
Social media offers opportunity to observe your target audience, create interest by using organic means, like shares/comments/likes i.e. promoting engagement.
Aligning medium of advertising with potential backer use is important.
2. Pushers or influencers and groups, gatherings and/or online communities
If budget allows use celebrities, macro influencers, professionals and micro influencers via reviews of your product or shout-outs to engage their own crop of following. Groups and communities are huge help once broken into, but require patience and consistency.
3. Public relations
Crowdfunding has managed to force a rethink of the strategy placed on product marketing and public relations. Social media has become the dominant fuel for engaging the investor public that supplies enormous funds within just 3 to 6 months from the pre-launch. It is visibly clear that PR in relation to the crowdfunding industry is dictated by reaching influencers such as bloggers, podcasters, and journalists to drive the proper promotion of the crowdfunding campaign.
Did you know that Pressfarm can easily build the required buzz for your crowdfunding campaign project online? Well, at Pressfarm we work hard on your crowdfunding project to build contacts, reach out to journalists and get your crowdfunding campaign project covered in top-tier industry blogs and media outlets. More coverage means more eyes on your campaign and therefore more contributions. Check out our packages or go for the enterprise campaign package that guarantees media coverage too.
Strategic PR for Crowdfunding
PR must play the role of contextual overall marketing and not as a single factor in any campaign. The most laudable outcome in Public relation terms is being able to tap into “the inner circle” which is the most influential and powerful players in the sphere of marketing and trying to raise the minimum 30% needed to build good momentum in the early stages of a crowd funding campaign.
Targeted Public Relations Plan:
- Developed a list of influencers, podcasters, journalists and bloggers: targeted media for your target audience
- Created a media outreach program that has shown proof of concept and market validation.
- You have created a buzz or story to write about so media will pick up and follow through naturally.
- The outreach plan fits the overall crowdfunding strategy and compliments the marketing objectives as well.
- Target industry influencers and those with an interest in the campaign product
- Time the implementation of this strategy perfectly;only when then project has some traction do we launch this part of our plan.
Using Pressfarm’s database of over 50k journalists, you can easily source contacts to reach out to. In addition, Pressfarm builds for you a quick ready-to-go media list within a few hours to kickstart your media outreach and PR plan.
Hiring professionals is a good decision to make. PR specialists and PR firms with the experience will make sure there are no obvious obstacles that may affect your coverage (i.e. a similar product that launched just a few days prior). But if the plan is to gain experience yourself using the correct public relations model here are the keys to success as far as we have observed.
1. Being relatable massively important
It is vital to capture a sense of resonance with journalists just like crowdfunders need to relate to their product. Finding common ground makes flow smoother, be it communication, resources or monetary.
2. Intricate, personalized pitches do better
Journalists sift through a lot of information; probably thousands of emails on a daily basis. The shorter more precise approaches have proven more successful than the opposite. Intricacy, that is personalizing the pitch may invite more success just by adding a few details like their names in greeting and including a link to an article written in the message
Read: Check out our email pitch templates to get started
3. Utilizing social media
Platforms like Twitter can be an excellent way to make a short (within a limit of 140 characters), precise message that saves time on both sides and provides access to information via cutly or bitly links directing people to your landing page. Other platforms like Instagram, Facebook and Snapchat can provide the same opportunity.
There should be balance between administration of a good plan and allowing the natural flow of information to drum up interest. It is always a to try to force journalists to write about your product, clientele but creating healthy relationships that foster mutual benefit and growth will always precede great service. A genuine article will show in the writing and conversely affect the coverage.
Implementation of PR/Media Relations plans in the middle of campaigns diverts a slowing down of investor interest in the campaign funding cycle thereby making PR not only necessary but vital to the success of a campaign.
4. Go for non profit
In the crowdfunding industry, platforms such as Indiegogo are as much for profit but also nonprofit fund-raising. This is an excellent switch up that could see you help builds good reputation in many communities and later help advance other future endeavors and maneuvers.
5. Create a want and need
The world is filled with unnecessary products and inventions but empires and reputations have been built of the backs of not only creating a want but also creating something that is needed. Strong campaigns do exactly that, convince potential investors that their product is necessary to their existence and should be part of society as a whole. This campaigners should aim to project via good and strong PR campaigns that their product is and invaluable/irreplaceable.
6. Manage expectations
It is not simple to become successful so it is very important to keep the expectations clients realistic throughout the campaigning. Press does not equal donations; the public will know about the product but getting donations is a collective effort that comprises of efforts on different fronts. Social support across platforms is key to more donations, where demographics and communities match and link up across social platforms sharing values, attitudes, lifestyles etc.
In conclusion we have seen how exactly we would employ a pre-launch campaign and why it is necessary to any crowdfunders’ success. We hope this article helps you reach your goals.