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Top 5 Crowdfunding Success Factors

06/01/2017

How can we usually predict whether a crowdfunding project will be successful without using a crystal ball? Put simply, we have been doing this for quite a while. Today, we reveal the top 5 factors for successful crowdfunding, so that you too can successfully fund your project.


1) Clear project description

Crowdfunding always involves the following question: How much funding do I need and what for? It is extremelyimportant that interested parties understand within a minute what your project is about, what your underlying motivation is and what their money will be used for.
If that isn’t clear from the description, hardly anyone will support the project.


2) A concise video

Even if, ultimately, your written effusions in the description are glorious, many people don’t take the time anymore to properly read through a project description these days. That’s why it is even more important to have a good project video. In thist respect, the project should be explained in around 90 seconds. And all that in as entertaining/touching/creative/beautiful a way as possible. 
However, it doesn’t have to be an elaborate production. Crowdfunding is primarily based on emotions and the video should inspire someone to support the project.


3) Realistic funding amount

On average, 100-Days projects are funded with a target amount of about CHF 10,000. But that doesn’t mean it can’t be more or less than that.
The right target amount depends entirely on the project, the initiators and their network, and the goodies.
That leads us nicely onto the next point...


4) Appealing goodies

Goodies for us mean the rewards the initiators offer the boosters. We recommend creating at least 4 to 6 goodies, for supporters with a small and big wallet. Goodies should help inspire support for the project and therefore get the supporters to decide whether they’d like to join up for good and support the project. It’s worth it to invest a little more time here and to offer goodies that are as creative and collaborative as possible. For example, unique experiences, personal invitations, home-made gifts, etc. The more exclusive, the better.

Example: You want to produce a new album for CHF 20,000, you have approx. 300 fans and your unique goodie is the CD for CHF 15. Even if all your fans and their mums buy the CD, you have not even got halfway. But if you offer things like private gigs for CHF 600, exclusive drum lessons or a studio visit, we quickly get much closer to it.


5) Initiators are visible

Crowdfunding is based on emotions and is primarily a matter of trust. It is therefore your job to ensure that potential boosters can sense and see both you and your motivation behind the project. The boosters are much more likely to have confidence in you and your project if you are fully behind it with your name and face visible, and don’t hide away.